NCI Building Systems, Inc. (NCS) has reported a 601.40 percent jump in profit for the quarter ended Apr. 30, 2017. The company has earned $16.97 million, or $0.24 a share in the quarter, compared with $2.42 million, or $0.03 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $11.47 million, or $0.16 a share compared with $2.89 million or $0.04 a share, a year ago. Revenue during the quarter grew 12.95 percent to $420.46 million from $372.25 million in the previous year period. Gross margin for the quarter contracted 3 basis points over the previous year period to 23.98 percent. Total expenses were 92.28 percent of quarterly revenues, down from 97.15 percent for the same period last year. This has led to an improvement of 488 basis points in operating margin to 7.72 percent.
Operating income for the quarter was $32.47 million, compared with $10.59 million in the previous year period.
However, the adjusted operating income for the quarter stood at $23.64 million compared to $11.40 million in the prior year period. At the same time, adjusted operating margin improved 256 basis points in the quarter to 5.62 percent from 3.06 percent in the last year period.
Norman C. Chambers, chairman and chief executive officer, commented, "We are pleased with our solid second quarter performance, which culminated in a stronger first half of fiscal 2017 compared to the first half of last year. We achieved year-over-year growth in both our insulated metal panel and legacy Components products in a slowly recovering economy with higher steel input costs." "We continue to be encouraged by key forward looking indicators that show increased momentum over the next twelve months. We expect the second half of fiscal 2017 to deliver another significant improvement in year-over-year performance. We are confident that market conditions and the positive impact of our ongoing manufacturing efficiencies and cost reduction initiatives should set the stage for another year of top-line and bottom-line growth in 2018," Mr. Chambers concluded.
For financial year 2017, NCI Building Systems, Inc. projects revenue to be in the range of $1,800 million to $1,860 million.
For the third-quarter 2017, NCI Building Systems, Inc. projects revenue to be in the range of $480 million to $505 million.
Operating cash flow drops significantly
NCI Building Systems, Inc. has generated cash of $6.37 million from operating activities during the first half, down 68.15 percent or $13.64 million, when compared with the last year period.
The company has spent $8.60 million cash to meet investing activities during the first six months as against cash outgo of $9.96 million in the last year period. It has incurred net capital expenditure of $9.02 million on net basis during the first six months, up 60.64 percent or $3.41 million from year ago period.
The company has spent $13.43 million cash to carry out financing activities during the first six months as against cash outgo of $31.95 million in the last year period.
Cash and cash equivalents stood at $49.68 million as on Apr. 30, 2017, down 36.24 percent or $28.23 million from $77.92 million on May 01, 2016.
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: [email protected]
