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Jun 30, 2023
CECO Q2 2023 Earnings Report
CECO Environmental's second quarter 2023 results were marked by record orders, revenue, backlog, gross profit, and adjusted EBITDA, leading the company to raise its full-year 2023 outlook.
Key Takeaways
CECO Environmental Corp. reported record second-quarter results, with significant increases in orders, revenue, and backlog. The company's strong performance led to an increased full-year 2023 outlook.
Orders increased by 44 percent, reaching $162.9 million, with a record backlog of $391.0 million, up 35 percent.
Revenue grew by 23 percent to $129.2 million, while net income was $3.7 million.
Gross profit increased by 26 percent to $39.8 million, resulting in a gross margin of 30.8 percent.
The company raised its full-year 2023 revenue guidance to between $500 and $525 million and adjusted EBITDA to between $50 and $55 million.
Forward Guidance
CECO Environmental increased its full-year 2023 guidance, projecting revenues between $500 and $525 million and adjusted EBITDA between $50 and $55 million.
Positive Outlook
- Revenue forecasted to be between $500 and $525 million, up at least 21 percent year over year at the midpoint.
- Adjusted EBITDA forecasted to be between $50 and $55 million, up approximately 25 percent year over year at the midpoint.
- Record backlog provides strong visibility in support of sustainable future growth.
- Acquisitions completed over the past year and a half are performing at or above expectations.
- Company expects 2023 to be another building block in its transformational journey to further advance its leadership in Industrial Air, Industrial Water, and Energy Transition markets.
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