SJW Corp (SJW) has reported a 98.86 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $18.96 million, or $0.92 a share in the quarter, compared with $9.53 million, or $0.46 a share for the same period last year.
Revenue during the quarter surged 35.43 percent to $112.34 million from $82.96 million in the previous year period. Gross margin for the quarter expanded 278 basis points over the previous year period to 59.94 percent. Total expenses were 67.65 percent of quarterly revenues, down from 77.99 percent for the same period last year. This has led to an improvement of 1034 basis points in operating margin to 32.35 percent.
Operating income for the quarter was $36.35 million, compared with $18.26 million in the previous year period.
Working capital turns negative
Working capital of SJW Corp has turned negative to $17.79 million on Sep. 30, 2016 from positive $3.83 million on Sep. 30, 2015. Current ratio was at 0.88 as on Sep. 30, 2016, down from 1.05 on Sep. 30, 2015. Days sales outstanding went down to 49 days for the quarter compared with 52 days for the same period last year.
At the same time, days payable outstanding went down to 35 days for the quarter from 40 for the same period last year.
Debt moves up
SJW Corp has witnessed an increase in total debt over the last one year. It stood at $439.68 million as on Sep. 30, 2016, up 8.37 percent or $33.97 million from $405.71 million on Sep. 30, 2015. Total debt was 30.23 percent of total assets as on Sep. 30, 2016, compared with 30.66 percent on Sep. 30, 2015. Debt to equity ratio was at 1.07 as on Sep. 30, 2016, down from 1.09 as on Sep. 30, 2015. Interest coverage ratio improved to 6.70 for the quarter from 3.31 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
