10.08.16

Ceco Environmental: Q2 Results

Die US-amerikanische Ceco Environmental meldet einen Umsatzrekord im zweiten Quartal. 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 environmental, energy, environmental, and industrial technology company, reported its financial results for the second quarter of 2016.

Second Quarter 2016 Highlights*

    Record revenue of $112.3 million, up 29%
    Gross profit of $33.9 million, up 27%
    Record operating income of $8.6 million, up 91%; non-GAAP operating income of $13.0 million
    Net income per diluted share of $0.12; Non-GAAP net income per diluted share of $0.21
    Net income of $4.0 million; Non-GAAP net income of $7.3 million
    Adjusted EBITDA of $15.5 million, up 15%
    Bookings of $108.8 million, up 46%
    Backlog of $224.7 million, up 60%
    Record net cash provided by operating activities of $34.7 million
    Debt repayment of $18.3 million
    * All changes are versus the comparable prior-year period.

CECO's Chief Executive Officer Jeff Lang stated, "I am encouraged with our operational progress, especially our bookings of $108.8 million in the quarter and $228.9 million year-to-date, representing organic bookings growth of 16.0% and 4.5%, respectively. During the quarter, we delivered sequential operating margin expansion and record net cash provided by operating activities, allowing us to significantly pay down debt ahead of schedule. We have fully completed the integration of our Peerless acquisition and have exceeded the promised operational and overall business synergies, more than one year ahead of schedule, with $18.0 million in total operating cost-out synergies. 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."

"While we anticipate some macroeconomic headwinds in a few markets and regions for the remainder of the year, we are confident that the actions taken in 2015 and the first half of 2016, coupled with our diversity of end markets, geographies and revenue streams, provide 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 second quarter of 2016 was $112.3 million, up 29.1% from $87.0 million in the prior-year period. Recent acquisitions (1) contributed $25.0 million of revenue in the second quarter of 2016.

Operating income was $8.6 million for the second quarter of 2016 (7.7% margin), compared with $4.5 million in the prior-year period (5.2% margin).  Operating income on a non-GAAP basis was $13.0 million for the second quarter of 2016 (11.6% margin), compared with $12.3 million in the prior-year period (14.1% margin).

Net income was $4.0 million for the second quarter of 2016, compared with $2.1 million in the prior-year period.  Net income on a non-GAAP basis was $7.3 million for the second quarter of 2016, compared with $8.5 million in the prior-year period.

Net income per diluted share was $0.12 for the second quarter of 2016, compared with net income per diluted share of $0.08 in the prior-year period. Non-GAAP net income per diluted share was $0.21 for the second quarter of 2016, compared with $0.32 for the prior-year period.

Cash and cash equivalents were $56.6 million and bank debt was $152.5 million as of June 30, 2016, compared with $34.2 million and $177.3 million, respectively, as of December 31, 2015.

BACKLOG AND BOOKINGS
Total backlog at June 30, 2016 was $224.7 million compared with $211.2 million on December 31, 2015 and $140.6 million on June 30, 2015.

Bookings were $108.8 million for the second quarter of 2016, compared with $74.6 million in the prior year, an increase of 46%.  Bookings were $228.9 for the first half of 2016 as compared with $168.5 for the prior-year period.

YEAR-TO-DATE RESULTS
Revenue in the first half of 2016 was $215.4 million, up 28.3% from $167.9 million in the prior-year period. Recent acquisitions(1) contributed $49.9 million of revenue in the first half of 2016.

Operating income was $14.4 million for the first half of 2016 (6.7% margin), compared with $7.5 million in the prior-year period (4.5% margin).  Operating income on a non-GAAP basis was $23.9 million for the first half of 2016 (11.1% margin), compared with $19.8 million in the prior-year period (11.8% margin).

Net income was $7.1 million for the first half of 2016, compared with $2.3 million in the prior-year period.  Net income on a non-GAAP basis was $13.4 million for the first half of 2016, compared with $14.2 million in the prior-year period.

Net income per diluted share was $0.21 for the first half of 2016, compared with $0.09 in the prior-year period. Non-GAAP net income per diluted share was $0.39 for the first half of 2016, compared with $0.53 in the prior-year period.

QUARTERLY DIVIDENDS
On August 8, 2016, CECO's Board of Directors approved a quarterly dividend of $0.066 per share.  The dividend will be paid on September 30, 2016 to all stockholders of record on close of business on September 16, 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 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, 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 http://www.cecoenviro.com
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