CECO Environmental (CECE) Tops Q2 EPS by 6c, Revenues Beat

CECO Environmental (NASDAQ: CECE) reported Q2 EPS of $0.14, $0.06 better than the analyst estimate of $0.08. Revenue for the quarter came in at $75.2 million versus the consensus estimate of $68.4 million.

Highlights of the Second Quarter 2020*

• Revenue of $75.2 million, compared with $81.2 million
• Gross profit of $25.8 million (34.3% margin), compared with $26.8 million (33.0% margin)
• Operating income of $4.4 million, compared with $2.0 million
• Non-GAAP operating income of $7.4 million, compared with $4.4 million
• Net income of $3.3 million, compared with $5.5 million
• Non-GAAP net income of $5.1 million, compared with $3.0 million
• Net income per diluted share was $0.09, compared with $0.15
• Non-GAAP net income per diluted share of $0.14, compared with $0.08
• Adjusted EBITDA of $8.2 million, compared with $6.0 million
• Bookings of $60.0 million, compared with $103.0 million
• Backlog of $204.6 million, compared with $208.9 million as of March 31, 2020

Todd Gleason, CECO's Chief Executive Officer, commented, "During the second quarter, the CECO team delivered focused execution and solid customer service while adjusting for the disruptions associated with the wide-spread COVID-19 pandemic. The Company enacted proactive measures to reduce costs in anticipation of the market declines, which maintained strong profitability and margin rates while streamlining operations for future quarters. Additionally, we executed the EIS acquisition, which advances our industrial solutions portfolio and positions us for growth in the European industrial markets."

Mr. Gleason added, "As I come to the end of my first month with the Company, I have enjoyed connecting with our talented team members, and immersing myself in how we will collectively create more value – for our customers, employees, and shareholders. I am excited to be on the CECO team and look forward to driving new growth and sustainable business processes as we build upon our strong foundation."

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

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