Revenue during the quarter went down marginally by 0.25 percent to $322.60 million from $323.40 million in the previous year period. Gross margin for the quarter expanded 161 basis points over the previous year period to 11.97 percent. Total expenses were 94.67 percent of quarterly revenues, down from 95.73 percent for the same period last year. This has led to an improvement of 106 basis points in operating margin to 5.33 percent.

Operating income for the quarter was $17.20 million, compared with $13.80 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $24.30 million compared with $20.20 million in the prior year period. At the same time, adjusted EBITDA margin improved 129 basis points in the quarter to 7.53 percent from 6.25 percent in the last year period.

"Throughout the year our teams achieved solid improvements across our business and drove our balanced book and asset management philosophy to generate sustainable, profitable, growth. We are pleased with the continued improvements in our business and our full year 2016 financial results, which included targeted organic growth, productivity improvement and improved margins, despite a production outage in the second quarter. We also completed our debt refinancing and worked toward implementing IT systems at two of our business units. Again in 2016, our strategic pricing efforts enhanced long-term profitability and led us further down the path of achieving an appropriate return on the inventory, assets and the complexity of operating activities used to service our customers," said John Wasz, GBC's president and chief executive officer.

The company has spent $34.30 million cash to meet investing activities during the year as against cash outgo of $13.30 million in the last year. It has incurred net capital expenditure of $34.30 million on net basis during the year, up 61.03 percent or $13 million from year ago.

The company has spent $55.80 million cash to carry out financing activities during the year as against cash outgo of $36.70 million in the last year period.

Cash and cash equivalents stood at $88.20 million as on Dec. 31, 2016, up 5.63 percent or $4.70 million from $83.50 million on Dec. 31, 2015.

Working capital remains almost stable
Working capital of Global Brass and Copper Holdings, Inc. remained almost stable for the quarter at $269.70 million, when compared with the previous year period. Current ratio was at 2.93 as on Dec. 31, 2016, down from 3.09 on Dec. 31, 2015.

Debt comes down
Global Brass and Copper Holdings, Inc. has recorded a decline in total debt over the last one year. It stood at $316 million as on Dec. 31, 2016, down 7.90 percent or $27.10 million from $343.10 million on Dec. 31, 2015. Total debt was 54.24 percent of total assets as on Dec. 31, 2016, compared with 61.58 percent on Dec. 31, 2015. Debt to equity ratio was at 3.32 as on Dec. 31, 2016, down from 5.65 as on Dec. 31, 2015. Interest coverage ratio improved to 3.66 for the quarter from 1.48 for the same period last year.