Brooks Automation, Inc (BRKS) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $14 million, or $ 0.20 a share in the quarter, against a net loss of $83.94 million, or $1.22 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $19.84 million, or $0.28 a share compared with $4.92 million or $0.07 a share, a year ago. Revenue during the quarter grew 25.17 percent to $169.33 million from $135.28 million in the previous year period. Gross margin for the quarter expanded 351 basis points over the previous year period to 38.10 percent. Operating margin for the quarter period stood at positive 8.74 percent as compared to a negative 4.69 percent for the previous year period.
Operating income for the quarter was $14.80 million, compared with an operating loss of $6.34 million in the previous year period.
“In the second quarter, Brooks achieved several new performance milestones,” commented Steve Schwartz, Chief executive officer of Brooks Automation. "Revenue grew 25% year over year, 6% sequentially, driven by continued strength in both segments. Life Sciences revenue grew 31% year over year and is more than 20% of total revenue despite strong Semiconductor growth, up 24% over the 2016 second quarter. Our strong top line contributed to the highest gross margins we have seen in more than ten years, $25 million of operating cash flow, and non-GAAP diluted earnings per share of $0.28 per share. Our continuing performance improvement is reflected in our results, and we thank our employees for their hard work and dedication to our customers."
For the third-quarter 2017, Brooks Automation, Inc expects revenue to be in the range of $175 million to $180 million and diluted earnings per share to be in the range of $0.21 to $0.25 and its adjusted diluted earnings per share to be in the range of $0.29 to $0.33.
Operating cash flow improves significantly
Brooks Automation, Inc has generated cash of $43.30 million from operating activities during the first half, up 11,570.62 percent or $42.93 million, when compared with the last year period. The company has spent $10.67 million cash to meet investing activities during the first six months as against cash outgo of $6.09 million in the last year period.
The company has spent $13.01 million cash to carry out financing activities during the first six months as against cash outgo of $12.79 million in the last year period.
Cash and cash equivalents stood at $103.94 million as on Mar. 31, 2017, up 67.21 percent or $41.78 million from $62.16 million on Mar. 31, 2016.
Working capital increases
Brooks Automation, Inc has recorded an increase in the working capital over the last year. It stood at $197.45 million as at Mar. 31, 2017, up 17.99 percent or $30.10 million from $167.35 million on Mar. 31, 2016. Current ratio was at 2.41 as on Mar. 31, 2017, up from 2.30 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 62 days for the quarter from 133 days for the last year period. Days sales outstanding went down to 58 days for the quarter compared with 70 days for the same period last year.
Days inventory outstanding has decreased to 43 days for the quarter compared with 103 days for the previous year period. At the same time, days payable outstanding went down to 38 days for the quarter from 40 for the same period last year.
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