CECO Environmental Q1 Results Miss Estimates

(RTTNews) - CECO Environmental Corp. (CECE) reported net income for the first quarter of $3.0 million or $0.12 per share, compared to $2.2 million or $0.12 per share for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $5.0 million or $0.19 per share, compared to $3.1 million or $0.18 per share in the prior year quarter.

Revenue for the first quarter rose 66% to $57.2 million from $34.3 million a year earlier.

Analysts polled by Thomson Reuters expected the company to earn $0.23 per share on revenue of $64.74 million for the first quarter. Analysts' estimates typically exclude special items.

On May 7, CECO's Board of Directors approved a 20% increase in the quarterly dividend to $0.06 per share. The dividend will be paid on June 27 to all shareholders of record on June 13.