CECO Q1 revenue up 22% to $112.6M; record backlog $356.1M; raises FY2023 outlook

CECO ENVIRONMENTAL CORP

2023-Q1 EPS reported $0.06 revenue$112,563,000

Orders $146.1M, record backlog $356.1M (+26%), Q1 revenue $112.6M (+22%).
GAAP net income $2.0M ($0.06 diluted EPS); non-GAAP net income $3.6M ($0.10 diluted EPS).
Adjusted EBITDA $9.7M (+$0.2M); free cash flow -$14.5M.
Raises FY2023 revenue guidance to exceed $485M (from $460-485M), adj. EBITDA to exceed $50M (from $45-50M).
Record backlog driven by six acquisitions in past 12 months and strong commercial pipeline.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CECO ENVIRONMENTAL CORP reported the first quarter ended March 31, 2023 results: revenue $112.6 million, net income $2.0 million, EPS $0.06. Guidance raised.

Period: the first quarter ended March 31, 2023
Revenue: $112.6 million
Net income: $2.0 million
EPS: $0.06
Guidance: raised
Result: reported results

Exact text from the filing

Orders of $146.1 million, compared with $160.9 million; Record backlog of $356.1 million, up 26 percent; Record first quarter revenue of $112.6 million, up 22 percent; Net income of $2.0 million, compared with $2.8 million; non-GAAP net income of $3.6 million, compared to $5.0 million • GAAP EPS (diluted) of $0.06, compared with $0.08; non-GAAP EPS (diluted) of $0.10, compared to $0.14 • Adjusted EBITDA of $9.7 million, compared with $9.5 million

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CECO ENVIRONMENTAL CORP updated its full year 2023 guidance (raised).

Period: full year 2023
Guidance: raised
Result: guidance update

Exact text from the filing

Company Raises Full Year 2023 Outlook The Company updated its expected full year 2023 guidance to reflect revenue to exceed $485 million, up at least 15 percent year over year, from a previous range of $460 to $485 million. The Company also updated its expected full year 2023 adjusted EBITDA to exceed $50 million, up more than 18 percent year over year, from a previous range of $45 to $50 million.

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Source: SEC EDGAR

accession 0000950170-23-019122

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