CECO Environmental Q2 Earnings Call Highlights

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MarketBeat

Mon, August 10, 2026 astatine 9:04 AM CDT 6 min read

Key Points

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CECO reported grounds Q2 performance, with orders of $799 million, gross of $285 million, adjusted EBITDA of astir $40 cardinal and backlog exceeding $1.8 billion. Revenue accrued 54% twelvemonth implicit year, portion adjusted EBITDA roseate 73% and margins expanded to 14.1%.
The Thermon acquisition is generating aboriginal benefits, including astir $13 cardinal successful annualized nett adjusted EBITDA savings wrong its archetypal 60 days. CECO besides identified much than 100 cross-selling opportunities crossed the combined businesses.
CECO raised its 2026 outlook to $1.3 billion–$1.375 cardinal successful gross and $200 million–$225 cardinal successful adjusted EBITDA, portion continuing to people much than $2 cardinal successful yearly orders and astatine slightest 55% adjusted free-cash-flow conversion.

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CECO Environmental (NASDAQ:CECO) reported grounds second-quarter results for 2026, citing accelerating orders, a increasing backlog and aboriginal outgo savings from its acquisition of Thermon, which closed June 1.

Chairman and Chief Executive Officer Todd Gleason said second-quarter orders reached a grounds $799 million, portion quarter-end backlog exceeded $1.8 billion. Revenue totaled $285 cardinal and adjusted EBITDA was astir $40 million. Reported gross roseate 54% from a twelvemonth earlier, portion adjusted EBITDA accrued 73% and adjusted EBITDA borderline expanded astir 150 ground points to 14.1%.

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The reported quarterly results included 1 period of Thermon fiscal performance. CECO said it expects margins to amended further arsenic it receives a afloat publication from Thermon, realizes integration synergies and converts a increasing proportionality of its backlog into revenue.

Orders and backlog scope caller highs

CECO booked astir $1.25 cardinal successful caller orders during the archetypal fractional of 2026, up astir 150% from the prior-year period. Second-quarter orders accrued 191% twelvemonth implicit year, portion the company's quarterly book-to-bill ratio was astir 2.8. On a trailing 12-month basis, book-to-bill exceeded 2.

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Chief Financial Officer Peter Johansson said backlog reached $1.82 cardinal astatine June 30, up 164% from the anterior twelvemonth and 76% sequentially from the anterior quarterly grounds of $1.035 billion. Backlog has accrued for 12 consecutive quarters, according to the company.

The institution said power-generation-related projects accounted for astir fractional of its second-quarter-ending backlog. Industrial aerial and h2o projects represented astir 25%, with the remainder tied to earthy state and earthy state liquids infrastructure, hydrocarbon and chemic processing, and different energy-sector activity.

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