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CECO Environmental Corp. Reports Third Quarter and Year-to-Date 2020 Results;
Proactive Cost-Out Programs as CECO Navigates Covid-19 Related Challenges in Energy Markets DALLAS, Nov. 4, 2020 /PRNewswire/ -- CECO Environmental Corp.
About this update from Ceco Environmental Corp.
[{"type":"text","content":"Proactive Cost-Out Programs as CECO Navigates Covid-19 Related Challenges in Energy Markets\n\n\nDALLAS, Nov. 4, 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 third quarter and year-to-date of 2020.\n\n \n \n \n \n \n \n\n \nHighlights of the Third Quarter 2020*\nRevenue of $77.4 million, compared with $85.3 million Gross profit of $24.8 million (32.0% margin), compared with $28.8 million (33.8% margin) Operating income of $1.0 million, compared with $4.1 million Non-GAAP operating income of $5.9 million, compared with $7.0 million Net loss of $(0.2) million, compared with net income $1.9 million Non-GAAP net income of $3.8 million, compared with $4.2 million Adjusted EBITDA of $7.3 million, compared with $8.4 million Net loss per diluted share was $(0.01), compared with net income per diluted share of $0.05 Non-GAAP net income per diluted share of $0.11, compared with $0.12 Bookings of $66.8 million, compared with $115.7 million Backlog of $189.1 million, compared with $204.6 million as of June 30, 2020* All comparisons are versus the comparable prior-year period, unless otherwise stated \nTodd Gleason, CECO's Chief Executive Officer, commented, \"During the third quarter, the CECO team continued to deliver solid execution for our customers and the company started to see emerging momentum in various industrial markets. Additionally, the company maintained its focus on streamlining costs which partially offset declines in revenue. Unfortunately, the energy markets remain challenged as global capital spending continues to be disrupted by the impact of the COVID-19 pandemic.\" \nMr. Gleason added, \"We expect the markets to remain choppy and uncertain in the near-term, but we believe we can maintain our customer-focused execution and cost management to deliver future solid results. The company is also launching new strategic growth programs to expand into adjacent markets and more repeatable revenue streams. Furthermore, the company has kicked-off our Environmental, Social and Governance (ESG) program which will highlight the many good and important areas of leadership CECO drives and is committed to advance across each component.\" \nTHIRD QUARTER RESULTS\nRev...