Ceco Environmental Corp. ( (CECO) ) has realeased its Q3 earnings. Here is a breakdown of the information Ceco Environmental Corp. presented to its investors.
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CECO Environmental Corp. is a diversified industrial company focused on providing environmentally friendly solutions across various sectors, including air and water quality improvement, emissions management, and energy efficiency. The company is recognized for its innovative approach and serves numerous industrial markets globally.
In its third-quarter report for 2024, CECO Environmental Corp. highlighted record bookings and backlog figures, although its revenue and net income were negatively affected by customer-driven project delays. The company also announced strategic acquisitions that are expected to enhance its market presence and growth prospects.
CECO reported a 12% increase in orders to $162.3 million and a backlog of $437.5 million. However, revenue decreased by 9% to $135.5 million, with net income dropping by 36% to $2.1 million. The company’s gross profit and margin improved, reflecting a 5% increase and a 460 basis point rise, respectively. The acquisition of WK and the announcement of acquiring Profire Energy are strategic moves to strengthen CECO’s capabilities and market reach.
Looking forward, CECO has updated its full-year 2024 guidance, projecting revenue between $575 and $600 million and adjusted EBITDA between $65 and $70 million. For 2025, the company expects significant growth, with revenue anticipated between $700 and $750 million and adjusted EBITDA between $90 and $100 million. This outlook is supported by the company’s robust backlog and strategic acquisitions.
Management remains optimistic about the future, focusing on executing its growth strategy and overcoming short-term challenges. The anticipated completion of the Profire acquisition and continued market expansion are expected to drive further advancements in CECO’s position as a leading environmental solutions provider.
