ContourGlobal lifts divi after Q3 earnings rise

Power generation company ContourGlobal lifted its quarterly dividend after a 2% rise in core earnings, driven by its thermal division.

The company on Tuesday said adjusted earnings before interest, taxes depreciation and amortisation (EBITDA) in the nine months to September 30 came in at $542.8m from $531.6m a year ago 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.

It declared a third quarter dividend of 4.0591 cents per share, in line with its commitment to an annual 10% increase.

ContourGlobal reiterated 2020 annual guidance for adjusted EBITDA in the range of $710m - $745m.