CECO Environmental Corp. Q4 Profit Tops Estimates; Raises 2023 Outlook

(RTTNews) - CECO Environmental Corp. (CECO) reported fourth-quarter net income of $8.3 million, compared to $1.2 million in the fourth quarter 2021. Net income per share was $0.24 compared to $0.03. Adjusted earnings per share was $0.21 compared to $0.10. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.16, for the quarter. Analysts' estimates typically exclude special items.

Revenue was $116.4 million, up 24 percent from prior year. Analysts on average had estimated $105.1 million in revenue. The company increased the top-end of the full year adjusted EBITDA range from $45 million to $48 million to a new range of between $45 and $50 million, up approximately 13 percent at the midpoint year over year. The company also increased its full year 2023 revenue range from $450 to $475 million to a new range of $460 to $485 million, up approximately 13 percent at the midpoint year over year.

Shares of CECO Environmental are up 4% in pre-market trade on Monday.

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