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Meldungen 07.08.2015

CECO Environmental: Q2 Results

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    Revenue of $87.0 million for the second quarter of 2015 was up 30.5% from the same period last year; organic revenue was flat on a constant currency basis compared to the same period last year.
    Revenue of $167.9 million for the first six months of 2015 was up 35.6% from the same period last year; organic revenue was up 4.5% on a constant currency basis compared to the same period last year.
    Gross profit of $26.6 million, or 30.6% gross margin for the second quarter, was up 24.1%, from $21.4 million, or 32.1% gross margin, in the prior-year period. The second quarter gross margin of 30.6% was also up from the first quarter gross margin of 25.9%.
    Operating income of $4.5 million, or 5.2% operating margin for the second quarter, was down 37.6%, from $7.2 million, or 10.8% operating margin, in the prior-year period.
    Non-GAAP operating income was $12.3 million, or 14.2% margin, for the second quarter, up 24.2% from $9.9 million, or 14.9% margin, in the prior-year period.
    Adjusted EBITDA was $13.5 million for the second quarter, up from $11.0 million in the prior- year period and up from $8.6 million the first quarter of 2015.
    Net income per diluted share was $0.08 for the second quarter, compared with net income per diluted share of $0.17 in the prior-year period. Non-GAAP net income per diluted share was $0.32 for the second quarter of 2015, compared with $0.25 for the prior-year period.

Cincinatti - CECO Environmental Corp. (CECE), a leading global environmental, energy and fluid handling technology company, today reported its financial results for the second quarter of 2015.

Revenue in the second quarter of 2015 was $87.0 million, up 30.5% from revenue of $66.6 million in the prior-year's second quarter. Recent acquisitions contributed $21.2 million of revenue in the second quarter of 2015. Organic revenue was flat on a constant currency basis compared to second quarter last year.

Revenue in the first six months of 2015 was $167.9 million, up 35.6% from revenue of $123.8 million in the prior-year period. Recent acquisitions contributed $41.7 million of revenue in the first six months of 2015. Organic revenue was up 4.5% for the first six months of 2015 compared to the prior-year period.

Operating income was $4.5 million for the second quarter of 2015 compared to $7.2 million in the prior- year period, and $3.0 million sequentially for the first quarter of 2015.  Operating income on a non-GAAP basis was $12.3 million for the second quarter of 2015 compared to $9.9M in the prior-year period.

Operating income in the first six months of 2015 was $7.5 million compared to $12.7 million in the prior- year period.  Operating income on a non-GAAP basis in the first six months of 2015 was $19.8 million compared to $18.1 million in the prior-year period.

Cash and cash equivalents were $17.1 million and bank debt was $111.7 million as of June 30, 2015 compared to $19.4 million and $114.2 million, respectively, as of December 31, 2014.

BACKLOG AND BOOKINGS
Total backlog at June 30, 2015 was $140.3 million as compared with $140.1 million on December 31, 2014, and $153.0 million on March 31, 2015.

Bookings were $168.5 million in the first six months of 2015, compared to $121.3 million in the first six months of 2014, an increase of 38.9%.  Bookings increased 4% on an organic basis versus last year. Bookings were $74.6 million in the second quarter of 2015, compared to $57.7 million in the prior-year period.

QUARTERLY DIVIDEND
On August 5, 2015, CECO's Board of Directors approved a quarterly dividend of $0.066 per share. The dividend will be paid on September 30, 2015 to all stockholders of record at the close of business on September 18, 2015. CECO initiated a Dividend Reinvestment Plan ("DRIP") in 2012 that provides for the voluntary reinvestment of dividends by its stockholders.

OPERATIONAL SUMMARY
"We are pleased with CECO's overall results for the second quarter 2015 as we executed on our core objectives and drove a meaningful improvement in margins compared to the first quarter of 2015. Our margins benefited from solid performances in many areas of our businesses including better aftermarket mix in all areas and solid performances from our Fluid Handling and Energy segments." said Jeff Lang, Chief Executive Officer of CECO. "We continue to focus on our Sales Excellence and OneCECO initiatives, which helped drive year-to-date organic revenue growth on a constant currency basis. We achieved several important milestones in the second quarter of 2015 including significant margin improvement, non-GAAP EPS growth and successfully completing the integration of our  2014 acquisitions."

Jeff Lang also commented, "I am especially encouraged by the performance of the businesses we acquired in 2014 which have generated strong results for the first half of 2015.  CECO China also remains a key part of our plan and despite their slower economy, we have excellent growth opportunities including expanding our product offering in existing sales channels, pursuing aftermarket revenue and developing a stronger design presence in the region. Overall, I am excited about the growth opportunities in 2015 and beyond as we leverage our strengthened platform to drive shareholder value and grow our business.  I am also very excited in anticipation of the closing of the PMFG transaction, which is expected to occur in September 2015 and which we expect to further enhance shareholder value."


ABOUT CECO ENVIRONMENTAL

CECO  Environmental  is  a  leading  global  environmental,  energy  and  fluid  handling  technology company.  Through its well-known brands, CECO provides a wide spectrum of products and services including dampers & diverters, cyclonic technology, thermal oxidizers, filtration systems, scrubbers, exhaust systems, fluid handling equipment and plant engineered services and engineered design build fabrication.  These  products  play  a  vital  role  in  helping  companies  achieve  exacting  production standards, meeting increasing plant needs and stringent emissions control regulations around the globe. CECO believes that it globally serves the broadest range of markets and industries including power, municipalities, chemical, industrial manufacturing, refining, petrochemical, metals, minerals & mining, hospitals and universities.  CECO is focused on building long-term shareholder value by bringing its unique technology, portfolio and operational excellence to strategic key growth markets around the world, while maintaining the highest standards of employee development, project execution and safety leadership. CECO is listed on NASDAQ under the ticker symbol "CECE" and is a member company of the Russell 2000 Index. For more information on CECO Environmental, please visit the company's website at www.cecoenviro.com.

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