CECO Environmental Boosts FY23 Revenue Outlook As Q2 Revenue Tops Estimates

(RTTNews) - CECO Environmental Corp. (CECO) reported Tuesday the net income attributable to CECO for the second quarter declined to $3.72 million or $0.11 per share from $4.39 million or $0.13 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $0.15 per share, compared to $0.18 per share in the year-ago quarter.

Revenues for the quarter increased 23 percent to $129.18 million from $105.38 million in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.15 per share on revenues of $117.77 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2023, the company now projects revenues between $500 million and $525 million, up from the prior forecast for revenues greater than $485 million.

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