- Highlights include increased revenue of $818 million or 85 per cent to $1.8 billion and an expansion of gross margin by $120 million or 60 per cent to $323 million
- Enerflex completed the acquisition of Exterran Corporation
- Enerflex is a premier integrated global provider of energy infrastructure and energy transition solutions
- Enerflex Ltd. opened trading at $9.20 per share
Enerflex (EFX) has reported its financial and operational results for the year ended December 31, 2022, and successfully closed the Exterran acquisition.
The company recorded improved year-over-year manufacturing activity delivering stronger financial results in 2022 than in 2021.
Highlights of the 2022 result include an increase in revenue of $818 million or 85 per cent to $1.8 billion and a 60 per cent increase in gross margin to $323 million.
Enerflex also recorded an increase in adjusted EBITDA by $89 million or 66 per cent to $224 million.
The company recognized a net loss of $101 million in 2022 compared to a net loss of $18 million in 2021. While improved business performance increased revenue and gross margin during the year, earnings were reduced by one-time transaction costs of $71 million and losses on foreign exchange.
Enerflex also recorded a non-cash impairment of goodwill of $48 million to its Canada segment in the third quarter of 2022 as a result of rising interest rates.
On October 13, 2022, Enerflex successfully closed its acquisition of Exterran Corporation, growing the recurring nature of its business and enhancing the company’s global presence, product offerings, and scale.
Following the closing, Enerflex has made considerable progress in its integration efforts, capturing approximately US$40 million of the expected US$60 million of annual run-rate synergies associated with the transaction.
As a result of successful project execution, three of the four in-flight infrastructure projects that were being advanced in the Middle East in 2022 have now gone into commercial operation and will contribute significantly to the cash flows that will be used to deleverage in 2023.
A build-own-operate-maintain (BOOM) produced water facility, underpinned by a four-year take-or-pay contract with a national oil company, started operations in the fourth quarter of 2022.
Headquartered in Alberta, Enerflex is a premier integrated global provider of energy infrastructure and energy transition solutions, delivering natural gas processing, compression, power generation, refrigeration, cryogenic, and produced water solutions.
Enerflex Ltd. (EFX) opened trading at $9.20 per share.