CECO Environmental (CECE) Misses Q4 EPS by 11c
CECO Environmental (NASDAQ: CECE) reported Q4 EPS of ($0.05), $0.11 worse than the analyst estimate of $0.06. Revenue for the quarter came in at $73.5 million versus the consensus estimate of $80 million.
CECO's Chief Executive Officer Dennis Sadlowski commented, "In the fourth quarter of 2017, we accelerated actions behind our previously communicated refreshed operating strategy. We implemented a restructuring program to reduce costs, began to refocus our portfolio including exiting non-core and low critical mass areas and are investing in our core segments to accelerate growth. Despite ongoing market challenges that reduced volume and generated disappointing financial results, we have maintained solid gross margins and with a refreshed outside-in approach to our business, picked up key wins and increased bookings quarter over quarter. Our book to bill ratio exceeded 1:1 for the first time in seven quarters representing an inflection point for the company."
Mr. Sadlowski added, "Heading into 2018, we have already moved swiftly with the clarity of our strategy to transform the business to win market share and make an impact on our customers and the world in which we live. We demonstrated our commitment to our new strategy through the initial actions on our non-core asset sales and investments in simplification and production machinery. We will continue to invest in our growth platforms and major account relationships with key customers around the world to ensure the company is best-positioned as markets begin to rebound."
For earnings history and earnings-related data on CECO Environmental (CECE) click here.