Business
CECO Announces 2019 Fourth Quarter and Full Year Results
Solid Fourth Quarter and Second Half Results Demonstrate Progress in 2019 DALLAS, March 4, 2020 /PRNewswire/ -- CECO Environmental Corp. (Nasdaq: CECE), a
About this update from Ceco Environmental Corp.
[{"type":"text","content":"Solid Fourth Quarter and Second Half Results Demonstrate Progress in 2019\n\n\nDALLAS, March 4, 2020 /PRNewswire/ -- CECO Environmental Corp. (Nasdaq: CECE), a leading global air quality and fluid handling company serving the energy and industrial markets, today reported its financial results for the fourth quarter and full year of 2019.\n\n \n \n \n \n \n \n\n \nHighlights of the Fourth Quarter 2019*\nBookings of $67.7 million, compared with $72.8 million, adjusted for divestitures Backlog of $216.6 million, compared with $182.1 million Revenue of $89.4 million, compared with $93.9 million Gross profit of $30.0 million (33.6% margin), compared with $29.8 million (31.7% margin) Operating income of $7.0 million, compared with $5.7 million Non-GAAP operating income of $9.6 million, compared with $8.4 million Net income of $8.4 million, compared with $0.9 million Adjusted EBITDA of $10.1 million, compared with $10.0 million Non-GAAP net income of $9.6 million, compared with $3.0 million Earnings per diluted share was $0.24, compared with $0.03 Non-GAAP earnings per diluted share of $0.27, compared with $0.08Highlights of the Full Year 2019*\nBookings of $383.7 million, compared with $359.1 million, adjusted for divestitures Revenue of $341.9 million, compared with $337.3 million, and $328.0 million organic Gross profit of $114.1 million (33.4% margin), compared with $111.5 million (33.1% margin) Operating income of $18.0 million, compared with $10.0 million Non-GAAP operating income of $28.2 million, compared with $24.1 million Net income of $17.7 million, compared with net loss of $(7.1) million Adjusted EBITDA of $33.0 million, compared with $30.7 million Non-GAAP net income of $20.9 million, compared with $10.2 million Net income per diluted share was $0.50, compared with net loss per diluted share of $(0.21) Non-GAAP earnings per diluted share of $0.59, compared with $0.29* All comparisons are versus the comparable prior-year period, which include results from divestitures, unless otherwise stated.\nCECO's Chief Executive Officer Dennis Sadlowski commented, \"Our fourth quarter profitability was a testament to the continued progress we are making. We delivered 11.3% EBITDA margins on $89 million revenue as we accelerated out of the second half of 2019. New orders of $68 million in the quarter were below our strong 2019 trend bu...