Business
CECO Environmental Reports Second Quarter 2024 Results
Record Revenue, Gross Profits, Gross Margins and EBITDA Closes Strategic Industrial Air Acquisition Raises Full Year Outlook DALLAS, July 30, 2024 (GLOBE
About this update from Ceco Environmental Corp.
[{"type":"text","content":"Record Revenue, Gross Profits, Gross Margins and EBITDA Closes Strategic Industrial Air Acquisition Raises Full Year Outlook DALLAS, July 30, 2024 (GLOBE NEWSWIRE) -- 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 2024. In addition, CECO, announces the acquisition of EnviroCare International (ECI), a private designer and supplier of industrial exhaust air contamination treatment and control systems company, based in Northern California. Second Quarter Summary(1) Orders of $140.8 millionBacklog of $390.9 millionRevenue of $137.5 million, up 6 percentGross profit of $49.0 million, up 23 percent; Gross margins of 35.6 percent, up 480 basis pointsNet income of $4.5 million, up 22 percent; non-GAAP net income of $7.4 million, up 42 percentGAAP EPS (diluted) of $0.12; non-GAAP EPS (diluted) of $0.20, up 33 percentAdjusted EBITDA of $16.1 million, up 18 percentFree cash flow of $2.6 million, down $7.4 million (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. “We continue to deliver strong results while maintaining our strategic investments and programmatic M&A to advance our operating model as we pursue exciting growth opportunities across industrial air, industrial water and energy transition. During the quarter, we delivered several impressive financial records including our highest second quarter sales, gross profit, adjusted EBITDA dollars, and excellent year-over-year margin expansion,” said CECO’s Chief Executive Officer, Todd Gleason. “Our backlog remains near record levels and our year-to-date book-to-bill remains positive despite continued delays in larger projects and bookings in various energy and industrial markets. We believe the timing of these larger order pursuits to start booking in the second half of this year and continue throughout 2025. Our continued margin expansion coupled with our backlog and record pipeline of almost $4 billion reflect the capabilities and diversity we continue to strategically add to drive sustainable long-term results.” Second quarter operating income was $...