Exterran Corporation (EXTN) saw its loss widen to $26.77 million, or $0.77 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $4.08 million, or $0.12 a share. On the other hand, adjusted net loss for the quarter widened to $17.88 million, or $0.52 a share from a loss of $7.80 million or $0.23 a share, a year ago. Revenue during the quarter plunged 41.98 percent to $231.32 million from $398.71 million in the previous year period. Gross margin for the quarter expanded 172 basis points over the previous year period to 29.89 percent. Operating margin for the quarter stood at negative 6.01 percent as compared to a negative 1.36 percent for the previous year period.
Operating loss for the quarter was $13.91 million, compared with an operating loss of $5.43 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $28.12 million compared with $57.78 million in the prior year period. At the same time, adjusted EBITDA margin contracted 234 basis points in the quarter to 12.15 percent from 14.49 percent in the last year period.
Andrew Way, Exterrans president and chief executive officer, commented, "Our fourth quarter results were in line with our expectations. The resiliency of our contract operations business model was evident as we partially offset anticipated lower revenue with cost productivity gains, resulting in a higher gross margin percentage from third quarter levels. Low bookings early in 2016 coupled with our decision to maintain a certain level of manufacturing capacity resulted in low oil and gas product sales margins. As anticipated, maintaining manufacturing capacity was prudent given our increased level of bookings during the second half of 2016, culminating with fourth quarter bookings of $230.8 million, as well as the Middle East project award in our contract operations segment."
Debt comes down significantly
Exterran Corporation has recorded a decline in total debt over the last one year. It stood at $348.97 million as on Dec. 31, 2016, down 33.60 percent or $176.62 million from $525.59 million on Dec. 31, 2015. Exterran has recorded a decline in long-term debt over the last one year. It stood at $348.97 million as on Dec. 31, 2016, down 33.60 percent or $176.62 million from $525.59 million on Dec. 31, 2015. Total debt was 25.38 percent of total assets as on Dec. 31, 2016, compared with 28.53 percent on Dec. 31, 2015. 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
