From GlobeNewswire: 2024-04-30 07:00:00

CECO Environmental Corp. reported record first-quarter revenue and gross margins, with a near-record backlog. The company’s first-quarter financial results included orders of $145.3 million and a backlog of $389.5 million, up 9 percent. Revenue was $126.3 million, up 12 percent, while net income was $1.5 million. Adjusted EBITDA was $13.2 million, up 36 percent. Non-GAAP net income was $4.0 million, an increase of 11 percent over the prior year.

CECO Environmental Corp.’s first quarter operating income was $7.7 million, up 40 percent from the same period in 2023. Non-GAAP operating income was $10.2 million, a 32 percent increase over the previous year. Net income for the quarter was $1.5 million, while non-GAAP net income was $4.0 million, up 11 percent year-over-year. Adjusted EBITDA increased by 36 percent to $13.2 million.

CECO Environmental Corp. maintains its 2024 full-year revenue guidance of $590 to $610 million, with Adjusted EBITDA guidance of $67 to $70 million. The company’s free cash flow is projected to be 50% to 70% of Adjusted EBITDA. CEO Todd Gleason highlighted a near-record backlog going into the second quarter, increased sales pipeline, and potential opportunities in energy transition projects, along with ongoing M&A strategies for sustainable growth.

For more information about CECO Environmental Corp. and its recent financial results, visit their website or contact Peter Johansson, Chief Financial and Strategy Officer, at 888-990-6670. The company’s stock is listed on Nasdaq under the ticker symbol “CECO.” An earnings conference call is scheduled for today at 8:30 a.m. ET to discuss the first quarter 2024 financial results. The call can be accessed via webcast on the Investor Relations section of the CECO website.



Read more at GlobeNewswire:: CECO Environmental Reports First Quarter 2024 Results