Archrock, Inc. (AROC) saw its loss widen to $11.68 million, or $0.17 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $1.82 million, or $0.03 a share. On an adjusted basis, net loss from continuing operations for the quarter stood at $7.69 million, or $0.11 a share compared with a net profit of $3.15 million, or $0.04 a share in the last year period.
Revenue during the quarter dropped 10.98 percent to $189.88 million from $213.30 million in the previous year period. Gross margin for the quarter contracted 532 basis points over the previous year period to 48.48 percent. Total expenses were 96.19 percent of quarterly revenues, up from 96.13 percent for the same period last year. That has resulted in a contraction of 6 basis points in operating margin to 3.81 percent.
Operating income for the quarter was $7.23 million, compared with $8.25 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $65.36 million compared with $79.81 million in the prior year period. At the same time, adjusted EBITDA margin contracted 300 basis points in the quarter to 34.42 percent from 37.42 percent in the last year period.
"Archrock’s contract operations and aftermarket services revenue continued to stabilize in the first quarter," said Brad Childers, Archrock's President and Chief Executive Officer. "During the quarter, industry activity improved considerably, and we captured our highest level of new orders since the fourth quarter of 2014. Relatedly, higher order activity drove an increase in labor and make-ready expense as we prepare to meet higher demand."
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: editor@irisindia.net