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CECO Environmental

CECO Environmental Corp serves the energy, industrial, and other niche markets. The company operates through the Engineered Systems segment that serves the power generation, refinery, water/wastewater, and midstream oil and gas markets, and Industrial Process Solutions segment, which serves the broad industrial air pollution control, beverage can, fluid handling, electric vehicle production, food and beverage, semi-conductor, process filtration, pharmaceutical, petrochemical, wastewater treatment, wood manufacturing, desalination, and aquaculture markets. The majority of revenue is earned from the Engineered Systems Segment.

CECO Environmental Corp

CECONOMY ORD

CeCors Inc

Ceconomy AG

Profire Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PFIE#NASDAQ">PFIE</a>) shares are trading higher on Tuesday after the company inked a definitive deal under which CECO Environmental Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CECO#NASDAQ">CECO</a>) will acquire Profire in an all-cash transaction <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/g41593726/ceco-environmental-to-acquire-profire-energy-for-125-million" rel="noreferrer noopener">at a price of $2.55 per share</a>.
The offer price reflects a 46.5% premium over Profire&#8217;s October 25, 2024 closing share price of $1.74 and a 60.3% premium over its 30-day volume-weighted average price as of that date.
The offer will remain open for an initial period of 20 business days, with possible extensions as needed.
Approved unanimously by Profire&#8217;s Board, the transaction values Profire&#8217;s equity at roughly $125 million, with an enterprise value of approximately $108 million.
Following this, Profire&#8217;s common stock will be delisted from public markets. The transaction is expected to close in the first quarter of 2025.
For 2024, Profire projects sales exceeding $60 million with adjusted EBITDA margins of around 20%.
Todd Gleason, CECO&#8217;s Chief Executive Officer, said, &#8220;With an installed base approaching 100,000 burner management systems and a growing industrial market product offering, we look forward to accelerating their global market expansion and introducing their high-efficiency solutions to more customers in industrial air and water.&#8221;
Cameron Tidball and Ryan Oviatt, co-CEOs of Profire stated, &#8220;The combination of our well-established leadership in niche energy and industrial mission critical applications with CECO&#8217;s proven track record of acquiring and investing in companies to enhance their growth and create scale will unlock even more value for all constituents.&#8221;
As of September&nbsp;30, 2024, CECO&#8217;s cash and cash equivalents <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/g41594335/ceco-environmental-reports-third-quarter-2024-results" rel="noreferrer noopener">stood at $38.9 million</a>.
Price Action: PFIE shares are up 46.8% at $2.51 at the last check Tuesday.
Image via Shutterstock
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Why Is Profire Energy Stock Jumping Today?

WIIM

CECO Environmental shares are trading lower after the company reported worse-than-expected Q3 financial results and cut annual revenue outlook. CECO also acquired Profire Energy for $2.55/share in cash.

Guidance

CECO Environmental Expects FY25 Revenue Of $700M - $750M, Est $669.86M

CECO Environmental Cuts FY24 Full Year Revenue Guidance From $600M - $620M To $575M - $600M, Est $606.113M

CECO Environmental (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CECO#NASDAQ">CECO</a>) reported quarterly earnings of $0.14 per share which missed the analyst consensus estimate of $0.19 by 26.32 percent. The company reported quarterly sales of $135.51 million which missed the analyst consensus estimate of $154.65 million by 12.37 percent. This is a 9.29 percent decrease over sales of $149.39 million the same period last year.

Earnings

Earnings Misses

CECO Environmental Q3 2024 Adj EPS $0.14 Misses $0.19 Estimate, Sales $135.51M Miss $154.65M Estimate

The transaction, which has been unanimously approved by Profire's Board of Directors, implies an equity value of approximately $125 million and a total enterprise value for Profire of approximately $108 million.

CECO Environmental Agrees To Acquire Profire Energy In An All-cash Transaction At $2.55 Per Share

CECO Environmental (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CECO#NASDAQ">CECO</a>) is preparing to release its quarterly earnings on Tuesday, 2024-10-29. Here's a brief overview of what investors should keep in mind before the announcement.
Analysts expect CECO Environmental to report an earnings per share (EPS) of $0.19.
Anticipation surrounds CECO Environmental's announcement, with investors hoping to hear about both surpassing estimates and receiving positive guidance for the next quarter.
New investors should understand that while earnings performance is important, market reactions are often driven by guidance.
<h3>Overview of Past Earnings</h3>
Last quarter the company beat EPS by $0.04, which was followed by a 3.88% increase in the share price the next day.
Here's a look at CECO Environmental's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.16</td>
<td>0.11</td>
<td>0.24</td>
<td>0.18</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.20</td>
<td>0.11</td>
<td>0.28</td>
<td>0.22</td>
</tr>
<tr>
<td>Price Change %</td>
<td>4.0%</td>
<td>2.0%</td>
<td>7.000000000000001%</td>
<td>-5.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1730138500_0.png" alt="eps graph" />
<h3>CECO Environmental Share Price Analysis</h3>
Shares of CECO Environmental were trading at $26.77 as of October 25. Over the last 52-week period, shares are up 62.05%. Given that these returns are generally positive, long-term shareholders are likely bullish going into this earnings release. 
<h3>Analysts' Take on CECO Environmental</h3>
Understanding market sentiments and expectations within the industry is crucial for investors. This analysis delves into the latest insights on CECO Environmental.
The consensus rating for CECO Environmental is Buy, based on 5 analyst ratings. With an average one-year price target of $34.8, there's a potential 30.0% upside.
<h3>Understanding Analyst Ratings Among Peers</h3>
In this analysis, we delve into the analyst ratings and average 1-year price targets of Montrose Environmental Gr, BrightView Hldgs and Quest Resource Holding, three key industry players, offering insights into their relative performance expectations and market positioning.
<ul>
<li>As per analysts' assessments, Montrose Environmental Gr is favoring an Buy trajectory, with an average 1-year price target of $51.25, suggesting a potential 91.45% upside.</li>
<li>BrightView Hldgs is maintaining an Outperform status according to analysts, with an average 1-year price target of $15.55, indicating a potential 41.91% downside.</li>
<li>Analysts currently favor an Buy trajectory for Quest Resource Holding, with an average 1-year price target of $12.75, suggesting a potential 52.37% downside.</li>
</ul>
<h3>Insights: Peer Analysis</h3>
The peer analysis summary outlines pivotal metrics for Montrose Environmental Gr, BrightView Hldgs and Quest Resource Holding, demonstrating their respective standings within the industry and offering valuable insights into their market positions and comparative performance.

<table>
<thead>
<tr>
<th>Company</th>
<th>Consensus</th>
<th>Revenue Growth</th>
<th>Gross Profit</th>
<th>Return on Equity</th>
</tr>
</thead>
<tbody>
<tr>
<td>CECO Environmental</td>
<td>Buy</td>
<td>6.46%</td>
<td>$49.05M</td>
<td>1.92%</td>
</tr>
<tr>
<td>Montrose Environmental Gr</td>
<td>Buy</td>
<td>8.94%</td>
<td>$69.24M</td>
<td>-3.34%</td>
</tr>
<tr>
<td>BrightView Hldgs</td>
<td>Outperform</td>
<td>-3.55%</td>
<td>$177.60M</td>
<td>0.74%</td>
</tr>
<tr>
<td>Quest Resource Holding</td>
<td>Buy</td>
<td>-1.81%</td>
<td>$13.53M</td>
<td>-2.30%</td>
</tr>
</tbody>
</table>

Key Takeaway:
CECO Environmental ranks at the top for Revenue Growth among its peers. It is in the middle for Gross Profit. For Return on Equity, CECO Environmental is at the bottom compared to its peers.
<h3>All You Need to Know About CECO Environmental</h3>
CECO Environmental Corp serves the energy, industrial, and other niche markets. The company operates through the Engineered Systems segment that serves the power generation, refinery, water/wastewater, and midstream oil and gas markets, and Industrial Process Solutions segment, which serves the broad industrial air pollution control, beverage can, fluid handling, electric vehicle production, food and beverage, semi-conductor, process filtration, pharmaceutical, petrochemical, wastewater treatment, wood manufacturing, desalination, and aquaculture markets. The majority of revenue is earned from the Engineered Systems Segment.
<h3>Financial Insights: CECO Environmental</h3>
Market Capitalization: With restricted market capitalization, the company is positioned below industry averages. This reflects a smaller scale relative to peers.
Revenue Growth: CECO Environmental's revenue growth over a period of 3 months has been noteworthy. As of 30 June, 2024, the company achieved a revenue growth rate of approximately 6.46%. This indicates a substantial increase in the company's top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Industrials sector.
Net Margin: CECO Environmental's net margin surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 3.26% net margin, the company effectively manages costs and achieves strong profitability.
Return on Equity (ROE): The company's ROE is a standout performer, exceeding industry averages. With an impressive ROE of 1.92%, the company showcases effective utilization of equity capital.
Return on Assets (ROA): CECO Environmental's ROA surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 0.76% ROA, the company effectively utilizes its assets for optimal returns.
Debt Management: CECO Environmental's debt-to-equity ratio is below the industry average at 0.61, reflecting a lower dependency on debt financing and a more conservative financial approach.
<a href="https://www.benzinga.com/quote/CECO/earnings">To track all earnings releases for CECO Environmental visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Insights Ahead: CECO Environmental's Quarterly Earnings

Although U.S. stocks closed lower on Tuesday, there were a few notable insider trades.
When insiders purchase shares, it indicates their confidence in the company&#8217;s prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
Below is a look at a few recent notable insider purchases. For more, check out <a href="https://www.benzinga.com/sec/insider-trades/">Benzinga&#8217;s insider transactions</a> platform.
<h3 class="wp-block-heading">Elastic</h3>
<ul>
<li>The Trade: Elastic N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESTC#NYSE">ESTC</a>) Director Paul R. Auvil III acquired a total of 20,000 shares at  an average price of $74.25. To acquire these shares, it cost around $1.48 million.</li>
<li>What's Happening: On Aug. 29, Elastic reported quarterly earnings of 35 cents per share, which beat the analyst consensus estimate of 25 cents per share.</li>
<li>What Elastic Does: Elastic is a software company based in Mountain View, California, focusing on search-adjacent products.</li>
</ul>
<h3 class="wp-block-heading">U.S. Physical Therapy</h3>
<ul>
<li>The Trade: U.S. Physical Therapy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USPH#NYSE">USPH</a>) Director Kathleen A Gilmartin acquired a total of 2,000 shares at an average price of $86.09. To acquire these shares, it cost around $172,180.</li>
<li>What's Happening: On Aug. 13, US Physical Therapy posted downbeat quarterly earnings.</li>
<li>What U.S. Physical Therapy Does: US Physical Therapy Inc through its subsidiaries operates outpatient physical therapy clinics that provide pre-and post-operative care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and neurological-related injuries.</li>
</ul>
<h3 class="wp-block-heading">CECO Environmental</h3>
<ul>
<li>The Trade: CECO Environmental Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CECO#NASDAQ">CECO</a>) Director Richard F Wallman <a href="https://www.benzinga.com/sec/insider-trades/">bought a total of 10,000 shares</a> at an average price of $28.77. To acquire these shares, it cost around $1.98 million. The company's President and CEO also bought $287,722 shares.</li>
<li>What's Happening: On July 30, CECO Environmental reported worse-than-expected second-quarter revenue results and raised its FY24 revenue guidance above estimates.</li>
<li>What CECO Environmental Does: CECO Environmental Corp serves the energy, industrial, and other niche markets.</li>
</ul>
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Long Ideas

Insider Trades

Pre-Market Outlook

Markets

Trading Ideas

ESTC

USPH

$1.5M Bet On Elastic? Check Out These 4 Stocks Executives Are Buying

Analysts' ratings for CECO Environmental (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CECO#NASDAQ">CECO</a>) over the last quarter vary from bullish to bearish, as provided by 6 analysts.
The table below summarizes their recent ratings, showcasing the evolving sentiments within the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">5</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">5</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Providing deeper insights, analysts have established 12-month price targets, indicating an average target of $34.67, along with a high estimate of $35.00 and a low estimate of $34.00. This current average reflects an increase of 20.93% from the previous average price target of $28.67. 
<img src="https://www.benzinga.com/files/images/story/2024/1722513671_0.png" alt="price target chart" />
<h2>Breaking Down Analyst Ratings: A Detailed Examination</h2>
The standing of CECO Environmental among financial experts is revealed through an in-depth exploration of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Bobby Brooks</td>
<td>Northland Capital Markets</td>
<td>Raises</td>
<td>Outperform</td>
<td>$35.00</td>
<td>$28.00</td>
</tr>
<tr>
<td>Aaron Spychalla</td>
<td>Craig-Hallum</td>
<td>Raises</td>
<td>Buy</td>
<td>$34.00</td>
<td>$28.00</td>
</tr>
<tr>
<td>Gerry Sweeney</td>
<td>Roth MKM</td>
<td>Raises</td>
<td>Buy</td>
<td>$35.00</td>
<td>$26.00</td>
</tr>
<tr>
<td>James Ricchiuti</td>
<td>Needham</td>
<td>Raises</td>
<td>Buy</td>
<td>$35.00</td>
<td>$34.00</td>
</tr>
<tr>
<td>Amit Dayal</td>
<td>HC Wainwright &amp; Co.</td>
<td>Raises</td>
<td>Buy</td>
<td>$35.00</td>
<td>$30.00</td>
</tr>
<tr>
<td>James Ricchiuti</td>
<td>Needham</td>
<td>Raises</td>
<td>Buy</td>
<td>$34.00</td>
<td>$26.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to CECO Environmental. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Offering insights into predictions, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of CECO Environmental compared to the broader market.</li>
<li>Price Targets: Analysts explore the dynamics of price targets, providing estimates for the future value of CECO Environmental's stock. This examination reveals shifts in analysts' expectations over time.</li>
</ul>
Navigating through these analyst evaluations alongside other financial indicators can contribute to a holistic understanding of CECO Environmental's market standing. Stay informed and make data-driven decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/CECO/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on CECO Environmental analyst ratings.</a>
If you are interested in following small-cap stock news and performance <a href="https://www.benzinga.com/news/small-cap">you can start by tracking it here</a>.
<h2>Get to Know CECO Environmental Better</h2>
CECO Environmental Corp serves the energy, industrial, and other niche markets. The company operates through the Engineered Systems segment that serves the power generation, refinery, water/wastewater, and midstream oil and gas markets, and Industrial Process Solutions segment, which serves the broad industrial air pollution control, beverage can, fluid handling, electric vehicle production, food and beverage, semi-conductor, process filtration, pharmaceutical, petrochemical, wastewater treatment, wood manufacturing, desalination, and aquaculture markets. The majority of revenue is earned from the Engineered Systems Segment.
<h3>CECO Environmental: Delving into Financials</h3>
Market Capitalization Analysis: The company's market capitalization is below the industry average, suggesting that it is relatively smaller compared to peers. This could be due to various factors, including perceived growth potential or operational scale.
Positive Revenue Trend: Examining CECO Environmental's financials over 3 months reveals a positive narrative. The company achieved a noteworthy revenue growth rate of 6.46% as of 30 June, 2024, showcasing a substantial increase in top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Industrials sector.
Net Margin: CECO Environmental's financial strength is reflected in its exceptional net margin, which exceeds industry averages. With a remarkable net margin of 3.26%, the company showcases strong profitability and effective cost management.
Return on Equity (ROE): CECO Environmental's ROE surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 1.92% ROE, the company effectively utilizes shareholder equity capital.
Return on Assets (ROA): CECO Environmental's ROA stands out, surpassing industry averages. With an impressive ROA of 0.76%, the company demonstrates effective utilization of assets and strong financial performance.
Debt Management: With a below-average debt-to-equity ratio of 0.61, CECO Environmental adopts a prudent financial strategy, indicating a balanced approach to debt management.
<h2>Analyst Ratings: Simplified</h2>
Analyst ratings serve as essential indicators of stock performance, provided by experts in banking and financial systems. These specialists diligently analyze company financial statements, participate in conference calls, and engage with insiders to generate quarterly ratings for individual stocks.
Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Analyst Ratings

The Analyst Landscape: 6 Takes On CECO Environmental

Northland Capital Markets analyst Bobby Brooks maintains CECO Environmental (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CECO#NASDAQ">CECO</a>) with a Outperform and raises the price target from $28 to $35.

Price Target

Northland Capital Markets Maintains Outperform on CECO Environmental, Raises Price Target to $35

Craig-Hallum analyst Aaron Spychalla maintains CECO Environmental (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CECO#NASDAQ">CECO</a>) with a Buy and raises the price target from $28 to $34.

Craig-Hallum Maintains Buy on CECO Environmental, Raises Price Target to $34

Roth MKM analyst Gerry Sweeney maintains CECO Environmental (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CECO#NASDAQ">CECO</a>) with a Buy and raises the price target from $26 to $35.

Roth MKM Maintains Buy on CECO Environmental, Raises Price Target to $35

Needham analyst James Ricchiuti maintains CECO Environmental (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CECO#NASDAQ">CECO</a>) with a Buy and raises the price target from $34 to $35.

Needham Maintains Buy on CECO Environmental, Raises Price Target to $35

HC Wainwright &amp; Co. analyst Amit Dayal maintains CECO Environmental (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CECO#NASDAQ">CECO</a>) with a Buy and raises the price target from $30 to $35.

HC Wainwright & Co. Maintains Buy on CECO Environmental, Raises Price Target to $35

CECO Environmental (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ceco#NASDAQ">CECO</a>) came out with quarterly earnings of $0.20 per share, beating the Zacks Consensus Estimate of $0.16 per share. This compares to earnings of $0.15 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 25%. A quarter ago, it was expected that this maker of air pollution controls and industrial ventilation systems would post earnings of $0.11 per share when it actually produced earnings of $0.11, delivering no surprise.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
CECO, which belongs to the Zacks Pollution Control industry, posted revenues of $137.52 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 3.84%. This compares to year-ago revenues of $129.18 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock&#39;s immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management&#39;s commentary on the earnings call.
CECO shares have added about 48% since the beginning of the year versus the S&amp;P 500&#39;s gain of 14.5%.
What&#39;s Next for CECO?
While CECO has outperformed the market so far this year, the question that comes to investors&#39; minds is: what&#39;s next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company&#39;s earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for CECO: mixed. While the magnitude and direction of estimate revisions could change following the company&#39;s just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.30 on $161.22 million in revenues for the coming quarter and $0.93 on $598.91 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Pollution Control is currently in the top 31% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Atmus Filtration Technologies (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/atmu#NYSE">ATMU</a>), another stock in the same industry, has yet to report results for the quarter ended June 2024. The results are expected to be released on August 2.
This industrial filtration product company is expected to post quarterly earnings of $0.58 per share in its upcoming report, which represents a year-over-year change of -7.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Atmus Filtration Technologies&#39; revenues are expected to be $417.1 million, up 0.9% from the year-ago quarter.
<a href="https://www.zacks.com/stock/news/2311600/ceco-environmental-ceco-surpasses-q2-earnings-estimates?cid=CS-BENZ-FT-tale_of_the_tape|yseop_template_4-2311600">To read this article on Zacks.com click here.</a>

Earnings Beats

ATMU

CECO Environmental Surpasses Q2 Earnings Estimates

CECO Environmental shares are trading lower after the company reported worse-than-expected Q2 revenue results and raised its FY24 revenue guidance above estimates.

The Company raises its 2024 full year revenue&nbsp;guidance&nbsp;to reflect revenue between&nbsp;$600&nbsp;and&nbsp;$620 million, up approximately&nbsp;12 percent&nbsp;at the midpoint of the range, and adjusted EBITDA between&nbsp;$68&nbsp;to&nbsp;$72 million, up approximately&nbsp;21 percent&nbsp;year over year, at the midpoint of the range. The updated expected full year&nbsp;guidance&nbsp;compares to the previous&nbsp;outlook&nbsp;for revenues of between&nbsp;$590&nbsp;to&nbsp;$610 million&nbsp;and adjusted EBITDA of between&nbsp;$67&nbsp;to&nbsp;$70 million. The Company maintains its full year&nbsp;outlook&nbsp;for free cash flow of&nbsp;50%&nbsp;to&nbsp;70%&nbsp;of adjusted EBITDA.

CECO Environmental Raised 2024 Guidance For Revenue To $600M-$620M (From $590M-$610M) Vs. Consensus Of $596.706M, Adjusted EBITDA To $68M-$72M (From $67M To $70M)

CECO Environmental (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CECO#NASDAQ">CECO</a>) reported quarterly earnings of $0.20 per share which beat the analyst consensus estimate of $0.16 by 25 percent. The company reported quarterly sales of $137.500 million which missed the analyst consensus estimate of $143.324 million by 4.06 percent. This is a 6.44 percent increase over sales of $129.181 million the same period last year.

CECO Environmental Q2 2024 Adj. EPS $0.20 Beats $0.16 Estimate, Sales $137.500M Miss $143.324M Estimate

Ratings for CECO Environmental (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CECO#NASDAQ">CECO</a>) were provided by 4 analysts in the past three months, showcasing a mix of bullish and bearish perspectives.
The following table summarizes their recent ratings, shedding light on the changing sentiments within the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
The 12-month price targets assessed by analysts reveal further insights, featuring an average target of $29.5, a high estimate of $34.00, and a low estimate of $26.00. This current average reflects an increase of 13.46% from the previous average price target of $26.00. 
<img src="https://www.benzinga.com/files/images/story/2024/1721138524_0.png" alt="price target chart" />
<h2>Understanding Analyst Ratings: A Comprehensive Breakdown</h2>
The analysis of recent analyst actions sheds light on the perception of CECO Environmental by financial experts. The following summary presents key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>James Ricchiuti</td>
<td>Needham</td>
<td>Raises</td>
<td>Buy</td>
<td>$34.00</td>
<td>$26.00</td>
</tr>
<tr>
<td>Amit Dayal</td>
<td>HC Wainwright &amp; Co.</td>
<td>Maintains</td>
<td>Buy</td>
<td>$30.00</td>
<td>$30.00</td>
</tr>
<tr>
<td>Aaron Spychalla</td>
<td>Craig-Hallum</td>
<td>Raises</td>
<td>Buy</td>
<td>$28.00</td>
<td>$25.00</td>
</tr>
<tr>
<td>James Ricchiuti</td>
<td>Needham</td>
<td>Raises</td>
<td>Buy</td>
<td>$26.00</td>
<td>$23.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: In response to dynamic market conditions and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their reaction to recent developments related to CECO Environmental. This insight gives a snapshot of analysts' perspectives on the current state of the company.</li>
<li>Rating: Offering a comprehensive view, analysts assess stocks qualitatively, spanning from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of CECO Environmental compared to the broader market.</li>
<li>Price Targets: Analysts provide insights into price targets, offering estimates for the future value of CECO Environmental's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
Analyzing these analyst evaluations alongside relevant financial metrics can provide a comprehensive view of CECO Environmental's market position. Stay informed and make data-driven decisions with the assistance of our Ratings Table.
<a href="https://www.benzinga.com/quote/CECO/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on CECO Environmental analyst ratings.</a>
If you are interested in following small-cap stock news and performance <a href="https://www.benzinga.com/news/small-cap">you can start by tracking it here</a>.
<h2>About CECO Environmental</h2>
CECO Environmental Corp serves the energy, industrial, and other niche markets. The company operates through the Engineered Systems segment that serves the power generation, refinery, water/wastewater, and midstream oil and gas markets, and Industrial Process Solutions segment, which serves the broad industrial air pollution control, beverage can, fluid handling, electric vehicle production, food and beverage, semi-conductor, process filtration, pharmaceutical, petrochemical, wastewater treatment, wood manufacturing, desalination, and aquaculture markets. The majority of revenue is earned from the Engineered Systems Segment.
<h3>Financial Milestones: CECO Environmental's Journey</h3>
Market Capitalization Perspectives: The company's market capitalization falls below industry averages, signaling a relatively smaller size compared to peers. This positioning may be influenced by factors such as perceived growth potential or operational scale.
Revenue Growth: Over the 3 months period, CECO Environmental showcased positive performance, achieving a revenue growth rate of 12.23% as of 31 March, 2024. This reflects a substantial increase in the company's top-line earnings. In comparison to its industry peers, the company stands out with a growth rate higher than the average among peers in the Industrials sector.
Net Margin: CECO Environmental's net margin is impressive, surpassing industry averages. With a net margin of 1.19%, the company demonstrates strong profitability and effective cost management.
Return on Equity (ROE): CECO Environmental's financial strength is reflected in its exceptional ROE, which exceeds industry averages. With a remarkable ROE of 0.65%, the company showcases efficient use of equity capital and strong financial health.
Return on Assets (ROA): CECO Environmental's ROA surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 0.25% ROA, the company effectively utilizes its assets for optimal returns.
Debt Management: The company maintains a balanced debt approach with a debt-to-equity ratio below industry norms, standing at 0.66.
<h2>The Basics of Analyst Ratings</h2>
Experts in banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their comprehensive research involves attending company conference calls and meetings, analyzing financial statements, and engaging with insiders to generate what are known as analyst ratings for stocks. Typically, analysts assess and rate each stock once per quarter.
Beyond their standard evaluations, some analysts contribute predictions for metrics like growth estimates, earnings, and revenue, furnishing investors with additional guidance. Users of analyst ratings should be mindful that this specialized advice is shaped by human perspectives and may be subject to variability.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Key Takeaways From CECO Environmental Analyst Ratings

Needham analyst James Ricchiuti maintains CECO Environmental (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CECO#NASDAQ">CECO</a>) with a Buy and raises the price target from $26 to $34.

Needham Maintains Buy on CECO Environmental, Raises Price Target to $34

In a report released today, Gerry Sweeney from Roth MKM maintained a Buy rating on Ceco Environmental (CECO – Research Report), with a price target...

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Ceco Environmental to acquire Profire Energy for $125M

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Northland Securities Reaffirms Their Buy Rating on Ceco Environmental (CECO)

CECO Environmental Corp. (CECO) Q3 2024 Earnings Call Transcript

CECO Environmental Corp. 2024 Q3 - Results - Earnings Call Presentation

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CECO Environmental Reports First Quarter 2024 Results

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CECO Environmental Reports Second Quarter 2024 Results

CECO Environmental to Release Third Quarter Earnings and Host Conference Call on October 29

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CECO Environmental Upsizes Credit Facility to $400 Million

CECO Environmental to Acquire Profire Energy for $125 Million

CECO Environmental Reports Third Quarter 2024 Results

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