Southwestern Energy Company (SWN) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $351 million, or $ 0.57 a share in the quarter, against a net loss of $1,132 million, or $3.03 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $87 million, or $0.18 a share compared with a net loss of $32 million, or $0.08 a share in the last year period.
Revenue during the quarter surged 46.11 percent to $846 million from $579 million in the previous year period. Gross margin for the quarter expanded 418 basis points over the previous year period to 70.33 percent.
Operating income for the quarter was $266 million, compared with an operating loss of $1,100 million in the previous year period.
However, the adjusted operating profit for the quarter stood at $266 million compared to operating loss of $2 million in prior year period.
Operating cash flow improves significantly
Southwestern Energy Company has generated cash of $312 million from operating activities during the quarter, up 239.13 percent or $220 million, when compared with the last year period. The company has spent $334 million cash to meet investing activities during the quarter as against cash outgo of $196 million in the last year period.
The company has spent $19 million cash to carry out financing activities during the quarter as against cash inflow of $1,686 million in the last year period.
Cash and cash equivalents stood at $1,382 million as on Mar. 31, 2017, down 13.46 percent or $215 million from $1,597 million on Mar. 31, 2016.
Working capital drops significantly
Southwestern Energy Company has witnessed a decline in the working capital over the last year. It stood at $668 million as at Mar. 31, 2017, down 52.49 percent or $738 million from $1,406 million on Mar. 31, 2016. Current ratio was at 1.60 as on Mar. 31, 2017, down from 3.94 on Mar. 31, 2016.
Days sales outstanding went down to 17 days for the quarter compared with 43 days for the same period last year.
Debt comes down significantly
Southwestern Energy Company has recorded a decline in total debt over the last one year. It stood at $4,364 million as on Mar. 31, 2017, down 32.27 percent or $2,079 million from $6,443 million on Mar. 31, 2016. Total debt was 60.64 percent of total assets as on Mar. 31, 2017, compared with 75.64 percent on Mar. 31, 2016. Debt to equity ratio was at 3.41 as on Mar. 31, 2017, down from 5.61 as on Mar. 31, 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]
