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Mar 31, 2024
CECO Q1 2024 Earnings Report
Reported record first quarter revenue and gross margins and near record backlog.
Key Takeaways
CECO Environmental Corp. reported a solid first quarter in 2024, featuring record gross margins and near-record backlog. The company's revenue increased by 12% year-over-year, and adjusted EBITDA rose by 36%.
Orders totaled $145.3 million.
Backlog reached $389.5 million, a 9% increase.
Revenue was $126.3 million, up 12%.
Adjusted EBITDA increased by 36% to $13.2 million.
CECO
CECO
Forward Guidance
The Company is maintaining its 2024 full year revenue guidance of $590 to $610 million, Adjusted EBITDA guidance to $67 to $70 million, and free cash flow of 50% to 70% of Adjusted EBITDA.
Positive Outlook
- Large sales pipeline.
- Energy transition opportunities.
- Potential additions from M&A process.
- High conviction in outlook.
- Opportunities for sustainable growth.