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ContourGlobal raises quarterly dividend as earnings rise on higher revenue
StockMarketWire.com
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Power generation business ContourGlobal raised its quarterly dividend after reporting an uptick in earnings on revenue growth in the first nine months of the year.
In the nine months through 30 September, adjusted earnings before intertest, taxes depreciation and amortization, or EBITDA, rose 2%to $542.8 million from $531.6 million year-on-year as revenue climbed 5.8% to $1.02bn.
'The increase is driven by the thermal division, reflecting the Mexico CHP acquisition completed in November 2019 and better commercial terms in the renewable fleet,' the company said.
The company declared a dividend for Q3 2020 of 4.0591 cents per share, in line with its commitment to an annual 10% increase in dividend per share.
Looking ahead, the company reiterated its 2020 annual guidance for adjusted EBITDA in the range of $710m to $745m1 and maintain its dividend policy of a 10% annual increase in dividend per share.
Story provided by StockMarketWire.com
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