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Ceco Environmental (CECO)
NASDAQ:CECO
Earnings Data
Report Date
May 05, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.15Last Year’s EPS
0.1Same Quarter Last Year
Strong Buy
Based on 5 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a strong set of operational and financial achievements for CECO: record backlog, record revenues and bookings, significant adjusted EBITDA expansion, improved cash generation, a large and converting pipeline, and an accretive transformational merger with Thermon that materially enlarges scale and product mix. The primary negatives were manageable: earlier-year cash burn and one-time costs, a divestiture-related revenue headwind, pro forma leverage from the acquisition, transaction/integration execution risk, and unmodeled commercial synergies. Overall, the positive operational momentum, upgraded standalone guidance, substantial pipeline, and clear synergy roadmap for the merger outweigh the execution and leverage risks.Company Guidance
Record Backlog and Orders
Record backlog of $793M (approaching $800M), up ~47% year-over-year and 10% sequentially; Q4 orders $329M, up ~50% YoY; full-year bookings $1.064B, up ~60% YoY; book-to-bill ~1.5x in Q4 and ~1.4x for the full year.
Strong Revenue Growth and Record Revenue
Q4 revenue of $215M and full-year revenue of $774M (both company records); full-year revenue up ~39% YoY with ~25% of that growth organic; management also reported Q4 revenue growth around 35%.
Adjusted EBITDA Expansion and Margin Improvement
Q4 adjusted EBITDA $29.8M, up ~57% YoY with margin of 13.9% (improvement of ~180 basis points YoY); full-year adjusted EBITDA exceeded $90M, up ~44% YoY with ~40 basis points of margin expansion.
Robust Sales Pipeline and Early 2026 Momentum
Sales pipeline exceeds $6.5B; quarter-to-date (through Feb 24) bookings >$270M; already secured two large natural gas power orders exceeding ~$175M aggregate in early Q1 2026; management expects another record quarter start to 2026.
Upgraded 2026 Guidance (Standalone CECO)
Raised 2026 revenue guidance to $925M–$975M (previously $850M–$950M) and 2026 adjusted EBITDA outlook to $115M–$135M; management cites high visibility from record backlog and pipeline (implied revenue growth ~23% at midpoint and adjusted EBITDA growth ~38% at midpoint).
Cash Flow, Leverage and Liquidity Improvements
Full-year cash flow positive ~ $10M, up ~30% YoY; H2 2025 cash generation ~ $30M vs H1 consumption ~ $20M (tale of two halves); H2 cash conversion ~52%; year-end leverage ~2.2x and liquidity ~$124M; expecting incremental interest savings from covenant/loan improvements (~25–50 bps step downs, ~ $1.1M annualized benefit if gross debt stable).
Largest Ever Project Win
Booked largest-ever project ~ $135M for a large-scale natural gas power generation facility in Texas during the quarter.
Strategic Combination with Thermon
Announced transformational stock-and-cash merger with Thermon (total consideration ~ $2.2B); pro forma combined company revenues ~ $1.5B and adjusted EBITDA ~ $295M assuming ~$40M run-rate synergies (margins in the low-20s); Thermon brings ~ $520M revenue, ~85% short-cycle sales, ~45% gross margin and ~23% adjusted EBITDA margin; pro forma ownership ~ CECO 62.5% / Thermon 37.5%.
CECO Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
CECO Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 24, 2026 | $77.68 | $60.00 | -22.76% |
Oct 28, 2025 | $53.35 | $48.50 | -9.10% |
Jul 29, 2025 | $34.71 | $40.35 | +16.25% |
Apr 29, 2025 | $19.20 | $22.34 | +16.35% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Ceco Environmental (CECO) report earnings?
Ceco Environmental (CECO) is schdueled to report earning on May 05, 2026, Before Open (Confirmed).
What is Ceco Environmental (CECO) earnings time?
Ceco Environmental (CECO) earnings time is at May 05, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CECO EPS forecast?
CECO EPS forecast for the fiscal quarter 2026 (Q1) is 0.15.