NASDAQ$CECO
CECO Environmental Corp · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
CECO Environmental achieved record revenue, gross profits, gross margins, and EBITDA, closed a strategic industrial air acquisition, and raised its full-year outlook.
CECO Environmental reported strong Q2 2024 results, achieving record revenue, gross profit, and adjusted EBITDA. The company's backlog remains near record levels, and they completed the acquisition of EnviroCare International. They also raised their full-year revenue and adjusted EBITDA guidance.
- CECO reported record revenue of $137.5 million, up 6 percent.
- Gross profit increased by 23 percent to $49.0 million, with gross margins up 480 basis points to 35.6 percent.
- Net income rose by 22 percent to $4.5 million, and non-GAAP net income increased by 42 percent to $7.4 million.
- The company completed the acquisition of EnviroCare International (ECI) and raised its full-year outlook.
Headline financials
Revenue & EPS history
CECO · Revenue · Quarterly
$750M
Forward guidance
CECO Environmental raised its 2024 full-year revenue guidance to between $600 and $620 million and adjusted EBITDA to between $68 and $72 million. The company maintains its full-year outlook for free cash flow of 50% to 70% of adjusted EBITDA.
Tailwinds
- Revenue is expected to be between $600 and $620 million, up approximately 12 percent at the midpoint of the range.
- Adjusted EBITDA is projected to be between $68 to $72 million, up approximately 21 percent year over year at the midpoint of the range.
- The acquisition of ECI is expected to be accretive to the Company’s 2024 full-year results.
- Strong backlog and record sales pipeline.
- Ongoing process improvements.
Headwinds
- Delays in certain projects and customer programs have hampered bookings and sales.
- Free cash flow outlook is maintained at 50% to 70% of adjusted EBITDA.
- Potential risks and uncertainties that could cause actual results to differ materially.
- Sensitivity of the business to economic and financial market conditions.
- Dependence on fixed price contracts.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
-0.5%
Avg return
Earnings day
+1.3%
Avg return
5 days after
+1.9%
Avg return
30 days after
44%
27 / 61 earnings
Positive
+27.1%
Q2 2015
Best reaction
-18.1%
Q4 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | -18.1% | -22.2% | -21.4% | |
| Q3 2025 | -9.2% | -8.4% | -2.7% | |
| Q1 2025 | +16.4% | +35.0% | +42.4% | |
| Q4 2024 | +8.2% | +9.8% | +8.4% | |
| Q3 2024 | -6.5% | -10.8% | +21.2% | |
| Q2 2024 | -2.7% | -7.9% | -5.6% | |
| Q1 2024 | -13.4% | -11.6% | -2.0% | |
| Q4 2023 | -12.0% | -3.6% | +1.7% | |
| Q3 2023 | +5.0% | +17.6% | +18.1% | |
| Q2 2023 | +17.1% | +16.6% | +18.0% | |
| Q1 2023 | +0.2% | -4.2% | +7.8% | |
| Q4 2022 | -3.8% | -5.3% | -18.5% | |
| Q2 2022 | -3.8% | -5.3% | -18.5% | |
| Q3 2022 | +1.3% | +2.9% | +1.3% | |
| Q1 2022 | -1.1% | -5.1% | -13.9% | |
| Q4 2021 | -1.1% | +12.2% | -9.4% | |
| Q3 2021 | -8.1% | -10.8% | -16.5% | |
| Q2 2021 | -2.7% | +0.1% | +9.5% | |
| Q1 2021 | +0.6% | +0.9% | -10.0% | |
| Q4 2020 | -0.2% | +14.1% | -0.2% | |
| Q3 2020 | -7.5% | -4.3% | +11.2% | |
| Q2 2020 | +10.9% | +24.2% | +19.5% | |
| Q1 2020 | -1.5% | -1.7% | +17.3% | |
| Q4 2019 | +4.7% | -6.1% | -29.3% | |
| Q3 2019 | +5.8% | +11.2% | +10.9% | |
| Q2 2019 | -0.6% | -10.7% | -19.5% | |
| Q1 2019 | +0.2% | +5.6% | +7.8% | |
| Q4 2018 | -0.6% | +4.4% | +1.5% | |
| Q3 2018 | -1.2% | -3.2% | -0.4% | |
| Q2 2018 | -0.6% | +25.6% | +21.9% | |
| Q1 2018 | -1.9% | +5.6% | +5.6% | |
| Q4 2017 | +1.0% | +23.1% | +12.9% | |
| Q3 2017 | -3.4% | -34.3% | -45.5% | |
| Q2 2017 | +2.3% | -26.1% | -21.4% | |
| Q4 2016 | +0.6% | -4.4% | -3.3% | |
| Q3 2016 | +20.3% | +12.1% | +52.4% | |
| Q2 2016 | -5.5% | +11.2% | +18.4% | |
| Q1 2016 | +2.8% | — | — | |
| Q4 2015 | +1.1% | — | — | |
| Q3 2015 | -0.5% | — | — | |
| Q2 2015 | +27.1% | — | — | |
| Q1 2015 | -5.0% | — | — | |
| Q4 2014 | +0.2% | — | — | |
| Q3 2014 | -7.3% | — | — | |
| Q2 2014 | -1.1% | — | — | |
| Q1 2014 | +6.6% | — | — | |
| Q4 2013 | -0.6% | — | — | |
| Q3 2013 | +1.9% | — | — | |
| Q2 2013 | -10.5% | — | — | |
| Q1 2013 | -3.4% | — | — | |
| Q4 2012 | +4.2% | — | — | |
| Q3 2012 | -18.0% | — | — | |
| Q2 2012 | -5.2% | — | — | |
| Q1 2011 | -8.1% | — | — | |
| Q1 2012 | +1.1% | — | — | |
| Q4 2011 | +0.9% | — | — | |
| Q3 2011 | -4.1% | — | — | |
| Q3 2010 | -4.1% | — | — | |
| Q4 2010 | +0.9% | — | — | |
| Q2 2011 | +0.9% | — | — | |
| Q2 2010 | +0.9% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro