National Presto Industries, Inc. (NPK) has reported an 151.77 percent jump in profit for the quarter ended Apr. 02, 2017. The company has earned $18.16 million, or $2.60 a share in the quarter, compared with $7.21 million, or $1.04 a share for the same period last year.
Revenue during the quarter grew 10.48 percent to $72.85 million from $65.94 million in the previous year period. Gross margin for the quarter expanded 329 basis points over the previous year period to 27.63 percent. Total expenses were 80.78 percent of quarterly revenues, down from 85.36 percent for the same period last year. This has led to an improvement of 458 basis points in operating margin to 19.22 percent.
Operating income for the quarter was $14 million, compared with $9.65 million in the previous year period.
Operating cash flow improves significantly
National Presto Industries, Inc. has generated cash of $25.40 million from operating activities during the quarter, up 94.64 percent or $12.35 million, when compared with the last year period. Cash flow from investing activities was $2.19 million for the quarter as against cash outgo of $4.68 million in the last year period. It has incurred capital expenditure of $2.26 million on net basis during the quarter, up 259.81 percent or $1.63 million from year ago period.
The company has spent $38 million cash to carry out financing activities during the quarter as against cash outgo of $34.72 million in the last year period.
Cash and cash equivalents stood at $16.62 million as on Apr. 02, 2017, down 44.37 percent or $13.26 million from $29.88 million on Apr. 03, 2016.
Working capital increases sharply
National Presto Industries, Inc. has recorded an increase in the working capital over the last year. It stood at $251.17 million as at Apr. 02, 2017, up 32.89 percent or $62.17 million from $189 million on Apr. 03, 2016. Current ratio was at 4.49 as on Apr. 02, 2017, down from 4.90 on Apr. 03, 2016.
Cash conversion cycle (CCC) has decreased to 104 days for the quarter from 222 days for the last year period. Days sales outstanding went down to 69 days for the quarter compared with 88 days for the same period last year.
Days inventory outstanding has decreased to 96 days for the quarter compared with 195 days for the previous year period. At the same time, days payable outstanding was almost stable at 60 days for the quarter, when compared with the previous year period.
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