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CECO Environmental Corp. (NASDAQ: CECO) is a diversified global provider of engineered technologies for environmental, energy, and fluid handling and filtration industrial segments. With a focus on niche markets and an asset-light business model, CECO operates through two main segments: Engineered Systems and Industrial Process Solutions. The company's solutions cater to a variety of industries, including power generation, refinery, wastewater treatment, petrochemical, food and beverage, semiconductor, and electric vehicle production.
Founded in 1966 and headquartered in Dallas, Texas, CECO boasts over 50 years of expertise and innovation in air quality improvement, energy optimization, and custom solutions for complex industrial applications. The company's well-respected brands and technologies are recognized globally for their reliability and effectiveness.
CECO's recent acquisition of Kemco Systems, a leader in industrial water recycling and energy conservation, marks a significant expansion in the company's capabilities and market reach. This acquisition is part of CECO's strategic growth plan, which includes a focus on increasing recurring revenue from aftermarket products and services.
Financially, CECO has shown strong performance, with updated guidance for 2023 projecting revenues between $525 million and $550 million, and adjusted EBITDA between $55 million and $57 million. The company's revenue has been bolstered by a backlog of $394 million, indicating sustained growth and market demand.
CECO's commitment to environmentally sustainable solutions, coupled with its strategic acquisitions and robust financial health, positions it as a leader in industrial environmental technologies. For more information, visit www.cecoenviro.com.
CECO Environmental (Nasdaq: CECO) announced the expiration of the Hart-Scott-Rodino Antitrust Improvements Act waiting period for its tender offer to acquire Profire Energy (Nasdaq: PFIE). The HSR waiting period expired on November 15, 2024, at 11:59 p.m. Eastern Time, fulfilling one of the key conditions for the acquisition.
The tender offer remains subject to other conditions, including the requirement that a majority of PFIE's outstanding common stock shares be tendered. The offer and withdrawal rights are set to expire on December 31, 2024, at one minute after 11:59 p.m. Eastern Time, unless extended.
CECO Environmental has initiated a cash tender offer to acquire all outstanding shares of Profire Energy at $2.55 per share, representing a transaction valued at approximately $125 million. The offer price represents a 60.3% premium to the 30-day volume-weighted average price and a 46.5% premium over PFIE's closing price on October 25, 2024. The tender offer will expire on December 31, 2024, and is contingent upon stockholders tendering at least a majority of PFIE's outstanding shares. Upon completion, PFIE will become a wholly owned subsidiary of CECO and will cease to be publicly traded.
CECO Environmental (Nasdaq: CECO) has announced its participation in two upcoming investor conferences. The company will present at Baird's Global Industrials Conference in Chicago on November 12, 2024, at 10:15 am CT, and at the 16th Annual Southwest IDEAS Conference in Dallas on November 21, 2024, at 2:45 pm CT. Management will conduct meetings throughout both conference days. The presentations will be accessible through the Investor Relations section of CECO's website.
CECO Environmental reported mixed Q3 2024 results with record bookings but lower revenue and income due to customer-driven project delays. Orders reached $162.3 million (up 12%), while revenue decreased to $135.5 million (down 9%). Net income fell 36% to $2.1 million. The company announced two significant acquisitions: WK, completed in October, and Profire Energy for $125 million, expected to close by January 2025. CECO updated its FY2024 guidance to revenue between $575-600 million and introduced FY2025 outlook projecting revenue of $700-750 million.
CECO Environmental Corp. (CECO) has announced a definitive agreement to acquire Profire Energy in an all-cash transaction valued at $125 million. The deal offers $2.55 per share, representing a 46.5% premium over Profire's closing price. Profire, a leader in burner management technology and combustion control systems, projects 2024 sales exceeding $60 million with adjusted EBITDA margins of approximately 20%. The acquisition aims to expand CECO's leadership in environmental solutions for industrial markets, leveraging Profire's installed base of nearly 100,000 burner management systems. The transaction is expected to close in Q1 2025, subject to customary conditions.
CECO Environmental Corp. (Nasdaq: CECO) has upsized its credit facility to $400 million, a significant increase from the existing $246 million aggregate capacity. This expanded senior secured revolving credit facility comes with a five-year term and an option to increase by an additional $125 million. The move is aimed at strengthening CECO's financial resources to pursue both organic and inorganic growth opportunities in global markets.
Peter Johansson, CECO's Chief Financial and Strategy Officer, highlighted that this expansion provides greater financial agility and reinforces the company's commitment to executing growth plans effectively. The credit facility involves several financial institutions, with Bank of America, N.A. serving as the Administrative Agent, and BofA Securities, Inc. and TD Securities as Joint Lead Arrangers.
CECO Environmental Corp. (Nasdaq: CECO), a leading environmentally focused, diversified industrial company, has announced that it will release its third quarter 2024 financial results on October 29, 2024, before the market opens. The company will host an earnings call at 8:30 a.m. Eastern Time (7:30 a.m. CT) on the same day.
Investors can access the financial results and presentation on CECO's website at www.cecoenviro.com. The earnings call will be available via webcast at https://edge.media-server.com/mmc/p/4ui844vi. Participants can register for dial-in information and a unique pin at https://register.vevent.com/register/BI76b0c5bac3f448b6b1a734e15bff87ec. A replay of the conference call will be available on the company's website shortly after the live webcast concludes.
CECO Environmental Corp. (Nasdaq: CECO), a leading environmentally focused industrial company, has announced its participation in three upcoming investor conferences. The company's management will present at the following events:
- 15th Annual Midwest IDEAS Conference in Chicago on August 29, 2024
- Jefferies Industrials Conference in New York on September 5, 2024
- Lake Street Investor Conference in New York on September 12, 2024
These presentations will be accessible on the Investor Relations section of CECO's website at www.cecoenviro.com. CECO Environmental specializes in providing solutions that protect people, the environment, and industrial equipment.
CECO Environmental Corp. (Nasdaq: CECO) reported strong Q2 2024 results, with record revenue, gross profits, gross margins, and EBITDA. Key highlights include:
- Revenue of $137.5 million, up 6%
- Gross profit of $49.0 million, up 23%
- Net income of $4.5 million, up 22%
- Adjusted EBITDA of $16.1 million, up 18%
CECO also announced the acquisition of EnviroCare International (ECI), a designer and supplier of industrial exhaust air contamination treatment systems. The company raised its 2024 full-year guidance, projecting revenue between $600-$620 million and adjusted EBITDA between $68-$72 million.
CECO Environmental Corp. (Nasdaq: CECO), a leading environmentally focused, diversified industrial company, has announced its plans to release second quarter 2024 financial results on July 30, 2024, before the market opens. The company will host an earnings call at 8:30 a.m. Eastern Time (7:30 a.m. CT) on the same day.
Investors and interested parties can access the financial results and presentation on CECO's website at www.cecoenviro.com. The earnings call will be available via webcast, and participants can register to receive dial-in information and a unique PIN. A replay of the conference call will be made available on the company's website shortly after the live webcast concludes.
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