EnerNOC, Inc. (ENOC) has reported 58.81 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $20.62 million, or $0.65 a share in the quarter, compared with $12.99 million, or $0.44 a share for the same period last year. Revenue during the quarter dropped 22.80 percent to $167.78 million from $217.32 million in the previous year period. Gross margin for the quarter expanded 807 basis points over the previous year period to 42.21 percent. Total expenses were 86.04 percent of quarterly revenues, down from 91.51 percent for the same period last year. This has led to an improvement of 547 basis points in operating margin to 13.96 percent.
Operating income for the quarter was $23.42 million, compared with $18.45 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $31.48 million compared with $31.71 million in the prior year period. At the same time, adjusted EBITDA margin improved 417 basis points in the quarter to 18.76 percent from 14.59 percent in the last year period.
"We delivered another quarter of strong financial results as our demand response business performed very well during its seasonally important third quarter," said Tim Healy, chairman and chief executive officer of EnerNOC. "With accelerating momentum in our demand response business and the announced restructuring of our software business, we are taking important steps toward maximizing the value of our assets."
The company projects diluted loss per share to be in the range of $1.29 to $1.09 for the fourth-quarter.
Operating cash flow remains negativeEnerNOC, Inc. has spent $64.89 million cash to meet operating activities during the nine month period as against cash outgo of $18.23 million in the last year period. Cash flow from investing activities was $8.84 million for the nine month period as against cash outgo of $88.88 million in the last year period.
The company has spent $2 million cash to carry out financing activities during the nine month period as against cash outgo of $2.33 million in the last year period.
Cash and cash equivalents stood at $81.50 million as on Sep. 30, 2016, down 42.58 percent or $60.44 million from $141.94 million on Sep. 30, 2015.
Working capital drops significantly
EnerNOC, Inc. has witnessed a decline in the working capital over the last year. It stood at $106.75 million as at Sep. 30, 2016, down 27.78 percent or $41.07 million from $147.82 million on Sep. 30, 2015. Current ratio was at 1.88 as on Sep. 30, 2016, up from 1.69 on Sep. 30, 2015.
Days sales outstanding were almost stable at 57 days for the quarter, when compared with the last year period.
At the same time, days payable outstanding was almost stable at 2 days for the quarter, when compared with the previous year period.
Debt comes down
EnerNOC, Inc. has recorded a decline in total debt over the last one year. It stood at $114.20 million as on Sep. 30, 2016, down 19.56 percent or $27.77 million from $141.97 million on Sep. 30, 2015. EnerNOC, Inc. has recorded a decline in long-term debt over the last one year. Total debt was 32.31 percent of total assets as on Sep. 30, 2016, compared with 22.59 percent on Sep. 30, 2015. Debt to equity ratio was at 1.06 as on Sep. 30, 2016, up from 0.59 as on Sep. 30, 2015. Interest coverage ratio improved to 12.76 for the quarter from 8.19 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
