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ContourGlobal lifts dividend as FY profits rise
19th Mar 2021 08:08
(Sharecast News) - US power generation firm ContourGlobal lifted its dividend as it reported a rise in annual adjusted core earnings boosted by its acquisition of Mexican CHP assets.
The company on Friday reported a 3% rise in adjusted earnings before interest, tax, depreciation and amortisation to $722m for the year to December 31. Pre-tax profit increased by $12.9m to $72.3m and the dividend was lifted 10% to 4.05 cents a share, in line with its dividend growth policy.
Looking ahead, the company expected 2021 adjusted EBITDA to be $770m - $800m.
Equivalent to $26.6m, the dividend "reflects the Group's target of 10% year-on-year dividend growth supported by ContourGlobal's strong and predictable cash flow generation", the company said in a short statement.
The dividend will be paid on April 19 to shareholders on the register at April 6.
The company on Friday reported a 3% rise in adjusted earnings before interest, tax, depreciation and amortisation to $722m for the year to December 31. Pre-tax profit increased by $12.9m to $72.3m and the dividend was lifted 10% to 4.05 cents a share, in line with its dividend growth policy.
Looking ahead, the company expected 2021 adjusted EBITDA to be $770m - $800m.
Equivalent to $26.6m, the dividend "reflects the Group's target of 10% year-on-year dividend growth supported by ContourGlobal's strong and predictable cash flow generation", the company said in a short statement.
The dividend will be paid on April 19 to shareholders on the register at April 6.