Energy Transfer Partners L.P. (ETP) has reported an 82.25 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $74 million, or $0.49 a share in the quarter, compared with $417 million, or $0.10 a share for the same period last year.
Revenue during the quarter dropped 16.21 percent to $5,531 million from $6,601 million in the previous year period. Gross margin for the quarter expanded 380 basis points over the previous year period to 28.93 percent. Total expenses were 88.47 percent of quarterly revenues, down from 91.27 percent for the same period last year. This has led to an improvement of 281 basis points in operating margin to 11.53 percent.
Operating income for the quarter was $638 million, compared with $576 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $1,390 million compared with $1,500 million in the prior year period. At the same time, adjusted EBITDA margin improved 241 basis points in the quarter to 25.13 percent from 22.72 percent in the last year period.
Working capital turns negative
Working capital of Energy Transfer Partners L.P. has turned negative to $0.70 million on Sep. 30, 2016 from positive $842 million on Sep. 30, 2015. Current ratio was at 0.89 as on Sep. 30, 2016, down from 1.19 on Sep. 30, 2015.
Days sales outstanding went down to 28 days for the quarter compared with 44 days for the same period last year.
Debt comes down significantly
Energy Transfer Partners L.P. has recorded a decline in total debt over the last one year. It stood at $29.26 million as on Sep. 30, 2016, down 99.89 percent or $27,420.74 million from $27,450 million on Sep. 30, 2015. Total debt was 43.08 percent of total assets as on Sep. 30, 2016, compared with 42.79 percent on Sep. 30, 2015. Debt to equity ratio was at 1.09 as on Sep. 30, 2016, down from 4.59 as on Sep. 30, 2015. Interest coverage ratio deteriorated to 1.85 for the quarter from 1.73 for the same period last year.
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