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Ceco Environmental: Q1 2017 Results

Die US-amerikanische Ceco Environmental meldet einen Umsatzrückgang im ersten Quartal 2017. Wir veröffentlichen die Mitteilung des Umweltdienstleisters mit der Zwischenbilanz im Wortlaut.

Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.

CINCINNATI - CECO Environmental Corp. (CECE), a leading global energy, environmental, and industrial technology company, today reported its financial results for the fourth quarter and full year 2016.

CINCINNATI - Highlights of the First Quarter 2017*

    Revenue of $92.7 million, compared with $103.2 million
    Gross profit of $31.9 million (34.5% margin), compared with $31.6 million (30.6% margin)
    Operating income of $1.4 million compared with $5.8 million
    Non-GAAP operating income of $10.0 million compared with $10.9 million
    Net income was break even, compared with $3.1 million
    Non-GAAP net income of $6.8 million, compared with $6.1 million
    Net income per diluted share was break even, compared with $0.09
    Non-GAAP net income per diluted share of $0.20, compared with $0.18
    Adjusted EBITDA of $11.5 million, compared with $12.7 million
    Bookings of $84.0 million
    Backlog of $184.2 million
    Debt repayment of $4.0 million

* All comparisons are versus the comparable prior-year period.

CECO Environmental Corp. (CECE), a leading global energy, environmental, and industrial technology company, today reported its financial results for the first quarter of 2017.

CECO's Interim Chief Executive Officer Dennis Sadlowski commented, "After three months as Interim CEO, I remain very excited to be leading CECO during this transformative next stage of its development.  The last five years have proven that CECO is very strong operationally, and is adept at generating solid margins and cash flow. Now, as we maintain our core operating strength, we will also need to build our organic growth engine through a re-orientation to an outside-in focus on customers and markets, along with a strategic refresh that is already well underway.   Our management team is energized with these new initiatives as well as our core focus on serving global customer markets that are attractive in the long-term – natural gas power, midstream natural gas pipelines, petroleum and petrochemical refineries, and diversified industrial markets."

Mr. Sadlowski continued, "While the challenging macroeconomic environment continues in 2017, I am confident that CECO's diversity of technologies, end markets and multiple geographies provide the foundation for a strong future. I am encouraged by our sequential growth in bookings compared to the fourth quarter of 2016, which improved in all three of our segments. My meetings with customers, coupled with customer research that we have conducted over the last few months, have confirmed that the direction and focus of our business is fundamentally sound. With our renewed focus on customers and end markets, we will enable growth at a faster rate. Our long-term potential is very exciting."

Revenue in the first quarter of 2017 was $92.7 million, down 10.2% from $103.2 million in the prior-year period.

Operating income was $1.4 million for the first quarter of 2017 (1.5% margin), compared with $5.8 million in the prior-year period (5.6% margin).  Operating income on a non-GAAP basis was $10.0 million for the first quarter of 2017 (10.8% margin), compared with $10.9 million in the prior-year period (10.6% margin).

Net income was break even for the first quarter of 2017, compared with $3.1 million in the prior-year period.  Net income on a non-GAAP basis was $6.8 million for the first quarter of 2017, compared with $6.1 million in the prior-year period.

Net income per diluted share was break even for the first quarter of 2017, compared with net income per diluted share of $0.09 in the prior-year period. Non-GAAP net income per diluted share was $0.20 for the first quarter of 2017, compared with $0.18 for the prior-year period.

Cash and cash equivalents were $45.0 million and bank debt was $122.3 million, as of March 31, 2017, compared with $45.8 million and $126.4 million, respectively, as of December 31, 2016.

BACKLOG AND BOOKINGS
Total backlog at March 31, 2017 was $184.2 million as compared with $197.0 million on December 31, 2016, and $228.1 million on March 31, 2016.

Bookings were $84.0 million for the first quarter of 2017, compared with $120.1 million in the prior-year period and $77.7 million in the fourth quarter of 2016.

QUARTERLY DIVIDENDS
On May 8, 2017, CECO's Board of Directors approved a quarterly dividend of $0.075 per share.  The dividend will be paid on June 30, 2017 to all stockholders of record on close of business on June 16, 2017.  CECO initiated a Dividend Reinvestment Plan ("DRIP") in 2012 that provides for the voluntary reinvestment of dividends by its stockholders.


ABOUT CECO ENVIRONMENTAL

CECO is a diversified global provider of leading engineered technologies to the energy, environmental, and fluid handling and filtration industrial segments, targeting specific niche-focused end markets through an attractive asset-light business model. We provide a wide spectrum of products and services including dampers & diverters, cyclonic technology, thermal oxidizers, separation and filtration systems, selective catalytic reduction ("SCR") and selective non-catalytic reduction ("SNCR") systems, scrubbers, dampers and silencers, exhaust systems, fluid handling equipment and plant engineered services and design build fabrication. CECO's products play a vital role in helping companies achieve exacting production standards, meeting increasing plant needs and stringent emissions control regulations around the globe. The company serves a broad range of markets and industries, including power, municipalities, chemical, industrial manufacturing, mid-stream pipeline natural gas transmission, refining, petrochemical, metals, minerals & mining companies, as well as hospitals and universities.  CECO targets its $5 billion+ of installed base, specifically to expand and grow a higher recurring revenue of aftermarket products and services. CECO is listed on Nasdaq under the ticker symbol "CECE." For more information, please visit www.cecoenviro.com.

Contact:
Edward Prajzner, Executive Vice President Corporate Development
800.333.5475
investor.relations@onececo.com

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