CECO reports record Q3 revenue $149.4M, up 38%; raises FY2023 guidance; introduces FY2024 outlook

CECO ENVIRONMENTAL CORP

2023-Q3 EPS reported $0.26 revenue$391,134,000

Revenue $149.4M (+38% YoY), net income $3.3M (+74%), adjusted EBITDA $15.1M (+64%), record backlog $394.0M (+42%).
GAAP EPS $0.09; non-GAAP EPS $0.22; free cash flow $28.5M vs $0.1M prior year.
Raises FY2023 revenue guidance to $525-550M and adj. EBITDA to $55-57M (from >$525M and >$55M).
Introduces FY2024 guidance: revenue $575-600M, adj. EBITDA $65-70M, FCF 50-70% of adj. EBITDA.
Completed acquisition of Kemco Systems in Q3; orders up 43% to $145.5M.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CECO ENVIRONMENTAL CORP updated its third quarter 2023 guidance (raised).

Period: third quarter 2023
Guidance: raised
Result: reported results

Exact text from the filing

On November 7, 2023, CECO Environmental Corp. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2023.

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Source: SEC EDGAR

accession 0000950170-23-059752

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