Summit Midstream Partners, LP (SMLP) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $14 million in the quarter, against a net loss of $220.89 million in the last year period.
Revenue during the quarter grew 13.05 percent to $127.08 million from $112.42 million in the previous year period. Gross margin for the quarter contracted 1 basis points over the previous year period to 94.27 percent.
However, the adjusted EBITDA for the quarter stood at $72.72 million compared with $68.53 million in the prior year period. At the same time, adjusted EBITDA margin contracted 374 basis points in the quarter to 57.22 percent from 60.96 percent in the last year period.
Steve Newby, president and chief executive officer, commented, "SMLP reported fourth quarter financial and operating results that were in line with management's expectations, exceeding the $290.0 million top end of our 2016 adjusted EBITDA guidance range, and delivered a fourth quarter 2016 distribution coverage ratio of 1.19x."
Debt comes down marginally
Summit Midstream Partners, LP has recorded a decline in total debt over the last one year. It stood at $1,240.30 million as on Dec. 31, 2016, down 2.13 percent or $26.97 million from $1,267.27 million on Dec. 31, 2015.
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