CECO Environmental Q3 revenue doubles after Thermon deal; raises orders forecast
CECO•CECO Environmental’s Q3 revenue rose 105% year over year to $404.43 million after its Thermon acquisition, while adjusted EPS increased to $0.60 from $0.26. The company raised its 2026 orders and free cash flow outlooks and introduced 2027 revenue guidance of $2.1 billion to $2.3 billion.
1. Quarterly results
CECO Environmental reported Q3 revenue of $404.43 million, up 105% year over year, and adjusted EPS of $0.60, compared with $0.26 a year earlier. Adjusted EBITDA was $70.1 million and adjusted net income was $34.3 million. The company said results benefited from its June 2026 acquisition of Thermon, with integration initiatives substantially completed and synergies ahead of schedule.
2. Outlook raised
CECO raised its 2026 full-year orders outlook to more than $2.5 billion from at least $2 billion and its free cash flow conversion guidance to about 100% of adjusted EBITDA. It maintained its revenue and adjusted EBITDA guidance for 2026 and introduced 2027 outlooks of $2.1 billion to $2.3 billion in revenue and $475 million to $525 million in adjusted EBITDA. The company cited demand across industrial end markets, a $2.2 billion backlog and a $9 billion sales pipeline.
