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ENERFLEX Enerflex Announces Third Quarter 2021 Financial Results and Quarterly CALGARY , Alberta , Nov. 04 , 2021 ( GLOBE NEWSWIRE ) Dividend -- 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 nine months ended September 30 , 2021 . Summary Table of Third Quarter and First Nine Months of 2021 Financial and Operating Results ( Unaudited ) ( $ Canadian millions , except per share amounts , horsepower , and percentages ) Revenue Gross margin Operating income EBIT Nine months ended September 30 , Three months ended September 30 , 2021 2020 Change 2021 2020 Change $ 231.1 $ 265.0 $ ( 33.9 ) $ 638.8 $ 918.2 $ ( 279.4 ) 54.4 63.7 ( 9.3 ) 159.6 223.2 ( 63.6 ) 9.6 20.3 ( 10.7 ) 34.4 85.0 ( 50.6 ) 10.0 21.7 ( 11.7 ) 34.5 87.2 ( 52.7 ) EBITDA ( 1 ) 32.0 42.8 ( 10.8 ) 99.0 150.8 ( 51.8 ) Adjusted EBITDA Net earnings ( 2 ) 32.8 38.2 ( 5.4 ) 98.6 138.4 ( 39.8 ) 7.0 10.7 ( 3.7 ) 14.3 55.6 ( 41.3 ) Earnings per share - basic 0.08 0.12 ( 0.04 ) 0.16 0.62 ( 0.46 ) Recurring revenue growth ( 3 ) 14.1 % ( 6.1 ) % 2.7 % ( 6.0 ) % ( 4 ) Bookings 191.1 23.2 167.9 444.3 221.1 223.2 ( 4 ) Backlog Rental horsepower 375.4 785,627 186.3 189.1 375.4 186.3 189.1 714,375 71,252 785,627 714,375 71,252 ( 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 benefitted from a strong rebound in commodity prices and industry activity by recording our largest quarter for new Engineered Systems orders since 2018. We continue to see a build in demand for both new Engineered Systems and After- Market Services in all regions and our Rentals segment delivered high levels of utilization in the USA and growth opportunities in the ROW region . Subsequent to the end of the quarter , we were awarded several new natural gas infrastructure projects in our ROW region , the most significant of which is a new 10 - year , approximately $ 200 million project . All of these positive signs give us the confidence to modestly increase our dividend , ” said Marc Rossiter , Enerflex's President and Chief Executive Officer . " During the quarter we advanced our efforts to lead the de - carbonization of energy by adding electric compression to our USA Rental fleet , receiving orders for non - fossil fuel based Engineered Systems , and completing our first flare - to - power project in Latin America . This project was managed by staff in the ROW region using Engineered Systems and After - Market Services contributions from the USA and Canadian Regions . A global success story for Enerflex , our client and the local economy . " " We are cautiously optimistic that the current trends should continue provided the fundamentals underpinning the global energy complex remain constructive . Nonetheless , the future is not without challenges . The manufacturing business is in its early stages of recovery in what remains a very competitive environment that will pressure margins in the near - term and emerging supply chain constraints will impact the price and availability of spare parts needed for our after - market services and rentals businesses . " " Overall , we believe the downturn is getting behind us . In the coming quarters , we will use our core competency of " Technical Excellence in Modularized Equipment " to support the global recovery . As promised . " Quarterly Overview • Operating income was lower than the prior year , primarily due to reduced contribution from certain large , high margin Engineered Systems projects that were largely completed by the third quarter of 2020 , competitive margin pressures on recently booked Engineered Systems projects , slightly higher SG & A compared to the prior year , as well as adverse