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ENERFLEX Enerflex Announces Second Quarter 2021 Financial Results and Quarterly Dividend CALGARY , Alberta , Aug. 04 , 2021 ( GLOBE NEWSWIRE ) -- Enerflex Ltd. ( TSX : EFX ) ( " Enerflex " or " the Company " or " we " or " our " ) , a leading supplier of products and services to the global energy industry , today reported its financial and operating results for the three and six months ended June 30 , 2021 . Summary Table of Second Quarter and First Half of 2021 Financial and Operating Results ( Unaudited ) ( $ Canadian millions , except per share amounts , horsepower , and percentages ) Revenue Gross margin Operating income EBIT 2021 204.5 $ Three months ended Six months ended June 30 , ( 54.3 ) 55.7 17.7 18.0 39.4 2020 June 30 , Change 2021 2020 Change 287.4 $ ( 82.9 ) $ 407.7 $ 653.2 $ ( 245.5 ) 65.8 14.4 15.4 37.2 ( 10.1 ) 3.3 105.2 159.5 64.7 ( 39.9 ) 65.4 ( 40.8 ) THE 36.1 4.3 ( 0.03 ) 0.50 ( 0.42 ) 24.8 24.6 EBITDA ( 1 ) Adjusted EBITDA ( 2 ) Net earnings 2.2 67.0 108.0 ( 41.0 ) 33.5 2.6 65.8 100.2 ( 34.4 ) 7.4 ( 3.1 ) 7.3 44.9 ( 37.6 ) Earnings per share - basic 0.05 0.08 0.08 ( 3 ) Recurring revenue growth 0.9 % ( 11.9 ) % ( 2.9 ) % ( 6.0 ) % Bookings ( 4 ) 154.5 42.5 112.0 253.2 197.9 55.3 ( 4 ) Backlog 259.0 291.1 ( 32.1 ) 259.0 291.1 ( 32.1 ) Rental horsepower 780,916 698,168 82,748 780,916 698,168 82,748 ( 1 ) Earnings Before Interest ( Finance Costs ) , Income Taxes , Depreciation , and Amortization ( " EBITDA " ) is considered a non - IFRS measure , which may not be comparable with similar non - IFRS measures used by other entities . ( 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 . " Enerflex delivered solid results from all regions and business lines in a tough year for the natural gas infrastructure industry . EBITDA of $ 39 million was supported by high utilization and tight operational management of the global natural gas infrastructure assets we have invested in over the past seven years , " said Marc Rossiter , Enerflex's President and Chief Executive Officer . " We happily report $ 155 million of new bookings in the quarter , which are geographically balanced and heavily weighted to gas processing for upstream , midstream and petrochemical projects . These orders are a clear vote of confidence by our customers in Enerflex's capabilities and core competency of Technical Excellence in Modularized Equipment . In addition , we continue to see attractive investment opportunities for long - term contracts with solid counterparties in our International region and increasing demand for electrified solutions within our USA contract compression fleet . This is one of several areas where Enerflex is being called on by key clients to partner in their efforts to reduce the carbon footprint of oil and natural gas production . " " I would like to conclude by thanking all the employees of Enerflex whose perseverance through the pandemic has positioned us to emerge as a stronger company within our core market of natural gas infrastructure and as a key strategic partner for our clients engaging in energy transition . " Quarterly Overview • • Operating income was higher than the prior year , primarily due to reduced SG & A , as well as an increased contribution from higher margin recurring revenue product offerings . Engineered Systems revenues were lower , as expected , due to a lower entering backlog versus the comparative Q2 2020 period . Adverse foreign exchange impact due to a weaker U.S. dollar , as well as the reduced contribution from certain large , high margin Engineered Systems projects that were largely completed by the third quarter of 2020 also contributed to the difference . Bookings totaled $ 155 million , up from $ 43 million in the same period last year and demonstrate an improving backdrop for our Engineered Systems business . The movement in foreign exchange rates resulted in a decrease of $ 1 million on