Welcome to our dedicated page for Enerflex Ltd. news (Ticker: EFXT), a resource for investors and traders seeking the latest updates and insights on Enerflex Ltd. stock.
Enerflex Ltd. (TSX: EFX) (NYSE: EFXT) is a global leader in the design, engineering, manufacturing, and aftermarket support of equipment and systems for natural gas processing and transportation. With a dedicated focus on gas compression, Enerflex offers a diverse range of applications from low-horsepower solutions to high-horsepower, centralized field compression systems. The company's operations are segmented into three main regions: North America, Latin America, and the Eastern Hemisphere, each offering Engineered Systems, After-market Service, and Energy Infrastructure products.
Enerflex's North America segment generates the majority of the company's revenue, underscoring its significant market presence in that region. Among its recent achievements, Enerflex has demonstrated robust financial performance, showcasing positive movements in working capital and a strategic focus on managing global operations efficiently. The company's financial health is reflected in its ability to handle significant cash collections and manage inventory effectively.
Enerflex is also a forward-thinking company, actively participating in the engineering, procurement, and construction (EPC) projects that drive the energy industry forward. This includes turnkey facilities that move natural gas from the wellhead to the pipeline, ensuring efficient and reliable energy transportation.
In recent developments, Enerflex announced the resignation of its Senior Vice President and Chief Financial Officer, Rodney D. Gray, and has initiated a search for a new CFO. This transition marks a new chapter for the company as it continues to strengthen its leadership team. Additionally, the company recently held its Annual Meeting of Shareholders, where all 10 nominee directors were elected, reflecting strong shareholder support and confidence in Enerflex's strategic direction.
For more details and the latest updates, investors and media can contact:
Marc Rossiter, President and CEO, via email at MRossiter@enerflex.com
Jeff Fetterly, VP, Corporate Development and Investor Relations, via email at JFetterly@enerflex.com
Enerflex reported revenue of $638 million in Q1 2024, with strong performance in the Energy Infrastructure product line. The company faced challenges with delays and increased costs in the EH Cryo Project, impacting gross margin and adjusted EBITDA. Cash provided by operating activities improved significantly to $101 million, with a net debt balance of $743 million. Enerflex maintains a strong liquidity position and focus on debt reduction to enhance shareholder returns.
Enerflex (EFXT) successfully appealed a Mexican labor board decision that ordered the company to pay a former employee $125 million, ruling in favor of the company's arguments. Enerflex plans to release its first-quarter financial results on May 7, 2024, and will hold a conference call on May 8, 2024, to discuss the results.
Effective January 1, 2024, the company changed its presentation currency from Canadian dollars to United States dollars for more relevant financial reporting.
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