Business
CECO Environmental Corp. Reports Fourth Quarter and Full Year 2020 Results
Sequential Increases in Revenue, Adjusted EBITDA and Bookings Demonstrate Continued Execution and Improved Momentum DALLAS, March 3, 2021 /PRNewswire/ -- CECO
About this update from Ceco Environmental Corp.
[{"type":"text","content":"Sequential Increases in Revenue, Adjusted EBITDA and Bookings Demonstrate Continued Execution and Improved Momentum\n\n\n\n DALLAS, March 3, 2021 /PRNewswire/ -- CECO Environmental Corp. (Nasdaq: CECE), a leading global air quality and fluid handling company serving the energy, industrial and other niche markets, today reported its financial results for the fourth quarter and full year of 2020.\n\n \n \n \n \n \n \n\n \nResults of the Fourth Quarter 2020*\nRevenue of $82.9 million, compared with $89.4 million Gross profit of $26.2 million (31.6% margin), compared with $30.0 million (33.6% margin) Operating income of $3.7 million, compared with $7.0 million Non-GAAP operating income of $8.8 million, compared with $9.6 million Net income of $1.8 million, compared with $8.4 million Non-GAAP net income of $5.6 million, compared with $9.6 million Adjusted EBITDA of $9.9 million, compared with $10.1 million Earnings per diluted share was $0.05, compared with $0.24 Non-GAAP earnings per diluted share of $0.16, compared with $0.27 Bookings of $77.2 million, compared with $67.7 million Backlog of $183.1 million, compared with $189.1 million as of September 30, 2020 Cash and Cash equivalents of $36.0 million, compared with $35.6 million Bank Debt of $74.0 million, compared with $67.3 millionResults of the Full Year 2020*\nRevenue of $316.0 million, compared with $341.9 million Gross profit of $105.1 million (33.3% margin), compared with $114.1 million (33.4% margin) Operating income of $13.3 million, compared with $18.0 million Non-GAAP operating income was $28.2 million in both 2020 and 2019 Net income of $8.2 million, compared with $17.7 million Non-GAAP net income of $19.5 million, compared with $20.9 million Adjusted EBITDA of $32.8 million, compared with $33.0 million Earnings per diluted share was $0.23, compared with $0.50 Non-GAAP earnings per diluted share of $0.55, compared with $0.59 Bookings of $279.6 million, compared with $383.7 million* All comparisons are versus the comparable prior-year period, unless otherwise stated \nTodd Gleason, CECO's Chief Executive Officer, commented, \"We are pleased with the strong finish to a very challenging 2020. We delivered sequential improvements in bookings, revenue, adjusted EBITDA and operating margin expansion. Our focus on delivering differentiated solutions in key environmental categ...