Terra Nitrogen Company (TNH) has reported 44.32 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $44.10 million, or $1.85 a share in the quarter, compared with $79.20 million, or $2.49 a share for the same period last year.
Revenue during the quarter plunged 38.27 percent to $93.40 million from $151.30 million in the previous year period. Gross margin for the quarter contracted 325 basis points over the previous year period to 51.61 percent. Total expenses were 52.78 percent of quarterly revenues, up from 47.65 percent for the same period last year. That has resulted in a contraction of 513 basis points in operating margin to 47.22 percent.
Operating income for the quarter was $44.10 million, compared with $79.20 million in the previous year period.
Working capital drops significantlyTerra Nitrogen Company has witnessed a decline in the working capital over the last year. It stood at $28.70 million as at Dec. 31, 2016, down 66 percent or $55.70 million from $84.40 million on Dec. 31, 2015. Current ratio was at 1.90 as on Dec. 31, 2016, down from 2.92 on Dec. 31, 2015.
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