08:20 AM EDT, 03/14/2024 (MT Newswires) -- McCoy Global Inc. ( MCCRF ) , which rose 2.6% yesterday, on Thursday reported fourth quarter revenue increased 8% to $19.7 million, compared to $18.3 million in 2022, driven by strong demand for the newly commercialized smart products, particularly McCoy's Flush Mount Spider (FMS). It also reported net earnings of $2.7 million, compared to net earnings of $7.3 million in 2022, with the comparative period benefitting from a $3.9 million gain on sale and leaseback of McCoy's facility in Cedar Park, TX, and $1.0 million recovery of income taxes

MCB also announced the doubling of its quarterly cash dividend to $0.02 per common share payable on April 15, 2024, to shareholders of record as of close of business on March 31, 2024.

"McCoy's strong fourth quarter results reflect the successful execution of our growth strategy. McCoy's revenue and adjusted EBITDA was driven by robust demand for the newly commercialized smart products we invested in under our Digital Technology Roadmap initiative, with particular emphasis on the success of the Flush Mount Spider (FMS) in the North American land market in Q4," said Jim Rakievich, President & CEO of McCoy, in a statement.

"Looking ahead, oil & gas market fundamentals remain robust for international markets, especially in the MENA region. Though timing and product mix of customer purchase commitments may result in quarter-to-quarter fluctuations in revenues and gross margins, we anticipate sustained success beyond drilling activity cycles as adoption of our smart technologies continues to accelerate."