Innophos Holdings, Inc. (IPHS) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $9.38 million, or $ 0.47 a share in the quarter, against a net loss of $4.63 million, or $0.24 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $10.26 million, or $0.52 a share compared with $6.03 million or $0.32 a share, a year ago. Revenue during the quarter went down marginally by 1.67 percent to $167.79 million from $170.63 million in the previous year period. Gross margin for the quarter expanded 519 basis points over the previous year period to 19.66 percent. Operating margin for the quarter period stood at positive 9.73 percent as compared to a negative 2.15 percent for the previous year period.
Operating income for the quarter was $16.32 million, compared with an operating loss of $3.66 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $26.27 million compared with $22.47 million in the prior year period. At the same time, adjusted EBITDA margin improved 249 basis points in the quarter to 15.66 percent from 13.17 percent in the last year period.
"2016 was a meaningful and transformative year for Innophos as we strengthened the foundation of our business, delivered bottom line improvement and laid the groundwork for strategic growth," said Kim Ann Mink, Ph.D., chief executive officer. "By remaining laser focused on reducing costs across the organization, we lowered input costs by a total of $22 million annually, $12 million of which was through our Operational Excellence initiatives and the balance from market conditions. Our 2016 financial results are a true testament to the performance driven culture we are cultivating at Innophos. Throughout the organization our teams are embracing the transformation that is underway, delivering results and displaying a commitment to excellence, transparency and accountability."
Operating cash flow improves significantlyInnophos Holdings, Inc. has generated cash of $139.11 million from operating activities during the year, up 40.62 percent or $40.18 million, when compared with the last year. The company has spent $36.60 million cash to meet investing activities during the year as against cash outgo of $31.70 million in the last year.
The company has spent $67.07 million cash to carry out financing activities during the year as against cash outgo of $86.02 million in the last year period.
Cash and cash equivalents stood at $53.49 million as on Dec. 31, 2016, up 198.73 percent or $35.58 million from $17.90 million on Dec. 31, 2015.
Working capital remains almost stable
Innophos Holdings, Inc. has witnessed a decline in the working capital over the last year. It stood at $188.15 million as at Dec. 31, 2016, down 0.83 percent or $1.57 million from $189.73 million on Dec. 31, 2015. Current ratio was at 2.98 as on Dec. 31, 2016, up from 2.82 on Dec. 31, 2015.
Debt comes down
Innophos Holdings, Inc. has recorded a decline in total debt over the last one year. It stood at $185 million as on Dec. 31, 2016, down 13.15 percent or $28 million from $213 million on Dec. 31, 2015. Total debt was 28.77 percent of total assets as on Dec. 31, 2016, compared with 31.81 percent on Dec. 31, 2015. Debt to equity ratio was at 0.53 as on Dec. 31, 2016, down from 0.64 as on Dec. 31, 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
