Proto Labs Inc (PRLB) has reported a 14.43 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $12.20 million, or $0.46 a share in the quarter, compared with $10.66 million, or $0.40 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $13.57 million, or $0.51 a share compared with $11.72 million or $0.44 a share, a year ago. Revenue during the quarter grew 10.47 percent to $80.17 million from $72.57 million in the previous year period. Gross margin for the quarter expanded 183 basis points over the previous year period to 56.47 percent. Total expenses were 77.94 percent of quarterly revenues, down from 79.13 percent for the same period last year. This has led to an improvement of 119 basis points in operating margin to 22.06 percent.
Operating income for the quarter was $17.68 million, compared with $15.14 million in the previous year period.
However, the adjusted operating income for the quarter stood at $19.56 million compared to $17.06 million in the prior year period. At the same time, adjusted operating margin improved 89 basis points in the quarter to 24.40 percent from 23.51 percent in the last year period.
“We are pleased with the strong start to our fiscal year with double digit revenue growth across all services,” said Vicki Holt, president and chief executive officer. “These results along with solid execution delivered a 14.4 percent increase in quarterly net income.”
Operating cash flow improves marginally
Proto Labs Inc has generated cash of $18.79 million from operating activities during the quarter, up 2.95 percent or $0.54 million, when compared with the last year period. The company has spent $13.58 million cash to meet investing activities during the quarter as against cash outgo of $16.60 million in the last year period.
The company has spent $2.47 million cash to carry out financing activities during the quarter as against cash inflow of $1.21 million in the last year period.
Cash and cash equivalents stood at $71.89 million as on Mar. 31, 2017, up 42 percent or $21.26 million from $50.63 million on Mar. 31, 2016.
Working capital increases
Proto Labs Inc has recorded an increase in the working capital over the last year. It stood at $143.74 million as at Mar. 31, 2017, up 19.57 percent or $23.52 million from $120.21 million on Mar. 31, 2016. Current ratio was at 6.12 as on Mar. 31, 2017, up from 6.02 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 24 days for the quarter from 40 days for the last year period. Days sales outstanding went down to 46 days for the quarter compared with 50 days for the same period last year.
Days inventory outstanding has decreased to 12 days for the quarter compared with 27 days for the previous year period. At the same time, days payable outstanding went down to 33 days for the quarter from 38 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
