Q3 2024 CECO Environmental Corp Earnings Call Transcript
Key Points
- CECO Environmental Corp (CECO) achieved record bookings of over $160 million in Q3, marking the highest for any Q3 in company history.
- The company's backlog reached a new record level of $438 million, surpassing the $400 million mark for the first time.
- CECO Environmental Corp (CECO) announced two strategic acquisitions, WK Group and Profire Energy, which are expected to expand their portfolio and unlock new industrial and geographic markets.
- The company is forecasting a strong finish for 2024 with October expected to be a record month for orders, setting up a positive outlook for 2025.
- CECO Environmental Corp (CECO) is projecting significant growth for 2025, with revenue expected to increase by 25% and adjusted EBITDA by 40% year-over-year.
- CECO Environmental Corp (CECO) experienced softer than expected Q3 revenues due to customer-driven delays in large projects.
- The company had to adjust its 2024 revenue and EBITDA guidance back to original levels due to these delays.
- There is a wider range in the 2025 guidance due to uncertainties in project execution and timing.
- The company faced challenges with working capital timing and higher capital expenses, impacting cash flow.
- Supply chain and resource availability issues continue to pose challenges, affecting project timelines and execution.
Good morning, and welcome to the CECO Environmental third-quarter 2024 earnings call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Steven Hooser, Investor Relations. Please go ahead.
Thank you, Liz, and thank you for joining us on the CECO Environmental third-quarter 2024 earnings call. On the call with me today is Todd Gleason, Chief Executive Officer; and Peter Johansson, Chief Financial and Strategy Officer. Before we begin, I'd like to note that we have provided a slide presentation to help guide our discussion. This call is being webcast along with our earnings presentation, which is on our website at cecoenviro.com.
The presentation materials can be accessed through the Investor Relations section of the site. I'd also like to caution investors regarding our forward-looking statements. Any statements made in today's presentation that are not based on historical fact are forward-looking statements. Such statements are
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