CECO Environmental (CECE) Tops Q1 EPS by 5c, Revenues Miss

CECO Environmental (NASDAQ: CECE) reported Q1 EPS of $0.15, $0.05 better than the analyst estimate of $0.10. Revenue for the quarter came in at $80.5 million versus the consensus estimate of $82.52 million.

Highlights of the First Quarter 2020

• Revenue of $80.5 million, compared with $86.0 million
• Gross profit of $28.3 million (35.2% margin), compared with $28.4 million (33.0% margin)
• Operating income of $4.2 million, compared with $4.9 million
• Non-GAAP operating income of $6.3 million, compared with $7.2 million
• Net income was $3.4 million, compared with $1.9 million
• Non-GAAP net income of $5.3 million, compared with $4.1 million
• Net income per diluted share was $0.10, compared with $0.05
• Non-GAAP net income per diluted share of $0.15, compared with $0.12
• Adjusted EBITDA of $7.4 million, compared with $8.5 million
• Bookings of $75.7 million, compared with $97.3 million
• Backlog of $208.9 million, compared with $216.6 million as of December 31, 2019
• Cash and cash equivalents were $82.5 million, compared with $35.6 million as of December 31, 2019

CECO's Chief Executive Officer Dennis Sadlowski commented, "Our first quarter results once again demonstrate our ability to execute despite the accelerating social and economic changes caused by the COVID-19 pandemic. After a very solid start to the year revenue moderated ending down 10% sequentially and 6% year over year. Even with lower revenue, our team's track record of strong execution produced a healthy gross operating margin of 35%, which is up both sequentially and year over year."

Mr. Sadlowski added, "Our team generated new orders of $76 million up 12% from Q4 with sequential orders up double digits in all three of our reporting segments after a down final quarter of 2019. We continued to build on a robust backlog of $209 million while executing proactive cost measures to secure a strong future for the company. We are maintaining a 100% commitment to the health and safety of our associates while serving our customers in critical applications and essential industries, while the markets remain highly uncertain due to the pandemic."

For earnings history and earnings-related data on CECO Environmental (CECE) click here.

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