TRC Companies, Inc. (TRR) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $4.50 million, or $ 0.14 a share in the quarter, against a net loss of $14.30 million, or $0.46 a share in the last year period.
Revenue during the quarter grew 6.16 percent to $128.72 million from $121.25 million in the previous year period. Gross margin for the quarter expanded 262 basis points over the previous year period to 16.82 percent. Operating margin for the quarter period stood at positive 5.45 percent as compared to a negative 19.22 percent for the previous year period.
Operating income for the quarter was $7.01 million, compared with an operating loss of $23.30 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $11.50 million compared with $7.90 million in the prior year period. At the same time, adjusted EBITDA margin improved 242 basis points in the quarter to 8.93 percent from 6.52 percent in the last year period.
"Our third quarter results were driven by robust demand in the majority of our markets. NSR was $128.7 million, up 6% from $121.3 million in the same quarter of fiscal 2016. The increase was driven primarily by large capital projects in our Power segment, including a significant program management project in California," said Chris Vincze, chairman and chief executive officer.
Working capital decreases marginally
TRC Companies, Inc. has witnessed a decline in the working capital over the last year. It stood at $70.70 million as at Mar. 31, 2017, down 3.68 percent or $2.70 million from $73.40 million on Mar. 25, 2016. Current ratio was at 1.34 as on Mar. 31, 2017, down from 1.43 on Mar. 25, 2016.
Days sales outstanding went up to 150 days for the quarter compared with 142 days for the same period last year.
At the same time, days payable outstanding went up to 33 days for the quarter from 29 for the same period last year.
Debt comes down
TRC Companies, Inc. has recorded a decline in total debt over the last one year. It stood at $90.84 million as on Mar. 31, 2017, down 12.48 percent or $12.95 million from $103.79 million on Mar. 25, 2016. Total debt was 17.45 percent of total assets as on Mar. 31, 2017, compared with 22.45 percent on Mar. 25, 2016. Debt to equity ratio was at 0.54 as on Mar. 31, 2017, down from 0.72 as on Mar. 25, 2016.
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