Loading...
•
Sep 30, 2022
CECO Q3 2022 Earnings Report
CECO Environmental reported strong orders, revenue, and income growth.
Key Takeaways
CECO Environmental Corp. reported a strong third quarter in 2022, with a 36% increase in revenue to $108.4 million and a significant rise in net income to $1.9 million. The company also increased its full-year financial outlook for 2022 and introduced its full-year 2023 financial outlook.
Orders increased by 10% to $101.7 million.
Backlog increased by 27% to $277.7 million.
Revenue increased by 36% to $108.4 million.
Net income increased to $1.9 million, up $3.1 million.
CECO
CECO
Forward Guidance
The Company updated its expected full year 2022 guidance to reflect revenue to exceed $410 million, up over 25 percent year over year and its expected full year 2022 adjusted EBITDA to exceed $39 million, up more than 50 percent year over year. The Company introduces its expected full year 2023 guidance of $450 to $475 million in revenue, up approximately 13 percent at the midpoint year over year and its expected full year adjusted EBITDA of between $45 and $48 million, up approximately 19 percent at the midpoint year over year.
Positive Outlook
- Double digit top-line and bottom-line growth
- Ongoing investments in growth
- Ongoing investments in operational excellence programs
- Programmatic M&A
- Sustainable results and shareholder value