By Chris Wack
Ceco Environmental shares were up 11% to $18.44 after the company reported third-quarter sales and adjusted earnings that beat analysts’ expectations.
The stock hit a 52-week high of $19 earlier in the session, and is up 64% in the past 12 months.
The diversified industrial company had quarterly sales of $149.4 million, compared with $108.4 million in the same quarter last year. Analysts polled by FactSet were looking for sales of $132.8 million
Earnings for the quarter were $3.3 million, or 9 cents a share, compared with last year’s $1.9 million, or 6 cents a share. Analysts were expecting earnings of $5.1 million, or 14 cents.
Adjusted earnings came in at 22 cents a share, higher that the 19 cents a share analysts had forecast.
CECO said it expects to see fiscal 2023 sales of $525 million to $550 million, compared with the $514.8 million analysts were looking for. The company expects fiscal 2024 sales of $575 million to $600 million, while analysts were forecasting 2024 sales of $553.9 million.
Write to Chris Wack at [email protected]
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