Corelogic (CLGX) has reported 90.49 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $3.58 million, or $0.04 a share in the quarter, compared with $37.70 million, or $0.42 a share for the same period last year. On an adjusted basis, earnings per share were at $0.56 for the quarter compared with $0.35 in the same period last year.
Revenue during the quarter grew 21.50 percent to $474.91 million from $390.89 million in the previous year period. Gross margin for the quarter contracted 109 basis points over the previous year period to 45.60 percent. Total expenses were 88.01 percent of quarterly revenues, down from 93.08 percent for the same period last year. This has led to an improvement of 507 basis points in operating margin to 11.99 percent.
Operating income for the quarter was $56.94 million, compared with $27.03 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $115.53 million compared with $87.50 million in the prior year period. At the same time, adjusted EBITDA margin improved 194 basis points in the quarter to 24.33 percent from 22.39 percent in the last year period.
"CoreLogic delivered an outstanding operating performance in 2016 with strong growth in revenue, adjusted EBITDA, adjusted EPS and free cash flow. Fourth quarter and full-year revenues grew at double-digit rates as both of our segments notched solid gains. Importantly, we also doubled our first half organic growth trend of 3% to 7% over the final six months of 2016," said Frank Martell, president and chief executive officer of CoreLogic. "Throughout 2016, we invested in our products and solutions, technology leadership and operational improvements, which we believe will sustain and expand our long-term market leadership. This leadership, and our durable business model, has allowed us to return over $1 billion dollars to our stockholders over the past 6 years, including $195 million in 2016."
For financial year 2017, Corelogic expects revenue to be in the range of $1,825 million to $1,875 million for financial year 2017. The company projects diluted earnings per share to be in the range of $2.15 to $2.40 on adjusted basis.
Operating cash flow improves significantlyCorelogic has generated cash of $413.56 million from operating activities during the year, up 25.88 percent or $85.02 million, when compared with the last year. The company has spent $481.76 million cash to meet investing activities during the year as against cash outgo of $277.23 million in the last year. It has incurred net capital expenditure of $56.42 million on net basis during the year, down 29.85 percent or $24 million from year ago.
Cash flow from financing activities was $41.14 million for the year as against cash outgo of $58.55 million in the last year period.
Cash and cash equivalents stood at $72.03 million as on Dec. 31, 2016, down 27.31 percent or $27.06 million from $99.09 million on Dec. 31, 2015.
Working capital remains negative
Working capital of Corelogic was negative $276.53 million on Dec. 31, 2016 compared with negative $72.21 million on Dec. 31, 2015. Current ratio was at 0.59 as on Dec. 31, 2016, down from 0.88 on Dec. 31, 2015.
Days sales outstanding went down to 27 days for the quarter compared with 33 days for the same period last year.
Debt moves upCorelogic has witnessed an increase in total debt over the last one year. It stood at $1,602.05 million as on Dec. 31, 2016, up 19.85 percent or $265.37 million from $1,336.67 million on Dec. 31, 2015. Total debt was 41 percent of total assets as on Dec. 31, 2016, compared with 36.12 percent on Dec. 31, 2015. Debt to equity ratio was at 1.60 as on Dec. 31, 2016, up from 1.27 as on Dec. 31, 2015. Interest coverage ratio improved to 4.15 for the quarter from 1.61 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: [email protected]
