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Ceco Environmental: Q4 & full year 2016 Results

Die US-amerikanische Ceco Environmental hat Umsatz und Gewinn in 2016 gesteigert. Wir veröffentlichen die Mitteilung des Umweltdienstleisters mit den Zahlen 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.

Fourth Quarter 2016 Highlights*

    Revenue of $100.0 million, down 1.3%
    Gross profit of $35.7 million, up 15.9%
    Gross margin of 35.7%, up 530 basis points
    GAAP net loss of $ 51.2 million, or $1.49 per share
    Non-GAAP net income of $12.0 million, or $0.35 per share
    Adjusted EBITDA of $16.3 million

Full-Year 2016 Highlights*

    Revenue of $417.0 million, up 13.5%
    Gross profit of $134.9 million, up 23.6%
    Gross margin of 32.3%, up 260 basis points
    GAAP net loss of $38.2 million, or $1.12 per share
    Non-GAAP net income of $ 33.5 million, or $0.99 per share
    Adjusted EBITDA of $60.6 million

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

CECO's Interim Chief Executive Officer Dennis Sadlowski commented, "I am very excited to be leading CECO during this transformative stage of its history.  The entire CECO team is keenly focused on customers, innovation and growth. We plan to capitalize on CECO's deep application knowledge base, asset-light business model and experienced management team. By combining a renewed outside-in focus with customers, along with a strategic refresh, I expect that CECO will be able to generate organic growth and shareholder value. I am also encouraged by CECO's ongoing operational excellence, which resulted in record gross profit and gross margin. We also continued our focus on reducing debt with an additional $10.1 million debt repayment in the fourth quarter of 2016 resulting in a total debt repayment in 2016 of $49.7 million."

Mr. Sadlowski continued, "While we anticipate a challenging macroeconomic environment in 2017, I am confident that CECO's diversity of technologies, end markets and multiple geographies provide the foundation for a strong future. CECO's business is driven in large part by global GDP and not regulatory requirements. As such, leveraging our large installed base, creating value-added innovations and investing in our world-class original equipment in order to maintain a leading-edge solution for our customers, should facilitate our growth in the future.  The direction and core of our business is fundamentally sound, and we have a committed, talented management team in place to deliver long-term value to our shareholders.  Sharpening our strategy to focus on customers and end markets, will enable the Company to effectively pivot forward into a new phase of growth."

FOURTH QUARTER RESULTS
Revenue in the fourth quarter of 2016 was $100.0 million, down 1.3% from $101.3 million in the prior-year period.

Operating loss was $50.4 million for the fourth quarter of 2016, compared with operating loss of $0.3 million in the prior-year period.  Non-GAAP operating income was $14.7 million for the fourth quarter of 2016 (14.7% margin), compared with $10.1 million in the prior-year period (10.0% margin).

Net loss was $51.2 million for the fourth quarter of 2016, compared with net loss of $3.1 million in the prior-year period.  Non-GAAP net income was $12.0 million for the fourth quarter of 2016, compared with non-GAAP net income of $6.0 million in the prior-year period.  Net loss per diluted share was $1.49 for the fourth quarter of 2016, compared with net loss per diluted share of $0.09 in the prior-year period. Non-GAAP net income per diluted share was $0.35 for the fourth quarter of 2016, compared with non-GAAP net income per diluted share of $0.18 for the prior-year period.

A goodwill and intangible asset impairment charge of $57.9 million ($55.3 million on an after-tax basis) was recorded in the fourth quarter of 2016. This non-cash item relates to goodwill and intangibles, primarily with respect to the Met-Pro acquisition that was completed in 2013.

Cash and cash equivalents were $45.8 million and bank debt was $126.4 million as of December 31, 2016, compared with $34.2 million and $181.6 million, respectively, as of December 31, 2015. We repaid $10.1 million of term debt in the fourth quarter of 2016 and $49.7 million in the year ended December 31, 2016.

BACKLOG AND BOOKINGS
Total backlog at December 31, 2016 was $197.0 million compared with $211.2 million on December 31, 2015 and $219.3 million on September 30, 2016.

Bookings were $77.7 million for the fourth quarter of 2016, compared with $100.3 million in the prior-year period.  Bookings were $402.8 million for the full year 2016 as compared with $358.0 million for the prior year.

YEAR-TO-DATE RESULTS
Revenue for the full year 2016 was $417.0 million, compared with $367.4 million in the prior year. Recent acquisitions(1) contributed $60.9 million of incremental revenue in 2016 over 2015.

Operating loss was $25.6 million for full year 2016, compared with operating income of $4.9 million in the prior year.  Non-GAAP operating income was $52.7 million for full year 2016 (12.6% margin), compared with non-GAAP operating income of $42.8 million in the prior year (11.6% margin).

Net loss was $38.2 million for full year 2016, compared with net loss of $5.6 million in the prior year.  Non-GAAP net income was $33.5 million for full year 2016, compared with non-GAAP net income of $28.0 million in the prior year.  Net loss per diluted share was $1.12 for full year 2016, compared with a net loss per diluted share of $0.19 in the prior year. Non-GAAP net income per diluted share was $0.99 for full year 2016, compared with non-GAAP net income per diluted share of $0.97 in the prior year.

QUARTERLY DIVIDENDS
On March 6, 2017, CECO's Board of Directors approved a quarterly dividend of $0.075 per share, an increase of 13.6% over the previous quarter.  The dividend will be paid on March 31, 2017 to all stockholders of record on close of business on March 17, 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 industrial segments, targeting specific niche-focused end markets through an attractive asset-light business model, strategically balanced across the world. CECO targets its $5 billion+ of installed base, specifically to expand and grow a higher recurring revenue of aftermarket products and services. CECO's well respected brands, technologies and solutions have been evolving for well over 50 years to become leading-edge technologies in specific niche global end markets, including natural gas turbine power, mid-stream energy pipeline gas transmission, general industrial manufacturing, refinery & petrochemical engineered cyclones, metals, minerals & mining and water/wastewater. CECO is listed on Nasdaq under the ticker symbol "CECE." For more information, please visitwww.cecoenviro.com.

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

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