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Hill International (HIL) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $6.87 million, or $ 0.13 a share in the quarter, against a net profit of $2.95 million, or $0.06 a share in the last year period.
Revenue during the quarter dropped 6.14 percent to $167.95 million from $178.94 million in the previous year period. Gross margin for the quarter expanded 105 basis points over the previous year period to 39.74 percent. Operating margin for the quarter stood at negative 0.30 percent as compared to a positive 6.53 percent for the previous year period.
Operating loss for the quarter was $0.51 million, compared with an operating income of $11.69 million in the previous year period.
"We saw challenges in the third quarter in our Middle East project management operation, with respect to both sales of new work and cash flow on existing work, as low oil prices have continued to have a major impact on construction activity there," said David L. Richter, Hill’s chief executive officer. "However, we see strong performance continuing for both the U.S. project management operation and the construction claims operation globally and we expect to return to revenue growth companywide in 2017 as oil prices recover and we commence work on the significant new U.S. backlog that we won this year," added Richter.
For fiscal year 2016, Hill International forecasts revenue to be in the range of $600 million to $610 million.
Working capital decreases marginally
Hill International has witnessed a decline in the working capital over the last year. It stood at $145.44 million as at Sep. 30, 2016, down 4.14 percent or $6.28 million from $151.73 million on Sep. 30, 2015. Current ratio was at 2.06 as on Sep. 30, 2016, up from 2.01 on Sep. 30, 2015. Days sales outstanding went up to 132 days for the quarter compared with 129 days for the same period last year.
Debt moves up
Hill International has witnessed an increase in total debt over the last one year. It stood at $153.96 million as on Sep. 30, 2016, up 7.31 percent or $10.48 million from $143.47 million on Sep. 30, 2015. Total debt was 35.03 percent of total assets as on Sep. 30, 2016, compared with 31.91 percent on Sep. 30, 2015. Debt to equity ratio was at 1.37 as on Sep. 30, 2016, up from 1.22 as on Sep. 30, 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
