EnLink Midstream Partners, LP (ENLK) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $18.80 million in the quarter, against a net loss of $754.90 million in the last year period.
Revenue during the quarter dropped 5.64 percent to $1,104.60 million from $1,170.60 million in the previous year period. Gross margin for the quarter expanded 226 basis points over the previous year period to 28.64 percent. Operating margin for the quarter period stood at positive 6.06 percent as compared to a negative 62.40 percent for the previous year period.
Operating income for the quarter was $66.90 million, compared with an operating loss of $730.50 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $197.50 million compared with $187.30 million in the prior year period. At the same time, adjusted EBITDA margin improved 188 basis points in the quarter to 17.88 percent from 16 percent in the last year period.
"EnLink achieved another strong quarter of solid operating and financial results as we continue to execute on our strategic plan" said Barry E. Davis, EnLink's chairman and chief executive officer. "We remained proactive over the last 24 months, purposefully acquiring and building premier platforms in the best basins and are poised to continue capturing growth opportunities. With the benefits of another strong quarter of earnings, we tightened our guidance and are confident in achieving results in the upper end of that range."
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