Energy Transfer Equity, L.P. (ETE) has reported a 23.40 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $239 million, or $0.21 a share in the quarter, compared with $312 million, or $0.30 a share for the same period last year. Revenue during the quarter surged 46.16 percent to $11,247 million from $7,695 million in the previous year period. Gross margin for the quarter contracted 687 basis points over the previous year period to 20.06 percent. Total expenses were 93.55 percent of quarterly revenues, up from 90.89 percent for the same period last year. That has resulted in a contraction of 266 basis points in operating margin to 6.45 percent.
Operating income for the quarter was $725 million, compared with $701 million in the previous year period.
Working capital turns positive
Working capital of Energy Transfer Equity, L.P. has turned positive to $296 million on Mar. 31, 2017 from negative $107 million on Mar. 31, 2016. Current ratio was at 1.05 as on Mar. 31, 2017, up from 0.98 on Mar. 31, 2016. Days sales outstanding went down to 10 days for the quarter compared with 30 days for the same period last year.
Debt moves up
Energy Transfer Equity, L.P. has witnessed an increase in total debt over the last one year. It stood at $42,583 million as on Mar. 31, 2017, up 11.09 percent or $4,252 million from $38,331 million on Mar. 31, 2016. Total debt was 52.57 percent of total assets as on Mar. 31, 2017, compared with 52.68 percent on Mar. 31, 2016. Debt to equity ratio was at 1.65 as on Mar. 31, 2017, up from 1.55 as on Mar. 31, 2016. Interest coverage ratio improved to 1.49 for the quarter from 1.64 for the same period last year. 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
