earnings
confidence high
sentiment negative
materiality 0.75
CECO Q3 revenue misses on project delays; guides FY24 lower; announces $125M Profire acquisition
CECO ENVIRONMENTAL CORP
2024-Q3 EPS reported
$0.22
revenue$750,000,000
- Q3 revenue $135.5M (-9% YoY); GAAP EPS $0.06; non-GAAP EPS $0.14 (-36% YoY); net income $2.1M.
- Orders rose 12% to $162.3M; backlog record $437.5M; adjusted EBITDA $14.3M (-5%).
- Completed WK acquisition in early Oct (~$15M rev, high-teen EBITDA margins); announced $125M Profire acquisition (PFIE, ~$60M rev, ~20% EBITDA), close Jan 2025.
- Updated FY2024 guidance: rev $575-600M (prev $600-620M), adj. EBITDA $65-70M (prev $68-72M).
- Introduced FY2025 guidance: rev $700-750M, adj. EBITDA $90-100M, up ~40% at midpoint.