CECO Environmental is reaffirmed as a 'Strong Buy' with a raised price target of $95, driven by transformative growth and the Thermon merger. Q2 results delivered 54% YOY revenue growth, 73% adjusted EBITDA growth, and a 164% increase in backlog, far exceeding prior synergy expectations. CECO's expanded portfolio addresses secular tailwinds in AI data centers, electrification, and industrial reshoring, supporting ongoing double-digit top-line growth.
CECO Environmental NASDAQ: CECO reported record second-quarter results for 2026, citing accelerating orders, a growing backlog and early cost savings from its acquisition of Thermon, which closed June 1.
CECO Environmental (CECO) came out with quarterly earnings of $0.47 per share, beating the Zacks Consensus Estimate of $0.24 per share. This compares to earnings of $0.24 per share a year ago.
Record-Setting Second Quarter Highlighted by Strong Orders, Up 191 Percent and Backlog Above $1.8 Billion Thermon Integration Delivering Synergies Ahead of Plan Company Raises Full Year Consolidated 2026 Outlook ADDISON, Texas, Aug. 10, 2026 (GLOBE NEWSWIRE) -- CECO Environmental Corp. (Nasdaq: CECO) ("CECO"), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment, and industrial equipment, today reported its financial results for the second quarter of 2026. Highlights for the Quarter (1) First quarter as a combined company following the June 1, 2026 acquisition of Thermon Orders of $798.5 million, up 191 percent; backlog of $1,819.1 million, up 164 percent Revenue of $285.0 million, up 54 percent Gross profit of $86.5 million, up 29 percent; gross margin of 30.3 percent Non-GAAP gross profit of $96.0 million, up 43 percent; non-GAAP gross margin of 33.7 percent Net loss of $(34.8) million, compared with net income of $9.5 million; non-GAAP net income of $21.5 million, up 147 percent GAAP EPS (diluted) of $(0.80); non-GAAP EPS (diluted) of $0.47 Adjusted EBITDA of $40.2 million, up 73 percent Free cash flow of $(24.3) million, a $(15.5) million decline; adjusted free cash flow of $53.2 million, a $56.2 million improvement, adjusted for cash payments relating to the Thermon transaction made during the quarter.
Amundi reduced its position in CECO Environmental Corp. (NASDAQ: CECO) by 5.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 168,199 shares of the company's stock after selling 8,797 shares during the quarter. Amundi owned approximately
Finalization of CECO and Thermon Combined Q2 Financials Requires Additional Time Finalization of CECO and Thermon Combined Q2 Financials Requires Additional Time