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CECO ENVIRONMENTAL REPORTS SECOND QUARTER 2023 RESULTS
Record Orders, Revenue, Backlog, Gross Profit and Adjusted EBITDA Company Raises Full Year 2023 Outlook DALLAS, Aug. 8, 2023 /PRNewswire/ -- CECO
About this update from Ceco Environmental Corp.
[{"type":"text","content":"Record Orders, Revenue, Backlog, Gross Profit and Adjusted EBITDA \nCompany Raises Full Year 2023 Outlook\nDALLAS, Aug. 8, 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 second quarter of 2023.\n\n \n \n \n \n \n \n\n \nHighlights for the Quarter(1)\nOrders of $162.9 million, up 44 percent; Record backlog of $391.0 million, up 35 percentRevenue of $129.2 million, up 23 percent; Net income of $3.7 million, compared to $4.4 million; Non-GAAP net income of $5.2 million, compared to $6.4 millionGAAP EPS (diluted) of $0.11, compared to $0.13; Non-GAAP EPS (diluted) of $0.15, compared to $0.18Gross profit of $39.8 million, up 26 percent to 30.8 percent, up 70 bpsAdjusted EBITDA of $13.7 million, up 29 percentBook-to-bill ratio of 1.26(1) \n All comparisons are versus the comparable prior year period, unless otherwise stated.\nReconciliations of GAAP (reported) to non-GAAP measures are in the attached financial tables.\n\"Our second quarter results continue to demonstrate the sustainable growth programs and market leadership positions we have been steadily building over the past few years, and bolsters our position as we enter the back half of the year. I am pleased that we set new records across a broad set of core financial metrics, which were driven by great execution from our entire team. Although there is still work to be done, it is especially rewarding to have generated record backlog on top of delivering the highest quarterly revenue in company history while adding a book-to-bill ratio of greater than 1.25 for the third consecutive quarter,\" said CECO Chief Executive Officer, Todd Gleason.\nSecond quarter operating income was $8.6 million, up $2.9 million when compared to $5.7 million in the second quarter of 2022. On an adjusted basis, non-GAAP operating income was $11.4 million, up $2.7 million when compared to $8.7 million in the second quarter of 2022. Net income was $3.7 million in the quarter, down $0.7 million compared to $4.4 million in the second quarter of 2022. Non-GAAP net income was $5.2 million, down $1.2 million compared to $6.4 million in the second quarter of 2022. Adjusted EBITDA of $13.7 million was ...