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.
Market News and Data brought to you by Benzinga APIs
Posted In: EarningsNewsBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!