Ceco Environment Corp (NASDAQ:CECE) shares rallied on Wednesday on the back of strong second-quarter earnings and revenue for the company, which uses technology in air pollution control and handling liquid energy.
Ceco said second-quarter revenue hit US$81.1mln, surpassing the consensus estimate of US$74mln. Last year, revenue was at US$93.9mln in the same period. Earnings per share hit US$0.05, matching consensus expectations it would be at US$0.05, and compared to the year-ago figure at US0.08.
Shares gained 15.2% to US$8.01, having touched a session peak of US$8.24.
Chief Executive Dennis Sadlowski said bookings exceeded US$100mln for the first time in two years and the backlog in orders was at US$200mln. It was the third successive quarter that bookings increased. Bookings reached US$87.2mln in the same period a year ago.
CECO Environmental is a leading global air quality and fluid handling company serving the energy, industrial and other niche markets,
Contact Rene Pastor at [email protected]