Pattern Energy Group Inc. (PEGI) has reported 462.14 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $13.80 million, or $0.16 a share in the quarter, compared with $2.45 million, or $0.03 a share for the same period last year.
Revenue during the quarter dropped 10.53 percent to $81.06 million from $90.60 million in the previous year period. Gross margin for the quarter contracted 1163 basis points over the previous year period to 6.77 percent. Operating margin for the quarter stood at negative 7.99 percent as compared to a positive 7.62 percent for the previous year period.
Operating loss for the quarter was $6.48 million, compared with an operating income of $6.90 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $85.13 million compared with $78.25 million in the prior year period.
"We delivered 44 percent growth in our cash available for distribution in 2016 which is approximately the midpoint of our guidance range. Our high-quality portfolio of 18 assets continues to supply stable cash flows. The outlook for renewables has never been stronger as technology improvements continue to drive the delivered cost of power lower. Lower technology costs and our proven ability to develop new investment opportunities position us to continue to achieve high growth rates for the next several years and beyond," said Mike Garland, President and chief executive officer of Pattern Energy.
Operating cash flow improves significantly
Pattern Energy Group Inc. has generated cash of $163.66 million from operating activities during the year, up 38.88 percent or $45.81 million, when compared with the last year. The company has spent $124.25 million cash to meet investing activities during the year as against cash outgo of $759.08 million in the last year. It has incurred net capital expenditure of $30.21 million on net basis during the year, down 91.94 percent or $344.69 million from year ago.
The company has spent $76.66 million cash to carry out financing activities during the year as against cash inflow of $643.67 million in the last year period.
Working capital remains negative
Working capital of Pattern Energy Group Inc. was negative $148.82 million on Dec. 31, 2016 compared with negative $317.36 million on Dec. 31, 2015. Current ratio was at 0.59 as on Dec. 31, 2016, up from 0.39 on Dec. 31, 2015.
Debt comes down
Pattern Energy Group Inc. has recorded a decline in total debt over the last one year. It stood at $1,563.67 million as on Dec. 31, 2016, down 11.70 percent or $207.21 million from $1,770.89 million on Dec. 31, 2015. Total debt was 41.67 percent of total assets as on Dec. 31, 2016, compared with 46.24 percent on Dec. 31, 2015. Debt to equity ratio was at 1.58 as on Dec. 31, 2016, up from 1 as on Dec. 31, 2015.
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