Sunoco LP (SUN) swung to a net loss for the year ended Dec. 31, 2016. The company has made a net loss of $406 million in the year, against a net profit of $87 million in the last year. Revenue during the year dropped 14.96 percent to $15,698 million from $18,460 million in the previous year. Gross margin for the year expanded 339 basis points over the previous year to 14.14 percent. Operating margin for the year stood at negative 1.58 percent as compared to a positive 1.81 percent for the previous year.
Operating loss for the year was $248 million, compared with an operating income of $334 million in the previous year.
However, the adjusted EBITDA for the year stood at $665 million compared with $719 million in the prior year period. At the same time, adjusted EBITDA margin improved 34 basis points in the year to 4.24 percent from 3.89 percent in the last year period.
Working capital drops significantly
Sunoco LP has witnessed a decline in the working capital over the last year. It stood at $200 million as at Dec. 31, 2016, down 40.92 percent or $138.55 million from $338.55 million on Dec. 31, 2015. Current ratio was at 1.17 as on Dec. 31, 2016, down from 1.50 on Dec. 31, 2015. Cash conversion cycle (CCC) was almost stable at 3 days for the year, when compared with the last year. Days sales outstanding went up to 6 days for the year compared with 3 days for the same period last year.
Days inventory outstanding has increased to 8 days for the year compared with 5 days for the previous year period. At the same time, days payable outstanding went up to 11 days for the year from 5 for the same period last year.
Debt remains stable
Total debt remained stable at $5 million as on Dec. 31, 2016, when compared with the last year. Total debt was 0.06 percent of total assets as on Dec. 31, 2016, compared with 0.08 percent on Dec. 31, 2015.
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