DuPont Fabros Technology, Inc. (DFT) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $37.07 million, or $ 0.44 a share in the quarter, against a net loss of $73.06 million, or $1.23 a share in the last year period. Revenue during the quarter grew 22.23 percent to $141.69 million from $115.92 million in the previous year period.
Cost of revenue dropped 17.76 percent or $0.88 million during the quarter to $4.07 million. Gross margin for the quarter expanded 140 basis points over the previous year period to 97.13 percent.
Total expenses were $85.30 million for the quarter, down 56.36 percent or $110.14 million from year-ago period. Operating margin for the quarter period stood at positive 39.80 percent as compared to a negative 68.60 percent for the previous year period.
Operating income for the quarter was $56.39 million, compared with an operating loss of $79.52 million in the previous year period.
Revenue from real estate activities during the quarter increased 22.23 percent or $25.76 million to $141.69 million.
Income from operating leases during the quarter rose 16.73 percent or $12.97 million to $90.51 million. Revenue from tenant reimbursements was $44.90 million for the quarter, up 22.93 percent or $8.38 million from year-ago period.
Revenue from other real estate activities during the quarter was $6.27 million, up 237.70 percent or $4.41 million from year-ago period.
"Financial results for 2016 were outstanding. We exceeded the midpoint of our initial Normalized FFO per share guidance while issuing almost $300 million of equity not contemplated in our original guidance. We also strengthened our balance sheet and lowered our cost of capital" said Christopher Eldredge, president and chief executive officer of DFT. "2017 will be a year of robust development for the Company, and we are bullish on our pre-leasing prospects given the strength of our sales funnel."
For financial year 2017, DuPont Fabros Technology, Inc. projects diluted earnings per share to be in the range of $1.75 to $1.95.
For the first-quarter 2017, DuPont Fabros Technology, Inc. projects diluted earnings per share to be in the range of $0.45 to $0.47.
Operating cash flow improves
DuPont Fabros Technology, Inc. has generated cash of $289.96 million from operating activities during the year, up 13.70 percent or $34.94 million, when compared with the last year. The company has spent $260.98 million cash to meet investing activities during the year as against cash outgo of $241.72 million in the last year.
The company has spent $21.58 million cash to carry out financing activities during the year as against cash outgo of $11.67 million in the last year period.
Cash and cash equivalents stood at $38.62 million as on Dec. 31, 2016, up 23.68 percent or $7.39 million from $31.23 million on Dec. 31, 2015.
Receivables move up
Net receivables were at $11.53 million as on Dec. 31, 2016, up 20.29 percent or $1.95 million from year-ago. Accounts payable surged 155.99 percent or $34.38 million to $56.43 million on Dec. 31, 2016.
Total assets grew 7.92 percent or $222.97 million to $3,038.46 million on Dec. 31, 2016. On the other hand, total liabilities were at $1,480.36 million as on Dec. 31, 2016, up 7.28 percent or $100.47 million from year-ago.
Return on assets was at 1.83 percent in the quarter against a negative 2.86 percent in the last year period. Return on equity was at 3.49 percent in the quarter against a negative 8.35 percent in the last year period.
Debt moves up marginally
Total debt was at $1,248.02 million as on Dec. 31, 2016, up 4.16 percent or $49.81 million from year-ago. Shareholders equity stood at $967 million as on Dec. 31, 2016, up 1.11 percent or $10.59 million from year-ago. As a result, debt to equity ratio went up 4 basis points to 1.29 percent in the quarter.
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