Boston, MA 03/07/2014 (wallstreetpr) – CECO Environmental Corp (NASDAQ:CECE) which is a leading environmental technology company focused on air pollution, fluid handling and filtration industries reported its fourth quarter and full year results for the period ending December 31, 2013. The fourth quarter saw the company finish the acquisition of Met-Pro Aarding and Adwest as it continue to execute its key objectives.
Some of the milestones that CECO Environmental achieved in the fourth quarter and full year include a surge in its global bookings as well as strong backlog growth as well as a non-GAAO EPS growth
Fourth Quarter results
Total revenue for the fourth quarter surged by 100.2% to clock in at a high of $68.7% compared to $34.3 million reported for the same quarter in F2012. Recent CECO Environmental acquisition contributed a total of $34.3 million of the total revenue. Met-Pro on its own brought total revenues amounting to $23.3 million.
Net income for the quarter slightly dropped to $2.8 million down from $3.1 million for the same quarter in 2012. Non GAAP net income for the quarter surged by a high of 112.5% to a high of $6.8 million with net income per diluted share coming in at $0.11 per diluted share against $0.18 reported in 2012
CECO Environmental bookings for the quarter grew by 154% from a low of $26.3 million in Q4 of F2012 to a high of $66.8 million.
Full year results
CECO Environmental full year revenue came in at $197.3 million an increase of 46.1% up from $135.1 million in 2012 to a high of $197.3 million. Net income for the full year was also on a rise growing from $6.6 million in 2012 to a high of $10.9 million. Net income per diluted share for the year was slightly low at $0.32 per diluted share compared to a high of $0.65 per diluted share in 2012
Despite the drop in net income CECO Environmental Corp (NASDAQ:CECE) was still bullish in Thursday trading session closing at a high of $18.46 after moving up by 12.49%
