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CECO Environmental Reports Third Quarter and Year-to-Date 2021 Results
Bookings Up 39 Percent, but Q3 Results Impacted by Challenging Operating Environment DALLAS, Nov. 8, 2021 /PRNewswire/ -- CECO Environmental Corp. (Nasdaq:
About this update from Ceco Environmental Corp.
[{"type":"text","content":"Bookings Up 39 Percent, but Q3 Results Impacted by Challenging Operating Environment\n\n\nDALLAS, Nov. 8, 2021 /PRNewswire/ -- CECO Environmental Corp. (Nasdaq: CECE), a leading global air quality and fluid handling company serving the energy, industrial and other niche markets, today reported its financial results for the third quarter of 2021.\n\n \n \n \n \n \n \n\n \nHighlights of the Third Quarter 2021*\nRevenue of $80.0 million, compared with $77.4 million Gross profit of $22.7 million (28.4% margin), compared with $24.8 million (32.0% margin) Operating loss of $(0.6) million, compared with operating income of $1.0 million Non-GAAP operating income of $1.8 million, compared with $5.9 million Net loss of $(1.2) million, compared with $(0.2) million Non-GAAP net income of $0.5 million, compared with $3.8 million Adjusted EBITDA of $3.5 million, compared with $7.3 million Bookings of $92.6 million, compared with $66.8 million Backlog of $219.1 million, compared with $183.1 million as of December 31, 2020 Net loss per diluted share of $(0.04), compared with $(0.01) Non-GAAP earnings per diluted share of $0.01, compared with $0.11 Bank Debt of $67.0 million, compared with $74.0 million as of December 31, 2020 Repurchased approximately 521,000 shares of common stock at cost of $3.7 million*All comparisons are versus the comparable prior year period, unless otherwise stated\n\"Third quarter and year-to-date results reflect the 'tale of two CECOs', so to speak,\" said Todd Gleason, Chief Executive Officer. \"On the one hand, our orders were up 39 percent in the third quarter and up 33 percent year-to-date. This represents strong bookings' growth and positions CECO for corresponding revenue growth in the coming quarters. Unfortunately, in the third quarter, we could not overcome challenges associated with lower-margin projects booked in late 2020, various short-term execution issues associated with supply chain and logistics costs, customer delays, and labor shortages. As the fourth quarter continues to progress, we are confident we will achieve improved volumes and margins, which we expect to result in revenues up double-digits and adjusted EBITDA to more than double sequentially from the third quarter.\" \nGleason concluded, \"As we announced today, we are pleased to welcome Richard Wallman, the former CFO of Honeywell, to CECO's...