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CECO ENVIRONMENTAL REPORTS THIRD QUARTER 2022 RESULTS
Strong Orders, Revenue and Income Growth; Updates to 2022 Outlook and Introduces 2023 Outlook DALLAS, Nov. 7, 2022 /PRNewswire/ -- CECO Environmental Corp.
About this update from Ceco Environmental Corp.
[{"type":"text","content":"Strong Orders, Revenue and Income Growth; Updates to 2022 Outlook and Introduces 2023 Outlook\n DALLAS, Nov. 7, 2022 /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 third quarter of 2022.\n \n Highlights for the Quarter(1)\n \nOrders of $101.7 million, up 10 percent; Backlog of $277.7 million, up 27 percent\nRevenue of $108.4 million, up 36 percent\nNet income of $1.9 million, up $3.1 million; non-GAAP net income of $7.1 million, up $6.6 million\nAdjusted EBITDA of $9.2 million, up 156 percent\nCompany increases full year financial outlook; Company introduces full year 2023 financial outlook\n\n (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 continue to deliver excellent results, highlighted by our third consecutive quarter with orders over $100 million and another quarter of very strong sales and income growth. In the quarter we also strengthened our industrial water position with the acquisition of South Korea-based DS21, and we repurchased more than $2 million of shares,\" said CECO Chief Executive Officer, Todd Gleason.\n Third quarter operating income was $2.8 million, up $3.4 million when compared to an operating loss of $0.6 million in the third quarter 2021. On an adjusted basis, non-GAAP operating income was $7.3 million, up $5.5 million when compared to $1.8 million in the third quarter of 2021. Net income was $1.9 million in the quarter, up $3.1 million compared to a net loss of $1.2 million in the third quarter 2021. Non-GAAP net income was $7.1 million, up $6.6 million compared to $0.5 million in the third quarter 2021. Adjusted EBITDA was $9.2 million, up 156 percent compared to $3.6 million in the third quarter 2021. The Company repurchased $2.2 million of shares in the third quarter as part of the previously announced $20 million share repurchase program.\n \"Our year-to-date results have been fantastic with orders growth of approximately 39 percent, backlog up 27 percent and revenue growth up more than 33 percent through three quarters. We expect that o...