CECO Q3 Earnings Surge, Beat View; Raises FY23 Outlook, Issues FY24 Guidance

(RTTNews) - CECO Environmental Corp. (CECO) Tuesday reported higher earnings and revenue for the third quarter. Earnings beat the Street view.

Further, the company raised its outlook for fiscal 2023 and issued a guidance for fiscal 2024.

Quarterly earnings increased 74 percent to $3.3 million or $0.09 per share from $1.9 million or $0.06 per share for the same period last year.

Excluding items, the company reported a profit of $7.6 million or $0.22 per share compared to earnings of $7.1 million or $0.20 per share in the previous year.

On average, five analysts polled by Thomson Reuters had expected earnings of $0.18 per share for the year. Analysts' estimates typically exclude special items.

Revenue surged 38 percent to $149.4 million from $108.4 million in the prior year.

The Street estimate for revenue is $132.8 million.

Looking forward to fiscal 2023, the company now expects adjusted EBITDA between $55 million and $57 million higher than the previous outlook of $50 million and $55 million.

The company also raised its revenue outlook to the range of $525 and $550 million, compared to the prior guidance of $500 and $525 million. Analysts on average estimate $514.82 million.

Looking forward to fiscal 2024, the company said that it expects adjusted EBITDA to be $65 million to $70 million, up around 21 percent year over year, at the midpoint. The revenue is expected to be between $575 million and $600 million. The Street view for revenue is $553.92 million.

In pre-market activity, CECO shares are trading at $17 up 2.66% on Nasdaq.