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    CECO Environmental Reports Second Quarter 2024 Results

    7/30/24 7:00:00 AM ET
    $CECO
    Pollution Control Equipment
    Industrials
    Get the next $CECO alert in real time by email

    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 million
    • Backlog of $390.9 million
    • Revenue of $137.5 million, up 6 percent
    • Gross profit of $49.0 million, up 23 percent; Gross margins of 35.6 percent, up 480 basis points
    • Net income of $4.5 million, up 22 percent; non-GAAP net income of $7.4 million, up 42 percent
    • GAAP EPS (diluted) of $0.12; non-GAAP EPS (diluted) of $0.20, up 33 percent
    • Adjusted EBITDA of $16.1 million, up 18 percent
    • Free 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 $9.3 million, up $0.7 million or 8 percent when compared to $8.6 million in the second quarter 2023. On an adjusted basis, non-GAAP operating income was $12.6 million, up $1.2 million or 11 percent when compared to $11.4 million in the second quarter of 2023. Net income was $4.5 million in the quarter, up $0.8 million or 22 percent when compared to $3.7 million in the second quarter of 2023. Non-GAAP net income was $7.4 million, up $2.2 million or 42 percent when compared to $5.2 million in the second quarter of 2023. Adjusted EBITDA of $16.1 million, reflecting a margin of 11.7 percent, was up 18 percent compared to $13.7 million in the second quarter of 2023. Free cash flow in the quarter was $2.6 million, down $7.4 million compared to $10.0 million in the second quarter of 2023.

    "We are pleased with our first half results as well as the addition of new leaders and capabilities across our operations and key functions which will drive additional improvements in 2024 and beyond. While bookings and sales have been somewhat hampered by delays in certain projects and customer programs, we have generated significantly more operating cash flow and stronger income conversion on our sales growth so far this year versus previous half years. For example, on approximately $22 million of sales growth year-to-date, we generated approximately $20 million of gross profits and around $6 million of adjusted EBITDA. These tremendous results are being driven by our operational excellence initiatives and our systematic portfolio transformation strategies. Additionally, our disciplined capital allocation approach has maintained a healthy balance sheet while repurchasing $5 million of stock in the first half – including $2 million during the second quarter. We believe our strong backlog and record sales pipeline, along with our ongoing process improvements, puts us in a great position as we enter the second half of the year," added Gleason.

    Company Completes Acquisition of EnviroCare International and Raises 2024 Full Year Guidance

    The Company today announced it has completed the acquisition of EnviroCare International (ECI), based in Northern California. ECI is a leading designer and provider of industrial exhaust air contamination treatment and control systems, solutions and services across a wide range of industrial and municipal applications. Contaminants removed include volatile organic compounds (VOCs), airborne particulates, heavy metals, and acid gases. ECI has been providing its solutions to a wide range of heavy industry for over 40 years. The transaction closed in late July 2024 and ECI is expected to deliver full year 2024 sales of approximately $13 million with mid-teen EBITDA margins. The acquisition is expected to be accretive to the Company's 2024 full year results, with approximately five months of ECI financials benefiting 2024.

    The Company raises its 2024 full year revenue guidance to reflect revenue between $600 and $620 million, up approximately 12 percent at the midpoint of the range, and adjusted EBITDA between $68 to $72 million, up approximately 21 percent year over year, at the midpoint of the range. The updated expected full year guidance compares to the previous outlook for revenues of between $590 to $610 million and adjusted EBITDA of between $67 to $70 million. The Company maintains its full year outlook for free cash flow of 50% to 70% of adjusted EBITDA.

    Mr. Gleason concluded, "This marks the second time we have raised guidance since introducing our full year 2024 outlook in November of 2023. I am pleased we continue to deliver on our financial commitments while maintaining investments in organic growth, operational excellence, portfolio transformation, M&A, and talent. We are excited to welcome the ECI team, and well-positioned portfolio of solutions and services to CECO. Like our other successful acquisitions, we expect ECI will benefit from access to our global sales teams and focused investments to drive meaningful growth and operational excellence. In addition to EnviroCare, we continue to have a great pipeline of attractive M&A opportunities under development that align with our programmatic M&A strategy to acquire niche leadership companies that fit our operating model and high-performance culture."

    EARNINGS CONFERENCE CALL

    A conference call is scheduled for today at 8:30 a.m. ET to discuss the second quarter 2024 financial results. Please visit the Investor Relations portion of the website (https://investors.cecoenviro.com) to listen to the call via webcast. The conference call may also be accessed by visiting https://edge.media-server.com/mmc/p/i25y2kss.

    A replay of the conference call will be available on the Company's website for a period of one year. The replay may also be accessed by visiting https://edge.media-server.com/mmc/p/i25y2kss.

    ABOUT CECO ENVIRONMENTAL

    CECO Environmental is a leading environmentally focused, diversified industrial company, serving the broad landscape of industrial air, industrial water and energy transition markets globally providing innovative solutions and application expertise. CECO helps companies grow their business with safe, clean, and more efficient solutions that help protect people, the environment and industrial equipment. CECO solutions improve air and water quality, optimize emissions management, and increase energy efficiency for highly-engineered applications in power generation, midstream and downstream hydrocarbon processing and transport, electric vehicle production, polysilicon fabrication, semiconductor and electronics, battery production and recycling, specialty metals and steel production, beverage can, and water/wastewater treatment and a wide range of other industrial end markets. CECO is listed on Nasdaq under the ticker symbol "CECO." Incorporated in 1966, CECO's global headquarters is in Dallas, Texas. For more information, please visit www.cecoenviro.com.

    Company Contact:

    Peter Johansson

    Chief Financial and Strategy Officer

    888-990-6670

    [email protected]

    Investor Relations Contact:

    Steven Hooser and Jean Marie Young

    Three Part Advisors, LLC

    214-872-2710

    [email protected]

     
    CECO ENVIRONMENTAL CORP. AND SUBSIDIARIES

    CONSOLIDATED BALANCE SHEETS
     
    (in thousands, except per share data) (unaudited)

    June 30, 2024
      December 31, 2023 
    ASSETS      
    Current assets:      
    Cash and cash equivalents $36,523  $54,779 
    Restricted cash  391   669 
    Accounts receivable, net allowances of $6,582 and $6,460  126,974   112,733 
    Costs and estimated earnings in excess of billings on uncompleted contracts  55,378   66,574 
    Inventories, net  38,475   34,089 
    Prepaid expenses and other current assets  20,414   11,769 
    Prepaid income taxes  3,215   824 
    Total current assets  281,370   281,437 
    Property, plant and equipment, net  30,290   26,237 
    Right-of-use assets from operating leases  14,137   16,256 
    Goodwill  211,144   211,326 
    Intangible assets – finite life, net  46,086   50,461 
    Intangible assets – indefinite life  9,522   9,570 
    Deferred income taxes  263   304 
    Deferred charges and other assets  5,321   4,700 
    Total assets $598,133  $600,291 
    LIABILITIES AND SHAREHOLDERS' EQUITY      
    Current liabilities:      
    Current portion of debt $10,580  $10,488 
    Accounts payable  90,944   87,691 
    Accrued expenses  44,736   44,301 
    Billings in excess of costs and estimated earnings on uncompleted contracts  59,851   56,899 
    Notes payable  —   2,500 
    Income taxes payable  1,212   1,227 
    Total current liabilities  207,323   203,106 
    Other liabilities  11,196   12,644 
    Debt, less current portion  120,246   126,795 
    Deferred income tax liability, net  9,949   8,838 
    Operating lease liabilities  9,607   11,417 
    Total liabilities  358,321   362,800 
    Commitments and contingencies (See Note 14)      
    Shareholders' equity:      
    Preferred stock, $.01 par value; 10,000 shares authorized, none issued  —   — 
    Common stock, $.01 par value; 100,000,000 shares authorized, 34,923,701 and

    34,835,293 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively
      349   348 
    Capital in excess of par value  251,560   254,956 
    Accumulated loss  (394)  (6,387)
    Accumulated other comprehensive loss  (16,476)  (16,274)
    Total CECO shareholders' equity  235,039   232,643 
    Noncontrolling interest  4,773   4,848 
    Total shareholders' equity  239,812   237,491 
       Total liabilities and shareholders' equity $598,133  $600,291 
     



     
    CECO ENVIRONMENTAL CORP. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF INCOME

    (unaudited)
     
      Three months ended June 30,  Six months ended June 30, 
    (in thousands, except per share data) 2024  2023  2024  2023 
    Net sales $137,522  $129,181  $263,854  $241,744 
    Cost of sales  88,475   89,364   169,675   167,034 
    Gross profit  49,047   39,817   94,179   74,710 
    Selling and administrative expenses  36,465   28,451   71,372   55,644 
    Amortization and earnout expenses  2,210   2,273   4,419   4,020 
    Acquisition and integration expenses  476   332   666   824 
    Executive transition expenses  —   158   —   158 
    Restructuring expenses  414   —   554   — 
    Asbestos litigation expenses  225   —   225   — 
    Income from operations  9,257   8,603   16,943   14,064 
    Other (expense) income, net  (679)  121   (2,192)  (453)
    Interest expense  (3,254)  (3,750)  (6,667)  (6,158)
    Income before income taxes  5,324   4,974   8,084   7,453 
    Income tax expense  394   984   1,062   993 
    Net income  4,930   3,990   7,022   6,460 
    Noncontrolling interest  (445)  (266)  (1,029)  (759)
    Net income attributable to CECO Environmental Corp. $4,485  $3,724  $5,993  $5,701 
    Earnings per share:            
    Basic $0.13  $0.11  $0.17  $0.17 
    Diluted $0.12  $0.11  $0.17  $0.16 
    Weighted average number of common shares outstanding:            
    Basic  34,918,412   34,619,216   34,881,625   34,531,050 
    Diluted  36,302,664   35,143,782   36,239,331   35,171,727 
     



     
    CECO ENVIRONMENTAL CORP. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF CASH FLOWS
     
      Six months ended June 30, 
    (in thousands) 2024  2023 
    Cash flows from operating activities:      
    Net income $7,022  $6,460 
    Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
    Depreciation and amortization  6,973   5,650 
    Unrealized foreign currency gain (loss)  691   (863)
    Fair value adjustment to earnout liabilities  —   296 
    Gain on sale of property and equipment  126   78 
    Debt discount amortization  240   182 
    Share-based compensation expense  3,847   1,967 
    Bad debt expense (recoveries)  267   (23)
    Inventory reserve expense  669   551 
    Other  22   — 
    Changes in operating assets and liabilities, net of acquisitions:      
    Accounts receivable  (17,295)  (39,181)
    Costs and estimated earnings in excess of billings on uncompleted contracts  10,610   9,596 
    Inventories  (5,151)  (4,081)
    Prepaid expense and other current assets  (11,164)  (8,319)
    Deferred charges and other assets  (412)  (306)
    Accounts payable  13,719   6,594 
    Accrued expenses  1,566   (2,692)
    Billings in excess of costs and estimated earnings on uncompleted contracts  3,060   26,005 
    Income taxes payable  68   601 
    Other liabilities  (6,967)  (3,126)
    Net cash provided by (used in) operating activities  7,891   (611)
    Cash flows from investing activities:      
    Acquisitions of property and equipment  (7,233)  (3,919)
    Net cash received (paid) for acquisitions  422   (24,142)
    Net cash used in investing activities  (6,811)  (28,061)
    Cash flows from financing activities:      
    Borrowings on revolving credit lines  21,700   65,300 
    Repayments on revolving credit lines  (23,200)  (33,400)
    Repayments of long-term debt  (5,198)  (1,652)
    Payments on finance leases and financing liability  (458)  (450)
    Deferred consideration paid for acquisitions  (2,050)  (857)
    Earnout payments  (1,672)  — 
    Proceeds from employee stock purchase plan and exercise of stock options  418   1,156 
    Noncontrolling interest distributions  (1,105)  (599)
    Common stock repurchased  (5,000)  — 
    Net cash (used in) provided by financing activities  (16,565)  29,498 
    Effect of exchange rate changes on cash, cash equivalents and restricted cash  (3,049)  1,141 
    Net (decrease) increase in cash, cash equivalents and restricted cash  (18,534)  1,967 
    Cash, cash equivalents and restricted cash at beginning of period  55,448   46,585 
    Cash, cash equivalents and restricted cash at end of period $36,914  $48,552 
    Cash paid during the period for:      
    Interest $6,574  $5,380 
    Income taxes $3,801  $7,605 
     



     
    CECO ENVIRONMENTAL CORP. AND SUBSIDIARIES

    RECONCILIATION OF GAAP TO NON-GAAP MEASURES
     
      Three months ended June 30,  Six months ended June 30, 
    (in millions, except ratios) 2024  2023  2024  2023 
    Operating income as reported in accordance with GAAP $9.3  $8.6  $16.9  $14.1 
    Operating margin in accordance with GAAP  6.8%  6.7%  6.4%  5.8%
    Amortization and earnout expenses  2.2   2.3   4.4   4.0 
    Acquisition and integration expenses  0.5   0.3   0.7   0.8 
    Restructuring expenses  0.4   —   0.6   — 
    Executive transition expenses  —   0.2   —   0.2 
    Asbestos litigation expenses  0.2   —   0.2   — 
    Non-GAAP operating income $12.6  $11.4  $22.8  $19.1 
    Non-GAAP operating margin  9.2%  8.8%  8.6%  7.9%
     



      Three months ended June 30,  Six months ended June 30, 
    (in millions, except share data) 2024  2023  2024  2023 
    Net income as reported in accordance with GAAP $4.5  $3.7  $6.0  $5.7 
    Amortization and earnout expenses  2.2   2.3   4.4   4.0 
    Acquisition and integration expenses  0.5   0.3   0.7   0.8 
    Restructuring expenses  0.4   —   0.6   - 
    Executive transition expense  —   0.2   —   0.2 
    Asbestos litigation expense  0.2   —   0.2   - 
    Foreign currency remeasurement  0.6   (0.8)  1.5   (0.9)
    Tax (benefit) expense of adjustments  (1.0)  (0.5)  (1.9)  (1.0)
    Non-GAAP net income $7.4  $5.2  $11.5  $8.8 
    Depreciation  1.3   1.0   2.6   2.2 
    Non-cash stock compensation  2.2   1.2   3.8   2.0 
    Other expense, net  0.1   0.7   0.7   1.4 
    Interest expense  3.3   3.8   6.7   6.2 
    Income tax expense  1.4   1.5   3.0   2.0 
    Noncontrolling interest  0.4   0.3   1.0   0.8 
    Adjusted EBITDA $16.1  $13.7  $29.3  $23.4 
                 
    Earnings per share:            
    Basic $0.13  $0.11  $0.17  $0.17 
    Diluted $0.12  $0.11  $0.17  $0.16 
                 
    Non-GAAP net income per share:            
    Basic $0.21  $0.15  $0.33  $0.25 
    Diluted $0.20  $0.15  $0.32  $0.25 
     



     Three months ended June 30,   Six months ended June 30, 
    (in millions)2024  2023   2024  2023 
    Net cash provided by operating activities$6.7  $11.4   $7.9  $(0.6)
    Acquisitions of property and equipment (4.1)  (1.4)   (7.2)  (3.9)
    Free cash flow$2.6  $10.0   $0.7  $(4.5)
     



    NOTE REGARDING NON-GAAP FINANCIAL MEASURES

    CECO is providing certain non-GAAP historical financial measures as presented above as we believe that these figures are helpful in allowing individuals to better assess the ongoing nature of CECO's core operations. A "non-GAAP financial measure" is a numerical measure of a company's historical financial performance that excludes amounts that are included in the most directly comparable measure calculated and presented in accordance with GAAP.

    Non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow, as we present them in the financial data included in this press release, have been adjusted to exclude the effects of amortization expenses for acquisition-related intangible assets, contingent retention and earnout expenses, restructuring expenses primarily relating to severance and legal expenses, acquisition and integration expenses which include retention, legal, accounting, banking, and other expenses, foreign currency remeasurement and other nonrecurring or infrequent items and the associated tax benefit of these items. Management believes that these items are not necessarily indicative of the Company's ongoing operations and their exclusion provides individuals with additional information to better compare the Company's results over multiple periods. Management utilizes this information to evaluate its ongoing financial performance. Our financial statements may continue to be affected by items similar to those excluded in the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP financial measures should not be construed as an inference that all such costs are unusual or infrequent.

    Non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow are not calculated in accordance with GAAP, and should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of our business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of CECO's results as reported under GAAP. Additionally, CECO cautions investors that non-GAAP financial measures used by the Company may not be comparable to similarly titled measures of other companies.

    In accordance with the requirements of Regulation G issued by the Securities and Exchange Commission, non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow stated in the tables above are reconciled to the most directly comparable GAAP financial measures.     

    Non-GAAP measures presented on a forward-looking basis were not reconciled to the comparable GAAP financial measures because the reconciliation could not be performed without unreasonable efforts. The GAAP measures are not accessible on a forward-looking basis because we are currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures for these periods but would not impact the non-GAAP measures. Such items may include amortization expenses for acquisition-related intangible assets, contingent retention and earnout expenses, restructuring expenses primarily relating to severance and legal expenses, acquisition and integration expenses which include retention, legal, accounting, banking, and other expenses, foreign currency remeasurement and other nonrecurring or infrequent items and the associated tax benefit of these items. The unavailable information could have a significant impact on our GAAP financial results.

    SAFE HARBOR

    Any statements contained in this Press Release, other than statements of historical fact, including statements about management's beliefs and expectations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, and should be evaluated as such. These statements are made on the basis of management's views and assumptions regarding future events and business performance. We use words such as "believe," "expect," "anticipate," "intends," "estimate," "forecast," "project," "will," "plan," "should" and similar expressions to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Potential risks and uncertainties, among others, that could cause actual results to differ materially are discussed under "Part I – Item 1A. Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and may be included in subsequently filed Quarterly Reports on Form 10-Q, and include, but are not limited to: the sensitivity of our business to economic and financial market conditions generally and economic conditions in our service areas; dependence on fixed price contracts and the risks associated therewith, including actual costs exceeding estimates and method of accounting for revenue; the effect of growth on our infrastructure, resources, and existing sales; the ability to expand operations in both new and existing markets; the potential for contract delay or cancellation as a result of on-going or worsening supply chain challenges; liabilities arising from faulty services or products that could result in significant professional or product liability, warranty, or other claims; changes in or developments with respect to any litigation or investigation; failure to meet timely completion or performance standards that could result in higher cost and reduced profits or, in some cases, losses on projects; the potential for fluctuations in prices for manufactured components and raw materials, including as a result of tariffs and surcharges, and rising energy costs; inflationary pressures relating to rising raw material costs and the cost of labor; the substantial amount of debt incurred in connection with our strategic transactions and our ability to repay or refinance it or incur additional debt in the future; the impact of federal, state or local government regulations; our ability to repurchase shares of our common stock and the amounts and timing of repurchases, if any; our ability to successfully realize the expected benefits of our restructuring program; our ability to successfully identify acquisition targets, integrate acquired businesses and realize the synergies from strategic transactions; and the unpredictability and severity of catastrophic events, including cyber security threats, acts of terrorism or outbreak of war or hostilities or public health crises, as well as management's response to any of the aforementioned factors. Many of these risks are beyond management's ability to control or predict. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. Investors are cautioned not to place undue reliance on such forward-looking statements as they speak only to our views as of the date the statement is made. Except as required under the federal securities laws or the rules and regulations of the Securities and Exchange Commission, we undertake no obligation to update or review any forward-looking statements, whether as a result of new information, future events or otherwise.



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      Seasoned accounting executive adds public company experience to Mobile Infrastructure's leadership team as Chief Financial Officer Stephanie Hogue will remain in her current role as President and Director Mobile Infrastructure Corporation (NYSE:BEEP) ("Mobile," "Mobile Infrastructure," or the "Company"), one of the largest institutional-quality, mobility-focused parking asset owners in the U.S. today announced the appointment of Paul Gohr as Chief Financial Officer ("CFO"), effective May 16, 2024. Mr. Gohr takes on the CFO responsibility from Stephanie Hogue, who will remain in her role as President and a member of the Board of Directors. Prior to joining Mobile Infrastructure, Mr.

      5/15/24 4:05:00 PM ET
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    • CECO Environmental Announces Appointment of Laurie A. Siegel to its Board of Directors

      DALLAS, Sept. 11, 2023 /PRNewswire/ -- CECO Environmental Corp. (NASDAQ:CECO), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment, and industrial equipment, today announced Laurie A. Siegel has joined its board of directors. In connection with Ms. Siegel's appointment to the Board, the Board also appointed her to the Compensation Committee of the Board. Siegel brings more than 30 years of experience across diversified industrial companies, as well as leading consulting and advisory firms. Prior to founding LAS Advi

      9/11/23 7:00:00 AM ET
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    • CECO Environmental Reports First Quarter 2025 Results

      Numerous Financial Records Reflect Strength of Well-Positioned PortfolioCompany Maintains Full Year Outlook ADDISON, Texas, April 29, 2025 (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 first quarter of 2025. First Quarter Summary(1) Orders of $227.9 million, up 57 percentBacklog of $602.0 million, up 55 percentRevenue of $176.7 million, up 40 percentGross profit margin of 35.2 percent; Gross margin of $68.0 million, up 28 percentNet income of $36.0 million; non-GAAP net income of

      4/29/25 7:00:00 AM ET
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    • CECO Environmental to Release First Quarter Earnings and Host Conference Call on April 29

      ADDISON, Texas, April 21, 2025 (GLOBE NEWSWIRE) -- CECO Environmental Corp. (NASDAQ:CECO), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment and industrial equipment, today announced that it will report its first quarter of 2025 financial results on April 29, 2025, premarket. The Company will also host its earnings call starting at 8:30 a.m. Eastern Time (7:30 a.m. CT). The Company's financial results and presentation will be posted on its website at www.cecoenviro.com. The details for the webcast are: When: Tuesday, April 29 at 8:30 a.m. Eastern Time Where: https://edge.media-server.com/mmc/p/tvr2idgu How: Live over the i

      4/21/25 7:00:00 AM ET
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    • CECO Environmental Reports Fourth Quarter and Full Year 2024 Results

      Record Bookings in the Quarter of $219M Elevated Year-End Backlog to a Record $541MReaffirms 2025 Full Year Outlook ADDISON, Texas, Feb. 25, 2025 (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 fourth quarter and full year of 2024. Highlights for the Quarter(1) Orders of $218.9 million, up 71 percentBacklog of $540.9 million, up 46 percentRevenue of $158.6 million, up 3 percentGross profit of $56.7 million, up 7 percent; Gross margin of 35.8 percent, up 120 basis pointsNe

      2/25/25 7:00:00 AM ET
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    • CECO Environmental Announces Upcoming Investor Conferences

      ADDISON, Texas, May 06, 2025 (GLOBE NEWSWIRE) -- CECO Environmental Corp. (NASDAQ:CECO), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment and industrial equipment, today announces that CECO management will participate at the following investor conferences: May 13, 2025 – The ONE Houlihan Lokey Global Industrials ConferenceMay 28, 2025 – The 22nd Annual Craig-Hallum Institutional Investor Conference in Minneapolis.June 10, 2025 – The Wells Fargo 2025 Industrials Conference in Chicago (To be confirmed)June 12, 2025 – The 15th Annual East Coast IDEAS Conference in New York.  June 25, 2025 – The Northland Growth Virtual Conferen

      5/6/25 7:00:00 AM ET
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    • CECO Environmental Reports First Quarter 2025 Results

      Numerous Financial Records Reflect Strength of Well-Positioned PortfolioCompany Maintains Full Year Outlook ADDISON, Texas, April 29, 2025 (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 first quarter of 2025. First Quarter Summary(1) Orders of $227.9 million, up 57 percentBacklog of $602.0 million, up 55 percentRevenue of $176.7 million, up 40 percentGross profit margin of 35.2 percent; Gross margin of $68.0 million, up 28 percentNet income of $36.0 million; non-GAAP net income of

      4/29/25 7:00:00 AM ET
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    • CECO Environmental to Release First Quarter Earnings and Host Conference Call on April 29

      ADDISON, Texas, April 21, 2025 (GLOBE NEWSWIRE) -- CECO Environmental Corp. (NASDAQ:CECO), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment and industrial equipment, today announced that it will report its first quarter of 2025 financial results on April 29, 2025, premarket. The Company will also host its earnings call starting at 8:30 a.m. Eastern Time (7:30 a.m. CT). The Company's financial results and presentation will be posted on its website at www.cecoenviro.com. The details for the webcast are: When: Tuesday, April 29 at 8:30 a.m. Eastern Time Where: https://edge.media-server.com/mmc/p/tvr2idgu How: Live over the i

      4/21/25 7:00:00 AM ET
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    • Officer Watkins-Asiyanbi Joycelynn covered exercise/tax liability with 688 shares, decreasing direct ownership by 0.91% to 74,732 units (SEC Form 4)

      4 - CECO ENVIRONMENTAL CORP (0000003197) (Issuer)

      4/2/25 1:22:41 PM ET
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    • Officer Johansson Peter K. sold $512,932 worth of shares (22,500 units at $22.80) and covered exercise/tax liability with 653 shares, decreasing direct ownership by 27% to 61,507 units (SEC Form 4)

      4 - CECO ENVIRONMENTAL CORP (0000003197) (Issuer)

      4/2/25 1:22:22 PM ET
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    • Chief Executive Officer Gleason Todd R covered exercise/tax liability with 5,728 shares, decreasing direct ownership by 1% to 410,835 units (SEC Form 4)

      4 - CECO ENVIRONMENTAL CORP (0000003197) (Issuer)

      4/2/25 1:22:08 PM ET
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    • SEC Form SC 13G filed by CECO Environmental Corp.

      SC 13G - CECO ENVIRONMENTAL CORP (0000003197) (Subject)

      11/13/24 10:22:19 AM ET
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    • Amendment: SEC Form SC 13G/A filed by CECO Environmental Corp.

      SC 13G/A - CECO ENVIRONMENTAL CORP (0000003197) (Subject)

      10/31/24 11:54:58 AM ET
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    • SEC Form SD filed by CECO Environmental Corp.

      SD - CECO ENVIRONMENTAL CORP (0000003197) (Filer)

      5/29/25 8:02:31 AM ET
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    • CECO Environmental Corp. filed SEC Form 8-K: Submission of Matters to a Vote of Security Holders, Financial Statements and Exhibits

      8-K - CECO ENVIRONMENTAL CORP (0000003197) (Filer)

      5/22/25 7:32:30 AM ET
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    • SEC Form 10-Q filed by CECO Environmental Corp.

      10-Q - CECO ENVIRONMENTAL CORP (0000003197) (Filer)

      4/29/25 4:13:28 PM ET
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    • CECO Environ. upgraded by H.C. Wainwright with a new price target

      H.C. Wainwright upgraded CECO Environ. from Neutral to Buy and set a new price target of $33.00

      4/30/25 7:23:59 AM ET
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    • CECO Environ. downgraded by H.C. Wainwright

      H.C. Wainwright downgraded CECO Environ. from Buy to Neutral

      1/17/25 11:53:16 AM ET
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    • Needham reiterated coverage on CECO Environ. with a new price target

      Needham reiterated coverage of CECO Environ. with a rating of Buy and set a new price target of $34.00 from $26.00 previously

      7/16/24 8:16:18 AM ET
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