Enerflex (TSX: EFX and NYSE: EFXT) was at last look up 0.3% in US premarket trading as it reported higher third-quarter revenue and increased its dividend by 50%

Revenue rose to US$601 million compared with $580 million in Q3 2023. The company primarily attributed the higher revenue to additional project volumes in the Engineered Systems business line and higher utilization and price increases on renewed contracts in the Energy Infrastructure business line.

Adjusted earnings before finance costs, income taxes, depreciation, and amortization of $120 million compared to $90 million in Q3 2023. During Q3, the company noted, it recognized a gain of $19 million related to the redemption options of its senior secured notes. This is a non-cash unrealized gain that is not included in operating income and is excluded from Adjusted EBITDA.

Enerflex's Board of Directors increased the company's quarterly dividend by 50% to $0.0375 per common share, effective with the dividend payable in January.

Its capital spending guidance for 2024 was updated to $80-$90 million with growth spending expected to remain below long term average in 2025.

On balance sheet and liquidity, Enerflex said it exited Q3 with net debt of $692 million, which included $95 million of cash and cash equivalents, and the company maintained strong liquidity with access to $588 million under its credit facility.