Highest-materiality recent filing
Thermon shareholders received mix of cash and stock; proration applied; total cash consideration ~$329.4M and 22.53M CECO shares issued.
CECO & Thermon stockholders approve merger; ~99.93% voted in favor; expected close June 1, 2026
CECO stockholders approved stock issuance for Thermon merger with 29,620,269 for, 18,904 against, 37,796 abstain.
CECO Q1 orders surge 97% to $449.5M; backlog tops $1B; raises FY guidance
Orders of $449.5M (+97% YoY); backlog $1,035.1M (+72%); book-to-bill ratio 2.2.
CECO ups revolving credit to $740M, adds $235M term loan for Thermon acquisition
Amended credit agreement increases revolver commitments to $740M from prior amount; $254.8M drawn at closing.
CECO Environmental to acquire Thermon Group for ~$63.89/share in cash or mixed consideration
Transaction implied enterprise value ~$1.1B; each Thermon share receives 0.684 CECO shares + $10 cash, $63.89 cash, or 0.811 CECO shares, subject to proration.
CECO Q4 orders up 50% to $329M; raises FY26 outlook; announces merger with Thermon
Q4 orders $329.3M (+50% YoY); revenue $214.7M (+35%); GAAP net income $3.1M (down 37%).
CECO Q3 revenue $197.6M (+46% YoY); Adj EBITDA $23.2M (+62%); introduces 2026 outlook
Q3 revenue $197.6M (+46% YoY); orders $232.9M (+44%); backlog $719.6M (+64%).
CECO Q2 orders surge 95% to $274.1M; revenue up 35%; raises FY outlook
Orders of $274.1M (+95% YoY) and backlog $688.1M (+76%) set all-time records.
CECO Q1 orders up 57% to $228M; backlog record $602M; maintains FY25 outlook
Orders of $227.9M, up 57% YoY; backlog $602.0M, up 55%.
CECO Environmental completes divestiture of Fluid Handling business to May River Capital for ~$110M
Enterprise value ~$110M, paid in cash at closing; net proceeds ~$106M with ~$3M in escrow.
CECO Q4 record bookings $219M, revenue up 3%; reaffirms 2025 outlook $700-750M revenue
Q4: Revenue $158.6M (+3% YoY), gross margin 35.8% (+120 bps), net income $4.9M (+26%), GAAP EPS $0.13.
Preliminary 2024 revenue $555-$558M (prior guidance $575-$600M); Adjusted EBITDA $62-$63M (prior $65-$70M).
CECO Environmental completes acquisition of Profire Energy for ~$118.3M in cash
Tender offer expired Dec 31, 2024 with 86.31% of PFIE shares validly tendered at $2.55/share.
CECO Q3 revenue misses on project delays; guides FY24 lower; announces $125M Profire acquisition
Q3 revenue $135.5M (-9% YoY); GAAP EPS $0.06; non-GAAP EPS $0.14 (-36% YoY); net income $2.1M.
CECO to acquire Profire Energy for $125M in cash; $2.55/share, 46.5% premium
CECO to acquire Profire Energy for $2.55/share cash, implying equity value of ~$125M and enterprise value ~$108M.
CECO Q2 revenue $137.5M (+6% YoY); EPS $0.12; raises FY24 guidance; acquires EnviroCare
Record Q2 revenue of $137.5M, gross margin 35.6% (+480 bps YoY), adjusted EBITDA $16.1M (+18%).
the Board appointed Todd Gleason, CECO’s Chief Executive Officer and an existing member of the Board, to serve as Chairman of the Board, effective as of the effective time of the First Merger.
Mr. Jason DeZwirek has been designated as the Lead Independent Director.
the Board appointed Marcus J. George and Victor L. Richey, each of whom served as a member of the board of directors of Thermon immediately prior thereto, as directors of the Company to fill the two newly created vacancies on the Board.
the Board appointed Marcus J. George and Victor L. Richey, each of whom served as a member of the board of directors of Thermon immediately prior thereto, as directors of the Company to fill the two newly created vacancies on the Board.
Max materiality 0.90 · Median 0.75 · Most common event earnings