Amyris, Inc. :AMRS-US: Earnings Analysis: Q3, 2016 By the Numbers : November 4, 2016

Amyris, Inc. reports financial results for the quarter ended September 30, 2016.

We analyze the earnings along side the following peers of Amyris, Inc. – Green Plains Inc., Total SA Sponsored ADR Class B and E. I. du Pont de Nemours and Company (GPRE-US, TOT-US and DD-US) that have also reported for this period.

Highlights

  • Summary numbers: Revenues of USD 26.54 million, Net Earnings of USD -19.70 million.
  • Gross margins widened from 1.58% to 43.96% compared to the same period last year, operating (EBITDA) margins now -45.31% from -246.99%.
  • Earnings growth from operating margin improvements as well as one-time items.

The table below shows the preliminary results and recent trends for key metrics such as revenues and net income growth:

2015-09-30 2015-12-31 2016-03-31 2016-06-30 2016-09-30
Relevant Numbers (Quarterly)
Revenues (mil) 8.59 9.85 8.81 9.6 26.54
Revenue Growth (%YOY) -25.17 109.33 320.57 187.4 208.97
Earnings (mil) -76.66 -48.34 -15.31 -13.57 -19.7
Earnings Growth (%YOY) -109.23 -183.32 70.7 71.22 74.3
Net Margin (%) -892.38 -490.93 -173.74 -141.33 -74.23
EPS -0.55 -0.23 -0.12 -0.11 -0.08
Return on Equity (%) N/A N/A N/A N/A N/A
Return on Assets (%) -207.13 -157.71 -57.68 -52.18 -76.79

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Market Share Versus Profits

Revenues History
Earnings History

AMRS-US‘s change in revenue this period compared to the same period last year of 208.97% is almost the same as its change in earnings, and is about average among the announced results thus far in its peer group, suggesting that AMRS-US is holding onto its market share. Also, for comparison purposes, revenues changed by 176.53% and earnings by -45.25% compared to the immediate last period.

Revenues Growth Versus Earnings Growth

Quadrant label definitions. Hover to know more

Leader, Earnings Focus, Laggard, Revenues Focus

Earnings Growth Analysis

The company’s earnings growth was influenced by year-on-year improvement in gross margins from 1.58% to 43.96% as well as better cost controls. As a result, operating margins (EBITDA margins) rose from -246.99% to -45.31% compared to the same period last year. For comparison, gross margins were 17.79% and EBITDA margins were -208.62% in the last reporting period.

Gross Margin Versus EBITDA Margin

Quadrant label definitions. Hover to know more

Differentiated; Low Cost, Commodity; Low Cost, Commodity; High Cost, Differentiated; High Cost

Margins

The company’s earnings growth has also been influenced by the following factors: (1) Improvements in operating (EBIT) margins from -282.97% to -45.31% and (2) one-time items. The company’s pretax margins are now -73.67% compared to -883.59% for the same period last year.

EBIT Margin Versus PreTax Margin

Quadrant label definitions. Hover to know more

Operation driven Earnings, One-time Favorables, Low Earnings Base, One-time Unfavorables
EBIT Margin History
PreTax Margin History

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Company Profile

Amyris, Inc. engages in the research, development, manufacture, and sale of fuels and farnesene-derived products. Its products include cosmetics, flavors and fragrances, performance materials, diesel, jet fuel, and lubricants. It operates through the following geographical segments: United States, Brazil, Europe, and Asia. The company was founded by Jack D. Newman, Kinkead Keith Reiling and Neil Renninger on July 17, 2003 and is headquartered in Emeryville, CA.

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