Cloud Peak Energy Inc (CLD) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $24.51 million, or $ 0.39 a share in the quarter, against a net loss of $156.20 million, or $2.55 a share in the last year period. Revenue during the quarter dropped 12.58 percent to $227.93 million from $260.74 million in the previous year period. Gross margin for the quarter expanded 516 basis points over the previous year period to 22.58 percent. Operating margin for the quarter period stood at positive 15.85 percent as compared to a negative 21.49 percent for the previous year period.
Operating income for the quarter was $36.13 million, compared with an operating loss of $56.02 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $40 million compared with $34.70 million in the prior year period. At the same time, adjusted EBITDA margin improved 424 basis points in the quarter to 17.55 percent from 13.31 percent in the last year period.
Colin Marshall, president and chief executive officer, commented, "In an improving environment, we were able to deliver a solid operational and financial performance in the fourth quarter. Our lower operating costs reflect the many cost control and efficiency initiatives we have put in place during the year and the benefit of increased shipments compared to the first half. During the quarter, we also exported coal for the first time in nearly a year and have now contracted 1.9 million tons to be shipped in the first half of 2017. At the same time, we renegotiated our port and rail agreements in late 2016 and early 2017 to significantly reduce our take-or-pay commitments. I am very proud of what was achieved by everyone at Cloud Peak Energy in 2016. It was a very challenging year during which we were able to improve our operations’ efficiency and flexibility while greatly strengthening our financial position and producing our best safety performance ever."
Operating cash flow improves
Cloud Peak Energy Inc has generated cash of $48.72 million from operating activities during the year, up 17.14 percent or $7.13 million, when compared with the last year. The company has spent $25.32 million cash to meet investing activities during the year as against cash outgo of $55.04 million in the last year.
The company has spent $29 million cash to carry out financing activities during the year as against cash outgo of $65.98 million in the last year period.
Cash and cash equivalents stood at $83.71 million as on Dec. 31, 2016, down 6.28 percent or $5.61 million from $89.31 million on Dec. 31, 2015.
Working capital increases
Cloud Peak Energy Inc has recorded an increase in the working capital over the last year. It stood at $95.97 million as at Dec. 31, 2016, up 18.04 percent or $14.67 million from $81.30 million on Dec. 31, 2015. Current ratio was at 1.74 as on Dec. 31, 2016, up from 1.50 on Dec. 31, 2015.
Debt comes down marginally
Cloud Peak Energy Inc has recorded a decline in total debt over the last one year. It stood at $475.01 million as on Dec. 31, 2016, down 3.29 percent or $16.15 million from $491.16 million on Dec. 31, 2015. Cloud Peak Energy has recorded a decline in long-term debt over the last one year. It stood at $475.01 million as on Dec. 31, 2016, down 3.29 percent or $16.15 million from $491.16 million on Dec. 31, 2015. Total debt was 27.70 percent of total assets as on Dec. 31, 2016, compared with 27.25 percent on Dec. 31, 2015. Debt to equity ratio was at 0.50 as on Dec. 31, 2016, down from 0.55 as on Dec. 31, 2015. 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: [email protected]
