Ceco Environmental cuts FY24 revenue view to $555M-$558M from $575M-$600M

FY24 consensus $577.33M. Cuts FY24 adjusted EBITDA view to $62M-$63M from $65M-$70M. Fourth quarter and full year revenue and adjusted EBITDA softness were driven primarily from continued impacts related to delays of customer-driven projects. Orders for the fourth quarter 2024 are expected to be at or above $210M, which sets a new company record for bookings and backlog levels. “Missing our 2024 outlook is disappointing – especially given the tremendous orders growth we achieved in the second half of the year,” said Todd Gleason, CECO‘s CEO. “The multi-quarter, customer-driven, project delays did abate late in the year, but not in enough time for our teams to recognize the expected revenue levels from key projects. The revenues from these projects and the associated income will roll into 2025, which, along with our record orders achieved in 2024, adds even more conviction to our 2025 full year outlook. We remain very pleased with our margin expansion progress and our tremendous sales pipeline in energy transition and general industrial markets. We look forward to providing more detail on our 2024 performance and 2025 outlook when we release our full earnings report next month.”