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CECO ENVIRONMENTAL REPORTS FIRST QUARTER 2023 RESULTS
Strong Orders Establish Record Backlog, Supports Sustained Revenue Growth Company Raises Full Year 2023 Outlook DALLAS, May 9, 2023 /PRNewswire/ -- CECO
About this update from Ceco Environmental Corp.
[{"type":"text","content":"Strong Orders Establish Record Backlog, Supports Sustained Revenue Growth \nCompany Raises Full Year 2023 Outlook\nDALLAS, May 9, 2023 /PRNewswire/ -- CECO Environmental Corp. (Nasdaq: CECO) (\"CECO\"), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment, and industrial equipment, today reported its financial results for the first quarter of 2023.\n\n \n \n \n \n \n \n\n \nHighlights for the Quarter(1)\nOrders of $146.1 million, compared with $160.9 million; Record backlog of $356.1 million, up 26 percent; Record first quarter revenue of $112.6 million, up 22 percent; Net income of $2.0 million, compared with $2.8 million; non-GAAP net income of $3.6 million, compared to $5.0 millionGAAP EPS (diluted) of $0.06, compared with $0.08; non-GAAP EPS (diluted) of $0.10, compared to $0.14Adjusted EBITDA of $9.7 million, compared with $9.5 million(1)\nAll comparisons are versus the comparable prior year period, unless otherwise stated. Reconciliations of GAAP (reported) to non-GAAP measures are in the attached financial tables.\n\"We entered 2023 with record backlog levels and strong momentum executing our growth model, and we maintained that momentum throughout the first quarter. I am pleased with our continued progress in our strategic diversity, and the balanced performance across our portfolio as we produced our third-highest orders quarter in company history, setting a record backlog even with record first quarter revenue levels,\" said CECO Chief Executive Officer, Todd Gleason.\nFirst quarter operating income was $5.5 million, up $0.3 million when compared to $5.2 million in the first quarter of 2022. On an adjusted basis, non-GAAP operating income was $7.7 million, down $0.1 million when compared to $7.8 million in the first quarter of 2022. Net income was $2.0 million in the quarter, down $0.8 million compared to $2.8 million in the first quarter of 2022. Non-GAAP net income was $3.6 million, down $1.4 million compared to $5.0 million in the first quarter of 2022. Adjusted EBITDA of $9.7 million was up $0.2 million compared to $9.5 million in the first quarter of 2022. Free cash flow in the quarter was $(14.5) million, down $13.6 million compared to $(0.9) million in the first quarter of 2022.\n\"The strategic investment we have made to drive growth and sustainable p...