These Analysts Boost Their Forecasts On CECO Environmental After Upbeat Q4 Results

CECO Environmental Corp CECO posted better-than-expected fourth-quarter financial results and raised guidance on Tuesday.

CECO Environmental posted adjusted earnings of 28 cents per share, beating market estimates of 24 cents per share. The company’s quarterly sales came in at $153.71 million versus expectations of $146.61 million, according to data from Benzinga Pro.

“We continued to deliver successful results during the fourth quarter as our operating model produced record-breaking revenues, gross profits and adjusted EBITDA as well as strong free cash flow. We exit 2023 with a strong backlog and enter 2024 with a significant sales pursuit pipeline,” said CECO Chief Executive Officer, Todd Gleason. “I am pleased our results continue to be driven by balanced contributions from across our portfolio and that our growth continues to be sustained by double-digit organic sales increases, supported by accretive, programmatic M&A execution.”

CECO Environmental said it now sees 2024 revenue of $590 million to $610 million, versus previous forecast of $575 million to $600 million. The company projects adjusted EBITDA to be $67 million to $70 million versus previous outlook of $65 million to $70 million.

CECO Environmental shares fell 17.9% to close at $18.81 on Tuesday.

These analysts made changes to their price targets on CECO Environmental after the company reported quarterly results.

• HC Wainwright & Co. raised the price target on CECO Environmental from $22 to $30. HC Wainwright & Co. analyst Amit Dayal maintained a Buy rating.
• Needham boosted the price target on CECO Environmental from $22 to $23. Needham analyst James Ricchiuti maintained a Buy rating.

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