CECO Environmental Revises Annual Revenue Outlook Above View

(RTTNews) - CECO Environmental Corp. (CECO), a pollution control technology and products company, on Wednesday revised its full year 2023 outlook after it announced the completion of the acquisition of Kemco Systems, an industrial water recycling and energy conservation solutions firm.

Todd Gleason, CEO of CECO Environmental, said: "The combination of our continued strong execution in healthy industrial markets and growing backlog, coupled with the acquisition of Kemco Systems, gives us added visibility and bolsters our confidence in our full year growth and profitability…"

For full year 2023, CECO now expects adjusted EBITDA of at least $55 million, up around 30 percent from last year. Earlier, the firm had projected to report adjusted EBITDA of $50 to $55 million.

The company now projects to register Annual revenue of525 million, up around 24 percent on year-over-year basis. Earlier, the company had forecast to record revenue of $500 to $525 million. On average, four analysts, polled by Thomson Reuters expect the firm to post revenue of $508.47 million, for the year.