InfraREIT, Inc. (HIFR) has reported 0.93 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $19.99 million, or $0.46 a share in the quarter, compared with $19.81 million, or $0.45 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $17.13 million, or $0.28 a share compared with $18.83 million or $0.31 a share, a year ago.
Revenue during the quarter grew 8.46 percent to $55.23 million from $50.92 million in the previous year period.
Total expenses were $18.38 million for the quarter, up 12 percent or $1.97 million from year-ago period. Operating margin for the quarter contracted 105 basis points over the previous year period to 66.72 percent.
Operating income for the quarter was $36.85 million, compared with $34.51 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $38.63 million compared with $36.58 million in the prior year period. At the same time, adjusted EBITDA margin contracted 189 basis points in the quarter to 69.95 percent from 71.84 percent in the last year period.
Revenue from real estate activities during the quarter increased 8.46 percent or $4.31 million to $55.23 million.
Income from operating leases during the quarter rose 8.46 percent or $4.31 million to $55.23 million.
"During 2016, we continued to execute on our strategy of investing in infrastructure to support demand growth, renewables expansion and system reliability," said David A. Campbell, chief executive officer of InfraREIT. "Our priority is to ensure that customers and generators in our service territories have the utility infrastructure in place to meet their requirements. Our service territories have experienced several years of rapid industry growth creating critical transmission and distribution infrastructure needs. Significant system upgrades in the Stanton (West Texas) area, along with the major projects underway in the Texas Panhandle, have met those needs and created capacity for future expansion."
Operating cash flow improves
InfraREIT, Inc. has generated cash of $123.13 million from operating activities during the year, up 16.39 percent or $17.34 million, when compared with the last year. The company has spent $231.31 million cash to meet investing activities during the year as against cash outgo of $369.28 million in the last year.
Cash flow from financing activities was $116.32 million for the year, down 54.80 percent or $141.03 million, when compared with the last year.
Cash and cash equivalents stood at $17.61 million as on Dec. 31, 2016, up 85.96 percent or $8.14 million from $9.47 million on Dec. 31, 2015.
Real estate inventory rose 8.10 percent or $0.54 million to $7.28 million on Dec. 31, 2016. Net receivables were at $32.55 million as on Dec. 31, 2016, up 4.43 percent or $1.38 million from year-ago.
Total assets grew 12.80 percent or $213.03 million to $1,876.70 million on Dec. 31, 2016. On the other hand, total liabilities were at $932.79 million as on Dec. 31, 2016, up 27.88 percent or $203.39 million from year-ago.
Return on assets moved down 11 basis points to 1.99 percent in the quarter. Return on equity was negative and almost stable at 2.12 percent in the quarter, when compared with the last year period.
Debt increases substantially
Total debt was at $854.84 million as on Dec. 31, 2016, up 25.95 percent or $176.11 million from year-ago. Shareholders equity stood at $943.91 million as on Dec. 31, 2016, up 1.03 percent or $9.64 million from year-ago. As a result, debt to equity ratio went up 18 basis points to 0.91 percent in the quarter.
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