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GCP Applied Technologies Inc (GCP) has reported a 55.84 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $3.40 million, or $0.05 a share in the quarter, compared with $7.70 million, or $0.11 a share for the same period last year. Revenue during the quarter went up marginally by 0.12 percent to $332.90 million from $332.50 million in the previous year period. Gross margin for the quarter expanded 146 basis points over the previous year period to 36.98 percent. Total expenses were 92.82 percent of quarterly revenues, up from 91.25 percent for the same period last year. That has resulted in a contraction of 157 basis points in operating margin to 7.18 percent.
Operating income for the quarter was $23.90 million, compared with $29.10 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $58.70 million compared with $58.20 million in the prior year period. At the same time, adjusted EBITDA margin improved 13 basis points in the quarter to 17.63 percent from 17.50 percent in the last year period.
“We successfully completed our first year as a public company with Constant Currency Sales excluding Venezuela up 2.3%, principally driven by the performance of our construction segments in North America. We also expanded the company’s Adjusted EBIT Margin excluding Venezuela to 15.7% and exceeded our Adjusted Free Cash Flow commitment, generating $114 million in 2016,” said president and chief executive officer Gregory E. Poling. “In 2017, we will continue to position GCP for growth by focusing on our customers, refreshing our portfolio and introducing new, high-value products and services.”
GCP Applied Technologies expects revenue to grow in the range of 4 percent to 6 percent for the financial year 2017. For financial year 2017, the company projects diluted earnings per share to be in the range of $1.48 to $1.57 on adjusted basis.
Operating cash flow declines
GCP Applied Technologies Inc has generated cash of $127.90 million from operating activities during the year, down 15.74 percent or $23.90 million, when compared with the last year. The company has spent $90.70 million cash to meet investing activities during the year as against cash inflow of $10.70 million in the last year.
Cash flow from financing activities was $31.70 million for the year as against cash outgo of $128.20 million in the last year period.
Cash and cash equivalents stood at $163.30 million as on Dec. 31, 2016, up 65.62 percent or $64.70 million from $98.60 million on Dec. 31, 2015.
Debt increases substantially
GCP Applied Technologies Inc has witnessed an increase in total debt over the last one year. It stood at $830.90 million as on Dec. 31, 2016, up 3,133.07 percent or $805.20 million from $25.70 million on Dec. 31, 2015. Long-term debt stood at $783 million as on Dec. 31, 2016. Interest coverage ratio deteriorated to 1.42 for the quarter from 32.33 for the same period last year.
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