Northwest Natural Gas Company (NWN) saw its loss widen to $8.04 million, or $0.29 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $6.68 million, or $0.24 a share. Revenue during the quarter dropped 5.80 percent to $87.73 million from $93.13 million in the previous year period. Gross margin for the quarter expanded 628 basis points over the previous year period to 67.78 percent. Operating margin for the quarter stood at negative 5.06 percent as compared to a negative 2.01 percent for the previous year period.
Operating loss for the quarter was $4.44 million, compared with an operating loss of $1.87 million in the previous year period.
For financial year 2016, the company forecasts diluted earnings per share to be in the range of $1.98 to $2.18. For financial year 2016, the company forecasts diluted earnings per share to be in the range of $2.05 to $2.25 on adjusted basis.
Operating cash flow improves
Northwest Natural Gas Co has generated cash of $206.40 million from operating activities during the nine month period, up 19.48 percent or $33.65 million, when compared with the last year period. The company has spent $95.24 million cash to meet investing activities during the nine month period as against cash outgo of $88.24 million in the last year period.
The company has spent $109.14 million cash to carry out financing activities during the nine month period as against cash outgo of $88.81 million in the last year period.
Cash and cash equivalents stood at $6.23 million as on Sep. 30, 2016, up 19.19 percent or $1 million from $5.23 million on Sep. 30, 2015.
Debt comes down
Northwest Natural Gas Co has recorded a decline in total debt over the last one year. It stood at $790.11 million as on Sep. 30, 2016, down 5.86 percent or $49.14 million from $839.25 million on Sep. 30, 2015. Total debt was 26.69 percent of total assets as on Sep. 30, 2016, compared with 28.18 percent on Sep. 30, 2015. Debt to equity ratio was at 1.01 as on Sep. 30, 2016, down from 1.11 as on Sep. 30, 2015.
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