HC2 Holdings, Inc. (HCHC) saw its loss narrow to $14.50 million, or $0.36 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $30.46 million, or $0.89 a share. Revenue during the quarter grew 17.73 percent to $390.57 million from $331.74 million in the previous year period. Gross margin for the quarter expanded 226 basis points over the previous year period to 19.50 percent. Operating margin for the quarter period stood at positive 0.25 percent as compared to a negative 5.81 percent for the previous year period.
Operating income for the quarter was $0.97 million, compared with an operating loss of $19.26 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $16.69 million compared with $0.32 million in the prior year period. At the same time, adjusted EBITDA margin improved 418 basis points in the quarter to 4.27 percent from 0.10 percent in the last year period.
“The first quarter marked a solid start to the year and a continuation of the many successes we achieved in 2016,” said Philip Falcone, HC2s chairman, president and chief executive officer. “We are very pleased with our first quarter results, which further support our confidence in HC2s long-term model. During the quarter, our portfolio performed well, with many subsidiaries achieving significant milestones and accomplishments. In particular, Global Marine experienced strong operating results with solid performance from their core maintenance and power businesses, in addition to very robust performance from their joint venture with Huawei Marine. MediBeacon, a company within our Pansend Life Sciences platform, also announced a significant milestone with the successful completion of a key clinical study of its groundbreaking kidney function monitor."
Debt moves up
HC2 Holdings, Inc. has witnessed an increase in total debt over the last one year. It stood at $445.62 million as on Mar. 31, 2017, up 13.03 percent or $51.38 million from $394.24 million on Mar. 31, 2016. HC2 Holdings, Inc. has witnessed an increase in long-term debt over the last one year. Total debt was 15.60 percent of total assets as on Mar. 31, 2017, compared with 14.26 percent on Mar. 31, 2016. Debt to equity ratio was at 6.70 as on Mar. 31, 2017, up from 3.43 as on Mar. 31, 2016. 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
