CECO ENVIRONMENTAL CORP Files 10-Q for Period Ending March 31, 2024
Ticker: CECO · Form: 10-Q · Filed: Apr 30, 2024 · CIK: 3197
Sentiment: neutral
Topics: 10-Q, CECO, Environmental, Financial Report, Quarterly Filing
TL;DR
<b>CECO ENVIRONMENTAL CORP filed its Q1 2024 10-Q, detailing financial activities and segment information.</b>
AI Summary
CECO ENVIRONMENTAL CORP (CECO) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Filing is a 10-Q for CECO ENVIRONMENTAL CORP for the period ending March 31, 2024. The company's fiscal year ends on December 31. Key segments mentioned include Engineered Systems, Industrial Process Solutions, and Corporate and Other. The filing references various financial instruments and accounts, including Credit Agreements, Senior Secured Term Loans, and Accrued Liabilities. Specific entities and trade names like Effox Flextor Madder and Kemco Systems Co LLC are noted.
Why It Matters
For investors and stakeholders tracking CECO ENVIRONMENTAL CORP, this filing contains several important signals. This filing provides investors with an updated view of CECO's financial health and operational segments for the first quarter of 2024. Understanding the details within this 10-Q is crucial for assessing the company's performance, debt structure, and segment contributions.
Risk Assessment
Risk Level: medium — CECO ENVIRONMENTAL CORP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and disclosures, but lacks specific performance metrics or forward-looking statements that would indicate high risk or significant positive/negative trends.
Analyst Insight
Review the detailed segment performance and financial instrument disclosures within the 10-Q to understand CECO's operational and financial standing.
Key Numbers
- 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
- 2024-04-30 — Filing Date (FILED AS OF DATE)
- 2024-01-01 — Quarter Start Date (2024-01-01 2024-03-31)
- 2023-01-01 — Prior Year Quarter Start Date (2023-01-01 2023-03-31)
Key Players & Entities
- CECO ENVIRONMENTAL CORP (company) — FILER
- 0000003197 (company) — CENTRAL INDEX KEY
- 3564 (company) — STANDARD INDUSTRIAL CLASSIFICATION
- DE (company) — STATE OF INCORPORATION
- 132566064 (company) — IRS NUMBER
- 14651 NORTH DALLAS PARKWAY (company) — BUSINESS ADDRESS STREET 1
- 4651 NORTH DALLAS PARKWAY (company) — BUSINESS ADDRESS STREET 1
- SUITE 500 (company) — BUSINESS ADDRESS STREET 2
FAQ
When did CECO ENVIRONMENTAL CORP file this 10-Q?
CECO ENVIRONMENTAL CORP filed this Quarterly Report (10-Q) with the SEC on April 30, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by CECO ENVIRONMENTAL CORP (CECO).
Where can I read the original 10-Q filing from CECO ENVIRONMENTAL CORP?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by CECO ENVIRONMENTAL CORP.
What are the key takeaways from CECO ENVIRONMENTAL CORP's 10-Q?
CECO ENVIRONMENTAL CORP filed this 10-Q on April 30, 2024. Key takeaways: Filing is a 10-Q for CECO ENVIRONMENTAL CORP for the period ending March 31, 2024.. The company's fiscal year ends on December 31.. Key segments mentioned include Engineered Systems, Industrial Process Solutions, and Corporate and Other..
Is CECO ENVIRONMENTAL CORP a risky investment based on this filing?
Based on this 10-Q, CECO ENVIRONMENTAL CORP presents a moderate-risk profile. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and disclosures, but lacks specific performance metrics or forward-looking statements that would indicate high risk or significant positive/negative trends.
What should investors do after reading CECO ENVIRONMENTAL CORP's 10-Q?
Review the detailed segment performance and financial instrument disclosures within the 10-Q to understand CECO's operational and financial standing. The overall sentiment from this filing is neutral.
How does CECO ENVIRONMENTAL CORP compare to its industry peers?
CECO ENVIRONMENTAL CORP operates in the industrial and commercial fans, blowers, and air purifying equipment sector (SIC 3564).
Are there regulatory concerns for CECO ENVIRONMENTAL CORP?
The filing is a standard 10-Q report under the Securities Exchange Act of 1934.
Industry Context
CECO ENVIRONMENTAL CORP operates in the industrial and commercial fans, blowers, and air purifying equipment sector (SIC 3564).
Regulatory Implications
The filing is a standard 10-Q report under the Securities Exchange Act of 1934.
What Investors Should Do
- Analyze the financial statements for revenue, net income, and cash flow.
- Examine the Management's Discussion and Analysis for operational insights and risks.
- Review the footnotes for details on debt, commitments, and contingencies.
Year-Over-Year Comparison
This is the Q1 2024 10-Q filing, providing an update from previous filings.
Filing Stats: 4,563 words · 18 min read · ~15 pages · Grade level 13.6 · Accepted 2024-04-30 07:06:19
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share CECO The NASDAQ Stock Mar
Filing Documents
- ceco-20240331.htm (10-Q) — 1557KB
- ceco-ex31_1.htm (EX-31.1) — 10KB
- ceco-ex31_2.htm (EX-31.2) — 10KB
- ceco-ex32_1.htm (EX-32.1) — 6KB
- ceco-ex32_2.htm (EX-32.2) — 6KB
- img58588992_0.jpg (GRAPHIC) — 2KB
- 0000950170-24-050199.txt ( ) — 7539KB
- ceco-20240331.xsd (EX-101.SCH) — 1136KB
- ceco-20240331_htm.xml (XML) — 1269KB
Financial Statements
Item 1. Financial Statements 2 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 2 Condensed Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Shareholders' Equity for the three months ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 24
Controls and Procedures
Item 4. Controls and Procedures 25 Part II – Other Information 27
Legal Proceedings
Item 1. Legal Proceedings 27
Risk Factors
Item 1A. Risk Factors 27
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 27
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 27
Other Information
Item 5. Other Information 27
Exhibits
Item 6. Exhibits 28
Signatures
Signatures 29 1 CECO ENVIRONMENTAL CORP. AND SUBSIDIARIES
– FINANC IAL INFORMATION
PART I – FINANC IAL INFORMATION
FINANC IAL STATEMENTS
ITEM 1. FINANC IAL STATEMENTS CONDENSED CONSOLIDA TED BALANCE SHEETS (in thousands, except per share data) (unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 46,557 $ 54,779 Restricted cash 471 669 Accounts receivable, net allowances of $ 6,023 and $ 6,460 116,647 112,733 Costs and estimated earnings in excess of billings on uncompleted contracts 58,541 66,574 Inventories, net 38,032 34,089 Prepaid expenses and other current assets 10,620 11,769 Prepaid income taxes 741 824 Total current assets 271,609 281,437 Property, plant and equipment, net 27,743 26,237 Right-of-use assets from operating leases 15,095 16,256 Goodwill 211,479 211,326 Intangible assets – finite life, net 48,324 50,461 Intangible assets – indefinite life 9,558 9,570 Deferred income taxes 291 304 Deferred charges and other assets 4,921 4,700 Total assets $ 589,020 $ 600,291 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of debt $ 10,580 $ 10,488 Accounts payable 79,061 87,691 Accrued expenses 46,195 44,301 Billings in excess of costs and estimated earnings on uncompleted contracts 58,158 56,899 Notes payable 1,500 2,500 Income taxes payable 816 1,227 Total current liabilities 196,310 203,106 Other liabilities 11,479 12,644 Debt, less current portion 125,070 126,795 Deferred income tax liability, net 9,519 8,838 Operating lease liabilities 10,490 11,417 Total liabilities 352,868 362,800 Commitments and contingencies (See Note 14) Shareholders' equity: Preferred stock, $ .01 par value; 10,000 shares authorized, none issued — — Common stock, $ .01 par value; 100,000,000 shares authorized, 34,908,330 and 34,835,293 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 349 348 Capital in exces