CECO Q2 revenue $137.5M (+6% YoY); EPS $0.12; raises FY24 guidance; acquires EnviroCare

CECO ENVIRONMENTAL CORP

2024-Q2 EPS reported $0.17 revenue$750,000,000

Record Q2 revenue of $137.5M, gross margin 35.6% (+480 bps YoY), adjusted EBITDA $16.1M (+18%).
GAAP diluted EPS $0.12; non-GAAP diluted EPS $0.20 (+33% YoY).
Completed acquisition of EnviroCare International (ECI); expects ~$13M sales in 2024 with mid-teen EBITDA margins.
Raised FY24 revenue guidance to $600-620M (prev $590-610M) and adjusted EBITDA to $68-72M (prev $67-70M).
Free cash flow $2.6M in Q2 vs $10M prior year; maintains FY FCF outlook of 50-70% of adj. EBITDA.

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