Diamondback Energy, Inc (FANG) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $136.27 million, or $ 1.46 a share in the quarter, against a net loss of $32.91 million, or $0.46 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $97.44 million, or $1.04 a share compared with a net loss of $1.43 million, or $0.02 a share in the last year period. Revenue during the quarter surged 168.89 percent to $235.23 million from $87.48 million in the previous year period. Gross margin for the quarter expanded 1122 basis points over the previous year period to 87.20 percent. Operating margin for the quarter period stood at positive 49.49 percent as compared to a negative 31.55 percent for the previous year period.
Operating income for the quarter was $116.41 million, compared with an operating loss of $27.60 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $175.26 million compared with $58.14 million in the prior year period. At the same time, adjusted EBITDA margin improved 805 basis points in the quarter to 74.51 percent from 66.46 percent in the last year period.
“Diamondback's strong first quarter performance reflects our continued dedication to best-in-class execution and low cost operations, a theme we believe will be prevalent in 2017 as our industry returns to growth. After successfully closing our acquisition of Brigham in the first quarter, we have an asset base and organization capable of delivering multi-year industry leading growth while maintaining a fortress balance sheet" stated Travis Stice, Chief Executive Officer of Diamondback.
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