Southwestern Energy Company (SWN) saw its loss narrow to $210 million, or $0.48 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $2,107 million, or $5.58 a share. On an adjusted basis, net profit for the quarter stood at $39 million, or $0.08 a share compared with a net loss of $6 million, or $0.02 a share in the last year period.
Revenue during the quarter went down marginally by 0.44 percent to $684 million from $687 million in the previous year period. Gross margin for the quarter contracted 583 basis points over the previous year period to 65.35 percent.
Operating income for the quarter was $122 million, compared with an operating loss of $2,561 million in the previous year period.
However, the adjusted operating income for the quarter stood at $134 million compared to $8 million in the prior year period. At the same time, adjusted operating margin improved 1843 basis points in the quarter to 19.59 percent from 1.16 percent in the last year period.
"The bold and decisive approach in which we tackled 2016 delivered remarkable results," said Bill Way, president and chief executive officer of Southwestern Energy. "The progress made in improving our financial strength and the operational excellence that facilitated our mid-year resumption of drilling and completion activities has the Company positioned well to create long-term value for our shareholders."
Operating cash flow drops significantlySouthwestern Energy Company has generated cash of $498 million from operating activities during the year, down 68.48 percent or $1,082 million, when compared with the last year. The company has spent $162 million cash to meet investing activities during the year as against cash outgo of $1,638 million in the last year. It has incurred net capital expenditure of $163 million on net basis during the year, down 90.11 percent or $1,485 million from year ago.
Cash flow from financing activities was $1,072 million for the year, up 5,260 percent or $1,052 million, when compared with the last year.
Working capital turns positive
Working capital of Southwestern Energy Company has turned positive to $808 million on Dec. 31, 2016 from negative $314 million on Dec. 31, 2015. Current ratio was at 1.76 as on Dec. 31, 2016, up from 0.56 on Dec. 31, 2015.
Debt comes down marginallySouthwestern Energy Company has recorded a decline in total debt over the last one year. It stood at $4,612 million as on Dec. 31, 2016, down 1.96 percent or $92 million from $4,704 million on Dec. 31, 2015. Total debt was 65.18 percent of total assets as on Dec. 31, 2016, compared with 58 percent on Dec. 31, 2015. Debt to equity ratio was at 5.03 as on Dec. 31, 2016, up from 2.06 as on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
