Business
CECO Environmental Corp. Reports Second Quarter and Year-to-Date 2020 Results
Initiatives Implemented Generated Cost Savings and Delivered Improved Operating Income DALLAS, Aug. 5, 2020 /PRNewswire/ -- CECO Environmental Corp. (Nasdaq:
About this update from Ceco Environmental Corp.
[{"type":"text","content":"Initiatives Implemented Generated Cost Savings and Delivered Improved Operating Income\n\n\nDALLAS, Aug. 5, 2020 /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 second quarter and first six months of 2020.\n\n \n \n \n \n \n \n\n \nHighlights of the Second Quarter 2020*\nRevenue of $75.2 million, compared with $81.2 million Gross profit of $25.8 million (34.3% margin), compared with $26.8 million (33.0% margin) Operating income of $4.4 million, compared with $2.0 million Non-GAAP operating income of $7.4 million, compared with $4.4 million Net income of $3.3 million, compared with $5.5 million Non-GAAP net income of $5.1 million, compared with $3.0 million Net income per diluted share was $0.09, compared with $0.15 Non-GAAP net income per diluted share of $0.14, compared with $0.08 Adjusted EBITDA of $8.2 million, compared with $6.0 million Bookings of $60.0 million, compared with $103.0 million Backlog of $204.6 million, compared with $208.9 million as of March 31, 2020* All comparisons are versus the comparable prior-year period, unless otherwise stated \nTodd Gleason, CECO's Chief Executive Officer, commented, \"During the second quarter, the CECO team delivered focused execution and solid customer service while adjusting for the disruptions associated with the wide-spread COVID-19 pandemic. The Company enacted proactive measures to reduce costs in anticipation of the market declines, which maintained strong profitability and margin rates while streamlining operations for future quarters. Additionally, we executed the EIS acquisition, which advances our industrial solutions portfolio and positions us for growth in the European industrial markets.\" \nMr. Gleason added, \"As I come to the end of my first month with the Company, I have enjoyed connecting with our talented team members, and immersing myself in how we will collectively create more value – for our customers, employees, and shareholders. I am excited to be on the CECO team and look forward to driving new growth and sustainable business processes as we build upon our strong foundation.\" \nSECOND QUARTER RESULTS\nRevenue in the second quarter of 2020 was $75.2 million, down 7.4% from $81.2 million in th...