Patheon N.V. (PTI) swung to a net profit for the quarter ended Jan. 31, 2017. The company has made a net profit of $28.30 million, or $ 0.19 a share in the quarter, against a net loss of $22.10 million, or $0.19 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $21.20 million, or $0.14 a share compared with a net loss of $9 million, or $0.08 a share in the last year period. Revenue during the quarter grew 12.69 percent to $457.40 million from $405.90 million in the previous year period. Gross margin for the quarter expanded 399 basis points over the previous year period to 28.36 percent. Total expenses were 91.21 percent of quarterly revenues, down from 93.69 percent for the same period last year. This has led to an improvement of 248 basis points in operating margin to 8.79 percent.
Operating income for the quarter was $40.20 million, compared with $25.60 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $82.50 million compared with $59 million in the prior year period. At the same time, adjusted EBITDA margin improved 350 basis points in the quarter to 18.04 percent from 14.54 percent in the last year period.
“We drove growth across all three segments during the first quarter, as we continued to help our clients simplify their supply chain networks,” said Patheon Chief executive officer Jim Mullen. “The underlying trends supporting our long-term view remain unchanged; however, we are adjusting our full-year outlook to reflect current exchange rates and shifts in the timing of customer volumes and key product approvals."
For fiscal year 2017, Patheon N.V. expects revenue to be in the range of $1,990 million to $2,010 million and its adjusted net income to be in the range of $155 million to $175 million and its adjusted diluted earnings per share to be in the range of $1.05 to $1.20.
Operating cash flow remains negative
Patheon N.V. has spent $11.70 million cash to meet operating activities during the quarter as against cash outgo of $69.20 million in the last year period. The company has spent $59 million cash to meet investing activities during the quarter as against cash outgo of $67.50 million in the last year period.
The company has spent $5.30 million cash to carry out financing activities during the quarter as against cash outgo of $5.20 million in the last year period.
Cash and cash equivalents stood at $89 million as on Jan. 31, 2017, down 52.66 percent or $99 million from $188 million on Jan. 31, 2016.
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