Navigant (NCI) has reported a 2.31 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $13.50 million, or $0.28 a share in the quarter, compared with $13.20 million, or $0.27 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $14.69 million, or $0.30 a share compared with $13.73 million or $0.28 a share, a year ago. Revenue during the quarter grew 14.39 percent to $266.10 million from $232.62 million in the previous year period. Gross margin for the quarter expanded 16 basis points over the previous year period to 28.45 percent. Total expenses were 91.41 percent of quarterly revenues, up from 90.73 percent for the same period last year. That has resulted in a contraction of 68 basis points in operating margin to 8.59 percent.
Operating income for the quarter was $22.86 million, compared with $21.55 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $34.77 million compared with $30.85 million in the prior year period. At the same time, adjusted EBITDA margin contracted 20 basis points in the quarter to 13.07 percent from 13.26 percent in the last year period.
"Navigant delivered outstanding results in 2016, far exceeding our historical trends in top and bottom line growth, our original estimates for the year and general economic growth," commented Julie Howard, chairman and chief executive officer. "Seamless execution on our strategic plans and the clear alignment of our professionals’ expertise to the transformational issues impacting our clients translated into strong business performance. We are very pleased to have delivered significant value to our shareholders as a result. Looking ahead, I view 2017 with measured optimism. We plan to remain nimble in aligning our resources and capabilities to address the potential changes that may occur for our clients as the regulatory environment evolves."
For financial year 2017, Navigant expects revenue to be in the range of $1,075 million to $1,115 million. The company projects diluted earnings per share to be in the range of $1.29 to $1.36 on adjusted basis.
Operating cash flow improves significantly
Navigant has generated cash of $110.03 million from operating activities during the year, up 32.44 percent or $26.95 million, when compared with the last year. The company has spent $51.53 million cash to meet investing activities during the year as against cash outgo of $117.41 million in the last year.
The company has spent $58.80 million cash to carry out financing activities during the year as against cash inflow of $40.81 million in the last year period.
Cash and cash equivalents stood at $8.29 million as on Dec. 31, 2016, down 6.79 percent or $0.60 million from $8.90 million on Dec. 31, 2015.
Working capital increases
Navigant has recorded an increase in the working capital over the last year. It stood at $124.83 million as at Dec. 31, 2016, up 12.12 percent or $13.49 million from $111.34 million on Dec. 31, 2015. Current ratio was at 1.71 as on Dec. 31, 2016, down from 1.77 on Dec. 31, 2015.
Days sales outstanding went up to 45 days for the quarter compared with 43 days for the same period last year.
At the same time, days payable outstanding was almost stable at 3 days for the quarter, when compared with the previous year period.
Debt comes down
Navigant has recorded a decline in total debt over the last one year. It stood at $135.03 million as on Dec. 31, 2016, down 22.28 percent or $38.71 million from $173.74 million on Dec. 31, 2015. Navigant Consulting has recorded a decline in long-term debt over the last one year. It stood at $135.03 million as on Dec. 31, 2016, down 22.28 percent or $38.71 million from $173.74 million on Dec. 31, 2015. Total debt was 12.80 percent of total assets as on Dec. 31, 2016, compared with 17.10 percent on Dec. 31, 2015. Debt to equity ratio was at 0.21 as on Dec. 31, 2016, down from 0.29 as on Dec. 31, 2015. Interest coverage ratio deteriorated to 18.49 for the quarter from 23.23 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
