CECO Environmental (CECE) Reports In-Line Q1 EPS, Revenues Miss

CECO Environmental (NASDAQ: CECE) reported Q1 EPS of $0.09, in-line with the analyst estimate of $0.09. Revenue for the quarter came in at $71.9 million versus the consensus estimate of $73.56 million.

Highlights of the First Quarter 2021*

• Revenue of $71.9 million, compared with $80.5 million
• Gross profit of $24.4 million (33.9% margin), compared with 28.3 million (35.2% margin)
• Operating income of $3.1 million, compared with $4.2 million
• Non-GAAP operating income of $5.0 million, compared with $6.3 million
• Net income was $1.2 million, compared with $3.4 million
• Non-GAAP net income of $3.1 million, compared with $5.3 million
• Adjusted EBITDA of $6.4 million, compared with $7.4 million
• Earnings per diluted share was $0.03, compared with $0.10
• Non-GAAP earnings per diluted share of $0.09, compared with $0.15
• Bookings of $92.1 million, compared with $75.7 million
• Backlog of $203.1 million, compared with $183.1 million as of December 31, 2020
• Cash provided by operating activities of $9.9 million, compared with $7.0 million
• Cash and cash equivalents were $40.9 million, compared with $36.0 million as of December 31, 2020
• Bank Debt of $70.6 million, compared with $74.0 million as of December 31, 2020

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

Todd Gleason, CECO's Chief Executive Officer, commented, "We are off to a great start and I am very pleased with our first quarter performance. Our strong, double-digit growth in bookings and tremendous free cash flow generation reflect our focused execution and our leadership position in improving end-markets. We continue to execute for our customers while prudently managing our cost structure, which has yielded very good margins despite year-over-year decline in revenues."

Mr. Gleason added, "We expect to turn the corner on topline growth in the coming periods given our booking's growth over the past few quarters. Additionally, we are excited to articulate our long-term growth strategy in mid-2021 – which will build on our position as an environmental solutions leader in diversified industrial markets."

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

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