November 05, 2020 02:59:42 pm
Enerflex.Announces Third Quarter 2020 Financial Results and Quarterly Dividend
卡尔加里，艾伯塔省，11月05日（Globe Newswire） - Enerflex Ltd.（TSX：EFX）（“Enerflex”或“公司”或“我们”或“我们”或“我们”），产品和服务的领先供应商全球能源产业，今天报告了截至2020年9月30日止三家和九个月的财务和运营业绩。
|(Unaudited)||Three months ended||Nine months ended|
|（$ CANADIAN百万，除了每股||September 30,||September 30,|
|amounts, horsepower, and percentages)||2020.||2019年||Change||2020.||2019年||Change|
|Earnings per share – basic||0.12||0.71||(0.59)||0.62||1.35||（0.72）|
|Recurring revenue growth（3）||(6.1)%||10.0%||(6.0)%||17.7%|
（2）Adjusted EBITDA is a non-IFRS measure. Please refer to the full reconciliation of these items in the Adjusted EBITDA section.
（3）Recurring revenue is comprised of revenue from the Service and Rentals product lines, which are typically contracted and extend into the future. While the contracts are subject to cancellation or have varying lengths, the Company does not believe these characteristics preclude them from being considered recurring in nature. Growth in recurring revenue is calculated over the comparative period.
(4) Engineered Systems bookings and backlog are considered non-IFRS measures that do not have standardized meanings as prescribed by IFRS, and are therefore unlikely to be comparable to similar measures used by other entities.
“We believe in the long-term fundamentals of natural gas. As the cleanest of all fossil fuels, it can facilitate a reduction in carbon emissions from a growing global economy while enabling an energy transition that includes increasingly significant contributions from renewables. Enerflex is a leading supplier of innovative natural gas infrastructure solutions on a global scale. We will continue to provide these innovative solutions during the pandemic and beyond with a sharp focus on controlling costs and maximizing investment returns.”
In the short term, Enerflex remains focused on providing a safe working environment for all employees, while preserving capital and maintaining balance sheet strength in response to uncertainty caused by the COVID-19 pandemic and recent market volatility. In the longer term, the Company is focused on controlling costs, optimal capital allocation, and ensuring future projects maximize returns on invested capital.
Third Quarter Segmented Results
USA segment revenue was $127 million, a decrease of $172 million from the same period in 2019. Engineered Systems revenue decreased due to lower opening backlog on reduced bookings in recent periods, while Service revenue was lower due to travel restrictions related to COVID-19 and pricing pressure on certain Service offerings. Rentals revenue increased due to the organic growth of the contract compression fleet, which grew by 22 percent on a horsepower basis over the last year. EBIT was down $51 million due to decreased gross margin, driven by lower revenue on soft bookings from 2019 and the first nine months of 2020, as well as the reduced contribution from certain large, high margin Engineered Systems projects that were booked during the second half of 2018 that were largely completed by the third quarter of 2020. Decreased revenue and margins were partially offset by lower SG&A, the result of reduced compensation expenses on lower headcount and decreased profit share on lower operational results. The Company continues to monitor costs in response to recent commodity price weakness and the uncertainty caused by the COVID-19 pandemic and remains focused on controlling costs where possible.
Rest of World
Canadian revenue was $59 million, a decrease of $98 million, primarily due to lower Engineered Systems revenue on a lower opening backlog. Service and Rentals revenues were down due to lower equipment sales and reseller activity, Service branches performing more light-duty work as opposed to overhauls, and the return of certain rental units. EBIT decreased as a result of lower gross margin on reduced revenue and increased bad debt provisions, partially offset in the quarter by reduced compensation expenses on lower headcount and decreased profit share on lower operational results, as well as cost recoveries related to government assistance programs.
The Company’s results include items that are unique and items that management and users of the financial statements adjust for when evaluating the Company’s results. The presentation of Adjusted EBITDA should not be considered in isolation from EBIT or EBITDA as determined under IFRS. Adjusted EBITDA may not be comparable to similar measures presented by other companies and should not be considered in isolation or as a replacement for measures prepared as determined under IFRS.
Management believes that identification of these items allows for a better understanding of the underlying operations of the Company based on the current assets and structure.
|($ Canadian millions)|
|Severance costs in COGS and SG&A||0.7||0.2||0.0||0.5|
|Depreciation and amortization||21.1.||10.4||8.5||2.2|
|($ Canadian millions)
|Depreciation and amortization||21.4||8.6||10.2||2.6|
Subsequent to the end of the quarter, Enerflex declared a quarterly dividend of $0.02 per share, payable on January 7, 2021, to shareholders of record on November 26, 2020. Enerflex’s Board of Directors will continue to evaluate dividend payments on a quarterly basis, based on the availability of cash flow and anticipated market conditions.
This press release should be read in conjunction with Enerflex’s unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2020 and 2019, and the accompanying Management’s Discussion and Analysis, both of which will be available on the Enerflex website atwww.i2chem.comunder the Investors section and on SEDAR atwww.sedar.com。
Conference Call and Webcast Details
Enerflex将主机对分析师的电话会议,investors, members of the media, and other interested parties on Friday, November 6, 2020 at 8:00 a.m. MST to discuss the third quarter 2020 financial results and operating highlights. The call will be hosted by Mr. Marc Rossiter, President and Chief Executive Officer; Mr. Sanjay Bishnoi, Senior Vice President and Chief Financial Officer; and Mr. Stefan Ali, Director, Strategy, Risk, and Investor Relations.
如果您希望参加此次会议，请致电1.844.231.9067或1.703.639.1277。请在通话开始前10分钟拨打。不需要密码。会议电话会议的Live Audio网络广播将在Enerflex网站上获得www.i2chem.comunder the Investors section on November 6, 2020 at 8:00 a.m. MST. A replay of the teleconference will be available on November 6, 2020 at 11:00 a.m. MST until November 13, 2020 at 11:00 a.m. MST. Please call 1.855.859.2056 or 1.404.537.3406 and enter conference ID 7172239.
Enerflex ltd .)是自然界的单一来源供应商al gas compression, oil and gas processing, refrigeration systems, and electric power generation equipment – plus related engineering and mechanical service expertise. The Company’s broad in-house resources provide the capability to engineer, design, manufacture, construct, commission, and service hydrocarbon handling systems. Enerflex’s expertise encompasses field production facilities, compression and natural gas processing plants, gas lift compression, refrigeration systems, and electric power equipment servicing the natural gas production industry.
Headquartered in Calgary, Canada, Enerflex has approximately 2,100 employees worldwide. Enerflex, its subsidiaries, interests in associates and joint-ventures operate in Canada, the United States, Argentina, Bolivia, Brazil, Colombia, Mexico, the United Kingdom, the United Arab Emirates, Oman, Bahrain, Kuwait, Australia, New Zealand, Indonesia, Malaysia, and Thailand. Enerflex’s shares trade on the Toronto Stock Exchange under the symbol “EFX”. For more information about Enerflex, go towww.i2chem.com。
Advisory Regarding Forward-Looking Information
本新闻稿中包含有远见的通知ation within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “anticipate”, “plan”, “contemplate”, “continue”, “estimate”, “expect”, “intend”, “propose”, “might”, “may”, “will”, “shall”, “project”, “should”, “could”, “would”, “believe”, “predict”, “forecast”, “pursue”, “potential”, “objective” and “capable” and similar expressions are intended to identify forward-looking information. In particular, this press release includes (without limitation) forward-looking information pertaining to: anticipated financial performance; the Company’s 2020 growth capital expenditure plans and maintenance capital spending; anticipated market conditions and impacts on the Company’s operations; development trends in the oil and gas industry; business prospects and strategy; the ability to raise capital; the ability of existing and expected cash flows and other cash resources to fund investments in working capital and capital assets; the impact of economic conditions on accounts receivable; expectations regarding future dividends; and implications of changes in government regulation, laws and income taxes. This forward-looking information is based on assumptions, estimates and analysis made in the light of the Company's experience and its perception of trends, current conditions and expected developments, as well as other factors that are believed by the Company to be reasonable and relevant in the circumstances. Forward-looking information involves known and unknown risks and uncertainties and other factors, which are difficult to predict, including but not limited to: the impact of economic conditions including volatility in the price of oil, gas, and gas liquids, interest rates and foreign exchange rates; industry conditions including supply and demand fundamentals for oil and gas, and the related infrastructure including new environmental, taxation and other laws and regulations; disruptions to business operations resulting from the COVID-19 pandemic and the responses of government and the public to the pandemic; changes in economic conditions that restrict Enerflex’s cash flow and impact its ability to declare and pay dividends; the ability to continue to build and improve on proven manufacturing capabilities and innovate into new product lines and markets; increased competition; insufficient funds to support capital investments required to grow the business; the lack of availability of qualified personnel or management; political unrest; and other factors, many of which are beyond the Company's control. For an augmented discussion of the risk factors and uncertainties that affect or may affect Enerflex, the reader is directed to the section entitled “Risk Factors” in Enerflex’s most recently filed Annual Information Form and the section entitled “Supplemental Risk Factors” in Enerflex’s MD&A for the three months ended March 31, 2020, as well as Enerflex’s other publicly filed disclosure documents, available onwww.sedar.com。虽然公司认为，在本新闻稿中包含的前瞻性信息和陈述存在合理的基础，因此由于这种已知和未知的风险，不确定性和其他因素，实际结果，绩效或成就可能与之不同这些陈述和读者表示或暗示的那些被告诫不要过分依赖前瞻性陈述。包含在此新闻稿中的前瞻性信息不应过度依赖。本文包含的前瞻性信息通过上述警示声明完整地符合其认证。本新闻稿中包含的前瞻性信息截至本新闻稿截至本新闻稿，而且除法律要求之外，该公司是否会根据新信息作为新信息而拒绝更新或修改任何前瞻性信息的任何意图或义务，未来的事件或其他事件。
For investor and media inquiries, please contact:
|Marc Rossiter||Sanjay Bishnoi.||Stefan Ali|
|President & Chief Executive Officer||Senior Vice President & Chief Financial Officer||导演，战略，风险和投资者关系|
|Tel: 403.387.6325||电话：403.236.6857||Tel: 403.717.4953|