CECO Environmental Reports Fourth Quarter and Full Year 2024 Results

Core Viewpoint - CECO Environmental Corp. reported record bookings of $219 million in Q4 2024, leading to a year-end backlog of $541 million, and reaffirmed its full-year 2025 outlook with expected revenue growth of approximately 30% year-over-year [1][9][10]. Summary by Relevant Sections Highlights for the Quarter - Fourth quarter operating income was $11.3 million, down 11% from $12.7 million in Q4 2023. Adjusted non-GAAP operating income was $15.6 million, down 4% from $16.3 million [5]. - Net income for the quarter was $4.9 million, an increase of 26% compared to $3.9 million in Q4 2023. Non-GAAP net income was $9.9 million, down 2% from $10.1 million [5]. - Adjusted EBITDA was $19.0 million, reflecting a margin of 12.0%, down 2% from $19.4 million in Q4 2023 [5]. Highlights for the Year - Full year operating income was $35.4 million, up from $34.6 million in 2023. Adjusted non-GAAP operating income increased to $49.4 million from $48.1 million [6]. - Total revenue for the year was $557.9 million, a 2% increase from $544.8 million in 2023. Gross profit rose to $196.1 million, up 15% from $171.0 million [6]. - The company completed three acquisitions, enhancing its market leadership in the Industrial Air sector [6]. 2025 Full Year Guidance - CECO maintains its 2025 revenue outlook of $700 to $750 million, representing a year-over-year increase of approximately 30% at the midpoint. Adjusted EBITDA is expected to be between $90 to $100 million, up approximately 50% at the midpoint compared to 2024 [9][10]. - The guidance reflects strong visibility from the record backlog and robust bookings, alongside the impact of recent acquisitions [10]. Strategic Initiatives - The company has completed four strategic acquisitions in the past six months, including Profire Energy, which are expected to enhance growth markets and service capabilities [8]. - CECO upgraded its credit facility to include a $400 million revolver and anticipates finalizing the sale of its Fluid Handling Business in late Q1 2025 [8].