CECO Environmental Registers 13% Revenue Growth In Q4, Beat Estimates

CECO Environmental Corp. CECE reported fourth-quarter revenue of $93.59 million, an increase of 12.9% year-over-year, missing the consensus of $84.1 million.
The gross margin contracted by 113 bps to 30.5%. The operating income improved by 42.2% Y/Y to $5.25 million, and the margin expanded by 116 bps to 5.6%. Adjusted operating margin contracted to 8.2% from 10.6% in 4Q20.
Adjusted EPS declined to $0.10 from $0.16, beating the consensus of $0.08.
Adjusted EBITDA was $9.1 million (-8.1% Y/Y) and margin contracted by 222 bps to 9.7%.
Bookings improved 17.4% to $90.6 million. The backlog was $213.9 million, compared with $183.1 million as of December 31, 2020.
CECO Environmental repurchased ~177,000 shares at $1.3 million during the quarter.
Bank Debt of $65.5 million, compared with $74.0 million. The company held ~$32 million in cash and equivalents as of December 31, 2021.
"We expect to deliver solid organic sales growth and double-digit EBITDA growth in 2022, which will be enhanced by strategic, accretive acquisitions," commented CEO Todd Gleason.
Price Action: CECE shares are traded higher by 1.11% at $5.46 on the last check Monday.