Handy & Harman Ltd (HNH) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $18.70 million, or $ 1.53 a share in the quarter, against a net profit of $2.28 million, or $0.19 a share in the last year period. Revenue during the quarter surged 43.96 percent to $235.91 million from $163.87 million in the previous year period. Gross margin for the quarter expanded 102 basis points over the previous year period to 28.21 percent. Operating margin for the quarter stood at negative 6.32 percent as compared to a positive 5.67 percent for the previous year period.
Operating loss for the quarter was $14.91 million, compared with an operating income of $9.29 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $28.87 million compared with $19.07 million in the prior year period. At the same time, adjusted EBITDA margin improved 60 basis points in the quarter to 12.24 percent from 11.64 percent in the last year period.
"Our sales and Adjusted EBITDA performance in 2016 reflect the Company's continued focus on enhancing value through profitable growth and accretive acquisitions," said Bill Fejes, president and chief executive officer of Handy & Harman Group Ltd. "During 2016, we completed a series of transactions to further enhance our product offerings and position the Company for growth in our niche markets. We concentrated on integrating our acquired companies and initiating processes to enhance efficiencies. During 2017, we expect to continue to evaluate our product portfolio and infrastructure costs to enhance future productivity, and to invest in R&D to rapidly scale growth opportunities," Fejes added.
Handy & Harman forecasts revenue to be in the range of $207 million to $253 million for fiscal year 2017.
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