SJW Group (SJW) has reported a 15.22 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $13.73 million, or $0.67 a share in the quarter, compared with $16.19 million, or $0.79 a share for the same period last year.
Revenue during the quarter dropped 9.48 percent to $79.31 million from $87.61 million in the previous year period. Gross margin for the quarter contracted 970 basis points over the previous year period to 74.65 percent. Total expenses were 79.33 percent of quarterly revenues, up from 63.84 percent for the same period last year. That has resulted in a contraction of 1550 basis points in operating margin to 20.67 percent.
Operating income for the quarter was $16.39 million, compared with $31.68 million in the previous year period.
Working capital turns positive
Working capital of SJW Group has turned positive to $36.04 million on Dec. 31, 2016 from negative $6.25 million on Dec. 31, 2015. Current ratio was at 1.57 as on Dec. 31, 2016, up from 0.92 on Dec. 31, 2015.
Debt moves up
SJW Group has witnessed an increase in total debt over the last one year. It stood at $447.66 million as on Dec. 31, 2016, up 7.80 percent or $32.38 million from $415.28 million on Dec. 31, 2015. Total debt was 31.01 percent of total assets as on Dec. 31, 2016, compared with 30.97 percent on Dec. 31, 2015. Debt to equity ratio was at 1.06 as on Dec. 31, 2016, down from 1.08 as on Dec. 31, 2015. Interest coverage ratio deteriorated to 2.98 for the quarter from 5.87 for the same period last year.
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