The purchase a few weeks ago was worthwhile and I remain invested.
Strong first quarter results, highlighted by a 97% increase in orders and a backlog that reached 1 billion euros.
US dollars the largest natural gas order in the company's history was placed in April 2026
booked - the company raises its forecast for the full year 2026
ADDISON, Texas, April 28, 2026 (GLOBE NEWSWIRE) - CECO Environmental Corp (Nasdaq: CECO) ("CECO"), a leading environmentally-focused diversified industrial company whose solutions protect people, the environment and industrial equipment, today announced its financial results for the first quarter of 2026 and an update on the proposed merger with Thermon Group Holdings, Inc. ("Thermon").
Highlights of the quarter(1)
- Orders of 449.5 million US dollars, an increase of 97 percent
- Backlog of 1,035.1 million US dollars, an increase of 72 percent
- Sales of 205.9 million US dollars, an increase of 17 percent
- Gross profit of USD 63.9 million, an increase of 3 percent; gross margin of 31.0 percent
- Net loss of USD 0.4 million, a decrease of 101 percent; non-GAAP net income of USD 13.9 million, an increase of 297 percent
- GAAP EPS (diluted) of $(0.01); non-GAAP EPS (diluted) of $0.36
- Adjusted EBITDA of $20.4 million, an increase of 46 percent
- Free cash flow of $15.7 million, a decrease of 4 percent
(1) All comparisons are to the comparable prior year period unless otherwise noted.
Reconciliations of GAAP (reported) to non-GAAP measures are included in the accompanying financial tables.
Todd Gleason, CEO of CECO, commented, "I am pleased to highlight the tremendous topline growth and steady EBITDA margin expansion we continue to deliver at CECO. This is the first time our quarter-end backlog has exceeded $1 billion, reflecting our incredible book-to-bill ratio of 2.2 in the first quarter. We continue to secure strategic, large-scale projects to enable the expansion of natural gas power generation to support a tremendous global investment in power needs for data centers, artificial intelligence, industrial reshoring and electrification. This strong momentum continued through April 2026 as we have already booked approximately $450 million in new orders, including the largest order ever in the natural gas power market, putting our second quarter bookings on track to significantly exceed the record we just set in the first quarter."
(Full report at the link)
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