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CECO ENVIRONMENTAL REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS
Strong Fourth Quarter Results Capstone High Growth, Transformational Full Year 2022Company Raises Full Year 2023 Outlook Off Record Backlog Levels DALLAS,
About this update from Ceco Environmental Corp.
[{"type":"text","content":"Strong Fourth Quarter Results Capstone High Growth, Transformational Full Year 2022Company Raises Full Year 2023 Outlook Off Record Backlog Levels\nDALLAS, March 6, 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 fourth quarter and full year results of 2022.\n\n \n \n \n \n \n \n\n \nHighlights for the Quarter(1)\nOrders of $150.5 million, up 66 percent; Backlog of $311.7 million, up 46 percentRevenue of $116.4 million, up 24 percentNet income of $8.3 million, up $7.1 million; non-GAAP net income of $7.4 million, up $4.0 millionGAAP EPS (diluted) of $0.24, up $0.21; non-GAAP EPS (diluted) of $0.21, up $0.11Adjusted EBITDA of $13.0 million, up 38 percentFree cash flow of $9.0 million, up $6.8 million with 69% conversion from EBITDAHighlights for the Year(1)\nOrders of $526.6 million, up 46 percentRevenue of $422.6 million, up 30 percentNet income of $17.4 million, up $16.0 million; non-GAAP net income of $25.9 million, up $16.1 millionGAAP EPS (diluted) of $0.50, up $0.46; non-GAAP EPS (diluted) of $0.74, up $0.46Adjusted EBITDA of $42.2 million, up 65 percentFree cash flow of $27.2 million, up $15.9 million with 64% conversion from EBITDA(1) All 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 finished the year by delivering excellent results in the fourth quarter, highlighted by the second highest orders level in our company's history and exiting the year with record backlog. I am especially pleased with the balance we continue to see across our portfolio as well as the fact that our orders and sales growth is accompanied by strong operating margin expansion and free cash flow generation,\" said CECO Chief Executive Officer, Todd Gleason.\nFourth quarter operating income was $8.4 million, up $3.1 million or 58 percent when compared to $5.3 million in the fourth quarter 2021. On an adjusted basis, non-GAAP operating income was $11.0 million, up $3.3 million or 43 percent when compared to $7.7 million in the fourth quarter of 2021. Net income was $8.3 million in the quarter, up $7.1 million co...