CECO Environmental (CECE) Reports In-Line Q3 EPS, Revenues Miss

CECO Environmental (NASDAQ: CECE) reported Q3 EPS of $0.11, in-line with the analyst estimate of $0.11. Revenue for the quarter came in at $77.4 million versus the consensus estimate of $82.83 million.

Highlights of the Third Quarter 2020*

• Revenue of $77.4 million, compared with $85.3 million
• Gross profit of $24.8 million (32.0% margin), compared with $28.8 million (33.8% margin)
• Operating income of $1.0 million, compared with $4.1 million
• Non-GAAP operating income of $5.9 million, compared with $7.0 million
• Net loss of $(0.2) million, compared with net income $1.9 million
• Non-GAAP net income of $3.8 million, compared with $4.2 million
• Adjusted EBITDA of $7.3 million, compared with $8.4 million
• Net loss per diluted share was $(0.01), compared with net income per diluted share of $0.05
• Non-GAAP net income per diluted share of $0.11, compared with $0.12
• Bookings of $66.8 million, compared with $115.7 million
• Backlog of $189.1 million, compared with $204.6 million as of June 30, 2020

* All comparisons are versus the comparable prior-year period, unless otherwise stated

Todd Gleason, CECO's Chief Executive Officer, commented, "During the third quarter, the CECO team continued to deliver solid execution for our customers and the company started to see emerging momentum in various industrial markets. Additionally, the company maintained its focus on streamlining costs which partially offset declines in revenue. Unfortunately, the energy markets remain challenged as global capital spending continues to be disrupted by the impact of the COVID-19 pandemic."

Mr. Gleason added, "We expect the markets to remain choppy and uncertain in the near-term, but we believe we can maintain our customer-focused execution and cost management to deliver future solid results. The company is also launching new strategic growth programs to expand into adjacent markets and more repeatable revenue streams. Furthermore, the company has kicked-off our Environmental, Social and Governance (ESG) program which will highlight the many good and important areas of leadership CECO drives and is committed to advance across each component."

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

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