CECO Environmental Corp. Files Q3 2024 10-Q
Ticker: CECO · Form: 10-Q · Filed: Oct 29, 2024 · CIK: 3197
Sentiment: neutral
Topics: 10-Q, financials, industrial-equipment
TL;DR
**CECO Q3 10-Q FILED: Financials for Industrial Process Solutions & Engineered Systems detailed.**
AI Summary
CECO Environmental Corp. reported its third-quarter results for the period ending September 30, 2024. The company's filing details financial performance across its segments, including Industrial Process Solutions and Engineered Systems. Specific dates and financial figures are embedded within the detailed financial statements and disclosures.
Why It Matters
This filing provides investors with the latest financial performance data for CECO Environmental Corp., crucial for understanding the company's operational health and future prospects.
Risk Assessment
Risk Level: medium — The filing contains detailed financial information, including debt instruments and segment performance, which requires careful analysis to assess the company's financial health and associated risks.
Key Numbers
- Q3 — Quarterly Period (Reporting period ending September 30, 2024)
- 20240930 — End of Reporting Period (Fiscal quarter end date)
- 20241029 — Filing Date (Date the report was submitted to the SEC)
Key Players & Entities
- CECO ENVIRONMENTAL CORP (company) — Filer
- 20240930 (date) — Period of Report
- 20241029 (date) — Filing Date
- Industrial Process Solutions (company) — Business Segment
- Engineered Systems (company) — Business Segment
- Senior Secured Term Loan (dollar_amount) — Debt Instrument
FAQ
What were the key business segments reported in the Q3 2024 10-Q?
The key business segments reported include Industrial Process Solutions and Engineered Systems.
What is the period of report for this 10-Q filing?
The period of report is for the quarter ending September 30, 2024.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted on October 29, 2024.
Does the filing mention any specific debt instruments?
Yes, the filing mentions the 'Senior Secured Term Loan'.
What is CECO Environmental Corp.'s Standard Industrial Classification code?
CECO Environmental Corp.'s Standard Industrial Classification code is 3564, for Industrial & Commercial Fans & Blowers & Air Purifying Equip.
Filing Stats: 4,533 words · 18 min read · ~15 pages · Grade level 15.4 · Accepted 2024-10-29 06:51:52
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share CECO The NASDAQ Stock Mar
Filing Documents
- ceco-20240930.htm (10-Q) — 2282KB
- 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
- img58594757_0.jpg (GRAPHIC) — 2KB
- 0000950170-24-117928.txt ( ) — 9511KB
- ceco-20240930.xsd (EX-101.SCH) — 1115KB
- ceco-20240930_htm.xml (XML) — 1838KB
Financial Statements
Item 1. Financial Statements 2 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 2 Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Shareholders' Equity for the nine months ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8
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 23
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 31
Controls and Procedures
Item 4. Controls and Procedures 31 Part II – Other Information 33
Legal Proceedings
Item 1. Legal Proceedings 33
Risk Factors
Item 1A. Risk Factors 33
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 33
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 33
Other Information
Item 5. Other Information 33
Exhibits
Item 6. Exhibits 34
Signatures
Signatures 35 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) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 38,700 $ 54,779 Restricted cash 226 669 Accounts receivable, net of allowances of $ 7,214 and $ 6,460 100,111 112,733 Costs and estimated earnings in excess of billings on uncompleted contracts 68,500 66,574 Inventories, net 37,760 34,089 Prepaid expenses and other current assets 27,143 11,769 Prepaid income taxes 3,826 824 Total current assets 276,266 281,437 Property, plant and equipment, net 32,306 26,237 Right-of-use assets from operating leases 24,690 16,256 Goodwill 220,026 211,326 Intangible assets – finite life, net 51,547 50,461 Intangible assets – indefinite life 9,598 9,570 Deferred income taxes 287 304 Deferred charges and other assets 6,792 4,700 Total assets $ 621,512 $ 600,291 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of debt $ 10,580 $ 10,488 Accounts payable 92,316 87,691 Accrued expenses 43,762 44,301 Billings in excess of costs and estimated earnings on uncompleted contracts 64,801 56,899 Notes payable 1,700 2,500 Income taxes payable — 1,227 Total current liabilities 213,159 203,106 Other liabilities 10,336 12,644 Debt, less current portion 122,818 126,795 Deferred income tax liability, net 9,622 8,838 Operating lease liabilities 19,696 11,417 Total liabilities 375,631 362,800 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, 34,979,018 and 34,835,293 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 349 348 Capit