11.05.16

Ceco Environmental: Q1 Results

Die US-amerikanische Ceco Environmental hat eine starke Zwischenbilanz für das erste Quartal vorgelegt. 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.

Highlights of the First Quarter 2016*

    Revenue of $103.2 million, up 27%
    Gross profit of $31.6 million, up 50%; Gross margin of 30.6%
    Operating income of $5.8 million, up 95%; Operating margin of 5.6%
    Non-GAAP Operating income of $10.9 million; Non-GAAP Operating margin of 10.6%
    Net income of $3.1 million, compared to net income of $0.2 million
    Non-GAAP net income of $6.1 million, compared with non-GAAP net income of $5.7 million
    Net income per diluted share of $0.09, compared with net income per diluted share of $0.01
    Non-GAAP net income per diluted share of $0.18, compared with non-GAAP net income per diluted share of $0.21
    Bookings of $120.1 million, up 28%
    Backlog of $228.1 million, up 49%
    Adjusted EBITDA of $12.7 million, up 48%
    Debt repayment of $7.1 million

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

CECO Environmental Corp. (CECE), a leading global environmental, energy and fluid handling technology company, reported its financial results for the first quarter of 2016.

"Despite some ongoing macroeconomic challenges continuing into 2016, we recorded bookings of $120 million in the quarter, resulting in backlog of $228 million, both of which are all-time records for CECO.  We also delivered margin expansion, strong free cash flow and significant debt pay down. I am very pleased we have now fully completed the integration of our Peerless acquisition in less than nine months since the closing of the transaction.  We have not only fully achieved the promised operational and overall business synergies of $15 million more than one year ahead of schedule, but we now expect to achieve $18 million in total synergies.  As a result, Peerless' adjusted EBITDA was $5 million for the first quarter of 2016 versus an operating loss in their same quarter last year," said CEO Jeff Lang. "In addition, our continued focus on organic sales, recurring revenue growth, and working capital initiatives enabled debt repayment and a reduction in our leverage ratios.  Lastly, we are very pleased that our sequential bookings grew from $100 million in the fourth quarter of 2015 to $120 million in the first quarter of 2016," said Jeff Lang.

"While we anticipate some macroeconomic shifting in a few markets and regions for the remainder of the year, we are confident that the actions we took in 2015 and our diversity of end markets, geographies and revenue streams provide us with a foundation to drive profitable growth through various cycles. The direction and core of our business is fundamentally strong, and we have the right team in place to deliver earnings growth, margin expansion and sales improvement into the future," concluded Jeff Lang.

Revenue in the first quarter of 2016 was $103.2 million, up 27% from $81.0 million in the prior-year period. Recent acquisitions(1) contributed $24.9 million of revenue in the first quarter of 2016.

Operating income was $5.8 million for the first quarter of 2016 (5.6% margin), compared with $3.0 million in the prior-year period (3.7% margin).  Operating income on a non-GAAP basis was $10.9 million for the first quarter of 2016 (10.6% margin), compared with $7.5 million in the prior-year period (9.3% margin).

Net income was $3.1 million for the first quarter of 2016, compared with $0.2 million in the prior year period.  Net income on a non-GAAP basis was $6.1 million for the first quarter of 2016, compared with $5.7 million in the prior-year period.

Net income per diluted share was $0.09 for the first quarter of 2016, compared with net income per diluted share of $0.01 in the prior-year period. Non-GAAP net income per diluted share was $0.18 for the first quarter of 2016, compared with $0.21 for the prior-year period.

Cash and cash equivalents were $33.4 million and bank debt was $170.6 million, as of March 31, 2016, compared with $34.2 million and $177.3 million, respectively, as of December 31, 2015.

BACKLOG AND BOOKINGS

Total backlog at March 31, 2016 was $228.1 million as compared with $211.2 million on December 31, 2015, and $153.0 million on March 31, 2015.

Bookings were $120.1 million for the first quarter of 2016, compared with $93.9 million in the prior year, an increase of 28%.  Bookings were $100.3 million in the fourth quarter of 2015.

QUARTERLY DIVIDENDS

On May 6, 2016, CECO's Board of Directors approved a quarterly dividend of $0.066 per share.  The dividend will be paid on June 30, 2016 to all stockholders of record on close of business on June 18, 2016.  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 environmental, energy, and fluid handling and filtration 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, refinery & petrochemical engineered cyclones and mid-stream energy pipeline gas transmission. CECO is listed on Nasdaq under the ticker symbol "CECE." For more information, please visit www.cecoenviro.com
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