Business
Enterprise Group Announces Results for First Quarter 2024
St. Albert, Alberta--(Newsfile Corp. - May 9, 2024) - Enterprise Group, Inc. (TSX: E) (OTCQB: ETO...
About this update from Enterprise Group, Inc.
[{"type":"text","content":"Enterprise Group Announces Results for First Quarter 2024St. Albert, Alberta--(Newsfile Corp. - May 9, 2024) - Enterprise Group, Inc. (TSX: E) (OTCQB: ETOLF) (the \"Company\" or \"Enterprise\"). Enterprise, a consolidator of energy services (including specialized equipment rental to the energy/resource sector), emphasizing technologies that mitigate, reduce, or eliminate CO2 and Greenhouse Gas emissions for small to Tier One resource clients, is pleased to announce its Q1 2024 results.OVERALL PERFORMANCE AND RESULTS OF OPERATIONS Three months March 31, 2024   Three ended March 31,2023  Revenue$12,326,288 $10,008,332  Gross margin$6,896,34456%$5,099,29851% Adjusted EBITDA(1)$6,337,85351%$4,392,68544% Net income and comprehensive income$3,991,514 $2,801,335  Income per share - Basic $0.08 $0.06  Income per share - Diluted$0.07 $0.06    (1) Identified and defined under \"Non-IFRS Measures\".During the first quarter, the Company was able to build upon the momentum from 2023. Market conditions were favourable for the energy sector, resulting in additional drilling, completion, and infrastructure projects. Also, the increasing demand for natural gas power generation systems indicates a shift towards lower emission alternatives. Overall, these factors contributed to the Company's strong results in the first quarter of 2024. Revenue for the three months ended March 31, 2024, was $12,326,288 compared to $10,008,332 in the prior period, an increase of $2,317,956 or 23%. Gross margin for the three months ended March 31, 2024, was $6,896,344 compared to $5,099,298 in the prior period, an increase of $1,797,046 or 35%. Adjusted EBITDA for the three months ended March 31, 2024, was $6,337,853 compared to $4,392,685 in the prior period, an increase of $ $1,945,168 or 44%. Increases in revenue, gross margin and EBITDA for the year, are reflective of increased customer activity in 2024 while maintaining the operating efficiencies of the Company.For the three months ended March 31, 2024, the company generated cash flow from operations of $5,659,666 compared to $4,965,708 in the prior year. This change is consistent with the higher activity levels during the year and the growing demand for the natural gas power generation. The Company continues...