Gas Natural Inc. (EGAS) has reported 25.05 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $3.35 million, or $0.32 a share in the quarter, compared with $2.68 million, or $0.26 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $3.57 million, or $0.34 a share compared with $3.08 million or $0.30 a share, a year ago.
Revenue during the quarter grew 4.05 percent to $39.86 million from $38.31 million in the previous year period. Gross margin for the quarter expanded 56 basis points over the previous year period to 39.05 percent. Total expenses were 85.13 percent of quarterly revenues, down from 85.65 percent for the same period last year. This has led to an improvement of 52 basis points in operating margin to 14.87 percent.
Operating income for the quarter was $5.93 million, compared with $5.50 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $8.43 million compared with $7.67 million in the prior year period. At the same time, adjusted EBITDA margin improved 114 basis points in the quarter to 21.15 percent from 20.02 percent in the last year period.
Mr. Gregory J. Osborne, Gas Natural's president and chief executive officer, commented, "We continue to focus on providing excellent service to our customers in all of our utility jurisdictions, resulting in growth in full service distribution and gross margin. Additionally, our ongoing focus on cost discipline has contributed to improved earnings."
Operating cash flow improves
Gas Natural Inc. has generated cash of $10.89 million from operating activities during the quarter, up 16.15 percent or $1.51 million, when compared with the last year period.
The company has spent $1.25 million cash to meet investing activities during the quarter as against cash outgo of $2.19 million in the last year period. It has incurred net capital expenditure of $1.84 million on net basis during the quarter, down 20.23 percent or $0.47 million from year ago period.
The company has spent $8.43 million cash to carry out financing activities during the quarter as against cash outgo of $5.91 million in the last year period.
Cash and cash equivalents stood at $7.67 million as on Mar. 31, 2017, up 92.49 percent or $3.68 million from $3.98 million on Mar. 31, 2016.
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