HRG Group, Inc (HRG) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $212.20 million, or $ 1.06 a share in the quarter, against a net loss of $33.90 million, or $0.17 a share in the last year period. Revenue during the quarter went down marginally by 1.64 percent to $1,189.60 million from $1,209.40 million in the previous year period. Gross margin for the quarter expanded 134 basis points over the previous year period to 36.94 percent. Total expenses were 90.11 percent of quarterly revenues, down from 91.75 percent for the same period last year. This has led to an improvement of 164 basis points in operating margin to 9.89 percent.
Operating income for the quarter was $117.70 million, compared with $99.80 million in the previous year period.
“In the first quarter of Fiscal 2017, HRG reported very strong results, highlighted by solid operating income growth at HRG overall driven by another strong performance from the Consumer Products segment, which maintained its momentum from fiscal 2016 and is well positioned for another great year in fiscal 2017. Subsequent to the quarter-end, Spectrum Brands also increased its quarterly dividend by 10.5% to $0.42 per Spectrum Brands share and authorized a new three-year, $500 million common stock repurchase program.” said Omar Asali, President and Chief Executive Officer of HRG.
Debt comes down
HRG Group, Inc has recorded a decline in total debt over the last one year. It stood at $5,459 million as on Dec. 31, 2016, down 13.15 percent or $826.40 million from $6,285.40 million on Dec. 31, 2015. Total debt was 15.31 percent of total assets as on Dec. 31, 2016, compared with 17.94 percent on Dec. 31, 2015. Debt to equity ratio was at 3.27 as on Dec. 31, 2016, down from 4.58 as on Dec. 31, 2015. Interest coverage ratio improved to 1.28 for the quarter from 1.05 for the same period last year. 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
