CECO Environmental Corp. (NASDAQ:CECO) has released its financial results for the first quarter of 2024, showcasing notable growth in orders and revenues, despite a dip in net income.
For the quarter ending March 31, 2024, CECO reported orders totalling $145.3 million and a backlog that rose by 9% to $389.5 million.
Revenue for the period increased by 12% to $126.3 million, underscoring strong demand for the company's eco-focused products and services.
While net income for the quarter fell by 25% to $1.5 million, adjusted non-GAAP net income increased by 11% to $4 million.
Additionally, the company also reported GAAP diluted earnings per share (EPS) of $0.04 and non-GAAP diluted EPS of $0.11.
Meanwhile, adjusted EBITDA showed a significant improvement, up 36% to $13.2 million.
Looking forward, CECO remains optimistic about its financial outlook for 2024, maintaining its revenue guidance at between $590 to $610 million.