Here's Why CECO Environmental Stock Hit A New 52-Week High Tuesday

CECO Environmental Corp. CECO shares are trading higher by 9.32% to $13.26 during Tuesday's session after the company announced it expects fourth-quarter orders to exceed $145 million.

What Happened?

The company Tuesday announced it expects orders for the fourth quarter of 2022 to exceed $145 million, an increase of at least $55 million, or 60%, over the prior-year quarter and $43 million, or 42 percent, on a sequential basis. Per the company, this order figure provides CECO with year-end backlog at or near record levels.

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"We are communicating CECO's strong fourth quarter 2022 orders ahead of our full earnings report in early March because we want to share the quantifiable uplift in orders and the steady market opportunities that currently exist for CECO," said Todd Gleason, Chief Executive Officer, CECO.

"These orders demonstrate CECO's position in growing markets as we provide leading solutions to address industrial air, industrial water and the energy transition."

According to data from Benzinga Pro, CECO has a 52-week high of $13.62 and a 52-week low of $4.09.