Spectrum ASA (Spectrum ASA) Operating Income : $55.2 Mil (TTM As of Mar. 2019)

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What is Spectrum ASA Operating Income?

Spectrum ASA's Operating Income for the three months ended in Mar. 2019 was $15.2 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2019 was $55.2 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Spectrum ASA's Operating Income for the three months ended in Mar. 2019 was $15.2 Mil. Spectrum ASA's Revenue for the three months ended in Mar. 2019 was $45.6 Mil. Therefore, Spectrum ASA's Operating Margin % for the quarter that ended in Mar. 2019 was 33.29%.

Spectrum ASA's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Spectrum ASA's annualized ROC % for the quarter that ended in Mar. 2019 was 16.15%. Spectrum ASA's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2019 was 1,281.47%.

Spectrum ASA Operating Income Historical Data

The historical data trend for Spectrum ASA's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Spectrum ASA Operating Income Chart

Spectrum ASA Annual Data

Trend

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Operating Income

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51.63

11.13

-6.31

9.64

32.24

Spectrum ASA Quarterly Data
	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16	Jun16	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19
Operating Income	Get a 7-Day Free Trial															-7.78	6.43	5.16	28.44	15.19

Spectrum ASA Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2019 adds up the quarterly data reported by the company within the most recent 12 months, which was $55.2 Mil.

Spectrum ASA (GREY:SPTYF) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Spectrum ASA's annualized ROC % for the quarter that ended in Mar. 2019 is calculated as:

	ROC % (Q: Mar. 2019 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2018 )	+	Invested Capital (Q: Mar. 2019 ))	/ count )
=	60.748 * ( 1 - 25.95% )	/	( (273.425	+	283.61)	/ 2 )
=	44.983894	/	278.5175
=	16.15 %

where

	Invested Capital		(Q: Dec. 2018 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	312.357	-	50.806	-	( 36.63	-	max(0, 125.777	-	113.903	+	36.63	))
=	273.425

	Invested Capital		(Q: Mar. 2019 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	328.105	-	64.304	-	( 39.015	-	max(0, 128.946	-	109.137	+	39.015	))
=	283.61

Note: The Operating Income data used here is four times the quarterly (Mar. 2019) data.

2. Joel Greenblatt's definition of Return on Capital:

Spectrum ASA's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2019 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2019 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2018		Q: Mar. 2019
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	60.748	/	( ( (1.108 + max(-30.311, 0))	+	(8.373 + max(-50.641, 0)) )	/	2 )
=	60.748	/	( ( 1.108	+	8.373 )	/	2 )
=	60.748	/	4.7405
=	1,281.47 %

where Working Capital is:

	Working Capital		(Q: Dec. 2018 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(49.733	+	0	+	27.54)	-	(50.806	+	0	+	56.778)
=	-30.311

	Working Capital		(Q: Mar. 2019 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(56.442	+	0	+	13.68)	-	(64.304	+	0	+	56.459)
=	-50.641

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2019) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Spectrum ASA's Operating Margin % for the quarter that ended in Mar. 2019 is calculated as:

Operating Margin %	=	Operating Income (Q: Mar. 2019 )	/	Revenue (Q: Mar. 2019 )
	=	15.187	/	45.625
	=	33.29 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Spectrum ASA Operating Income Related Terms

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Spectrum ASA (Spectrum ASA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Spectrum ASA (GREY:SPTYF) » Definitions » Operating Income

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Address

Karenslyst Alle 11, Oslo, NOR, N-0278

Website

http://www.spectrumgeo.com

Spectrum ASA is active in the oil & gas sector. The company is a provider of multi-client seismic data and data processing services to the oil and gas industry. It operates in two operating segments; Seismic Imaging and Multi-Client surveys. Most of its revenue is generated from the Multi-Client surveys segment. Its current Multi-Client data library includes 2D seismic data covering all the oil and gas producing regions in various regions. In addition, the library also includes 3D seismic data from the East Mediterranean area and the North Sea.

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