05/13/2013 07:03 EDT | Updated 07/13/2013 05:12 EDT

Enerflex increases Q1 profit to $15.4M; revenue off 2.4% at $353.3M

CALGARY - Oilfield services company Enerflex Ltd. (TSX:EFX) has reported a slight increase in first-quarter earnings despite a 2.4 per cent decline in revenue.

Enerflex says net income in the three months ended March 31 was $15.4 million or 20 cents per share, compared with $14.9 million or 19 cents per share in the same 2012 period.

Revenue declined to $353.3 million from $355.7 million, due to lower revenue in the Canada and Northern U.S. segment, which was largely offset by increases in the Southern U.S. and Latin America and International segments.

The $500,000 increase in net earnings from continuing operations was a result of lower selling and administrative expenses, partially offset by lower gross margin and higher income taxes.

Enerflex, with headquarters in Calgary and some 3,000 employees worldwide, is a single-source supplier for natural gas compression, oil and gas processing, refrigeration systems and power generation equipment, plus in-house engineering and mechanical service expertise Canada.