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07.11.2023 07:00
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CECO ENVIRONMENTAL REPORTS THIRD QUARTER 2023 RESULTS
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PR Newswire
DALLAS, Nov. 7, 2023
Record Revenue, Backlog, Gross Profit and Cash Flow Dollars
Company Raises Full Year 2023 Outlook and Introduces 2024 Guidance
DALLAS, Nov. 7, 2023 /PRNewswire/ -- CECO Environmental Corp. (Nasdaq: CECO) ("CECO"), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment, and industrial equipment, today reported its financial results for the third quarter of 2023.
Highlights for the Quarter(1)
- Orders of $145.5 million, up 43 percent; Record backlog of $394.0 million, up 42 percent
- Revenue of $149.4 million, up 38 percent; Net income of $3.3 million, up 74 percent; Non-GAAP net income of $7.6 million, up 7 percent
- Gross profit of $43.1 million, up 33 percent
- Adjusted EBITDA of $15.1 million, up 64 percent
- GAAP EPS (diluted) of $0.09, compared to $0.06; Non-GAAP EPS (diluted) of $0.22, compared to $0.20
| (1) | All comparisons are versus the comparable prior year period, unless otherwise stated. |
| Reconciliations of GAAP (reported) to non-GAAP measures are in the attached financial tables. | |
"Our third quarter results reflect the strong execution our global teams continue to demonstrate as we solve our diverse customers' critical needs in industrial air, industrial water, and the energy transition. We delivered several impressive records including the highest revenue, gross profit, and cash flow dollars of any quarter in the company's history. I want to thank the team for successfully completing the acquisition of Kemco Systems in the quarter, which is an excellent addition to the leadership position we continue to build in the industrial water markets," said CECO's Chief Executive Officer, Todd Gleason. "Our teams continue to work through supply chain challenges and negative mix, which impacted our gross margins in the quarter, but adjusted EBITDA margin expansion was up over 150 basis points versus the prior year. We closed the quarter with a record $394 million in backlog, setting us up for a strong finish to 2023 and a great start to 2024."
Third quarter operating income was $7.9 million, up $5.1 million compared to $2.8 million in the third quarter of 2022. On an adjusted basis, non-GAAP operating income was $12.8 million, up $5.5 million versus $7.3 million in the third quarter of 2022. Net income was $3.3 million in the quarter, up $1.4 million compared to $1.9 million in the third quarter of 2022. Non-GAAP net income was $7.6 million, up $0.5 million compared to $7.1 million in the third quarter of 2022. Adjusted EBITDA of $15.1 million was up $5.9 million versus $9.2 million in the third quarter of 2022. Free cash flow in the quarter was $28.5 million, up $28.4 million compared to $0.1 million in the third quarter of 2022.
"Record third quarter results were a continuation of our strong recurring performance for well over a year now. On a trailing-twelve-month basis ("TTM"), our revenues are up 27 percent and Adjusted EBITDA is up 33 percent when compared to the year-over-year TTM basis. And, with a TTM book-to-bill ratio of 1.2, we have been building our backlog for sustainable growth," added Gleason.
Company Financial Outlook: Raises 2023 Full Year and Introduces Full Year 2024
The Company updated its full year 2023 guidance to reflect revenue between $525 and $550 million, up approximately 25% year over year, and adjusted EBITDA between $55 and $57 million, up approximately 33% year over year. The updated expected full year revenue and adjusted EBITDA guidance are compared to the previous outlook, provided in September, for revenues to exceed $525 million and adjusted EBITDA to exceed $55 million.
The Company also introduced its full year 2024 guidance of $575 to $600 million in revenue, up 10% year over year, at the midpoint; and its expected adjusted EBITDA to be $65 to $70 million, up approximately 21% year over year, at the midpoint. Free cash flow is expected to be 50% to 70% of the full year adjusted EBITDA guidance range.
"We are increasing our 2023 guidance, for the fourth quarter and full year, which reflects the confidence we have in our visibility including our record backlog, our strong sales pipeline, and our team's outstanding execution driving performance across each of our acquisitions. We are also pleased to be able to share our current expectations for the upcoming year 2024 – which highlight sustainable double-digit top-line and continued bottom-line growth," concluded Gleason.
EARNINGS CONFERENCE CALL
A conference call is scheduled for today at 8:30 a.m. ET to discuss the third quarter 2023 financial results. Please visit the Investor Relations portion of the website (https://investors.cecoenviro.com) to listen to the call via webcast. The conference call may also be accessed by dialing 888-346-4547 (Toll-Free) within the U.S., or +1-412-317-5251 (Toll-Required) outside the U.S.
A replay of the conference call will be available on the Company's website for a period of one year. The replay may also be accessed by dialing 877-344-7529 (Toll-Free) within the U.S., or +1-412-317-0088 (Toll-Required) outside the U.S. and entering access code 9439376.
ABOUT CECO ENVIRONMENTAL
CECO Environmental is a leading environmentally focused, diversified industrial company, serving the broad landscape of industrial air, industrial water and energy transition markets globally by providing innovative solutions and application expertise. CECO helps companies grow their business with safe, clean, and more efficient solutions that help protect people, the environment and industrial equipment. CECO solutions improve air and water quality, optimize emissions management, and increase energy efficiency for highly-engineered applications in power generation, midstream and downstream hydrocarbon processing and transport, electric vehicle production, polysilicon fabrication, semiconductor and electronics, battery production and recycling, specialty metals and steel production, beverage can, and water/wastewater treatment and a wide range of other industrial end markets. CECO is listed on Nasdaq under the ticker symbol "CECO." Incorporated in 1966, CECO's global headquarters is in Dallas, Texas. For more information, please visit www.cecoenviro.com.
Company Contact:
Peter Johansson
Chief Financial and Strategy Officer
888-990-6670
investor.relations@onececo.com
Investor Relations Contact:
Steven Hooser and Jean Marie Young
Three Part Advisors, LLC
214-872-2710
investor.relations@onececo.com
News Media:
Kimberly Plaskett
Corporate Communications Director
CECO-Communications@OneCECO.com
| CECO ENVIRONMENTAL CORP. AND SUBSIDIARIES | |||||||
| | |||||||
| (in thousands, except per share data) | | (unaudited) | | | December 31, 2022 | ||
| ASSETS | | | | | | ||
| Current assets: | | | | | | ||
| Cash and cash equivalents | | $ | 47,583 | | | $ | 45,522 |
| Restricted cash | | | 753 | | | | 1,063 |
| Accounts receivable, net | | | 112,433 | | | | 83,086 |
| Costs and estimated earnings in excess of billings on uncompleted contracts | | | 64,856 | | | | 71,016 |
| Inventories, net | | | 37,911 | | | | 26,526 |
| Prepaid expenses and other current assets | | | 15,266 | | | | 12,174 |
| Prepaid income taxes | | | 6,583 | | | | 1,271 |
| Total current assets | | | 285,385 | | | | 240,658 |
| Property, plant and equipment, net | | | 25,010 | | | | 20,828 |
| Right-of-use assets from operating leases | | | 13,849 | | | | 11,373 |
| Goodwill | | | 209,825 | | | | 183,197 |
| Intangible assets – finite life, net | | | 52,340 | | | | 35,251 |
| Intangible assets – indefinite life | | | 9,514 | | | | 9,508 |
| Deferred income taxes | | | 801 | | | | 829 |
| Deferred charges and other assets | | | 3,333 | | | | 3,077 |
| Total assets | | $ | 600,057 | | | $ | 504,721 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | ||
| Current liabilities: | | | | | | ||
| Current portion of debt | | $ | 4,726 | | | $ | 3,579 |
| Accounts payable | | | 94,236 | | | | 73,407 |
| Accrued expenses | | | 44,154 | | | | 33,791 |
| Billings in excess of costs and estimated earnings on uncompleted contracts | | | 54,209 | | | | 32,716 |
| Notes payable Werbung Mehr Nachrichten zur CECO Environmental Aktie kostenlos abonnieren
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