CECO Environmental jumps after upbeat FY23 forecast

CECO Environmental

07/11/2022 14:45

** Environmental equipment manufacturer CECO Environmental
Corp's  CECO.O  shares jump 10% to $12.5 
    ** CECO expects FY23 revenue between $450 mln and $475 mln,
and core earnings of $45 mln to $48 mln 
    ** Raises FY22 sales forecast to more than $410 mln from
$375 mln to $400 mln 
    ** Co sees order growth along with its completed four
strategic mergers to support its performance  
    ** Reports Q3 earnings of 20 cents/shr, beating estimates of
11 cents/shr - Refinitiv IBES Data
    ** CECO credits results to strong sales with more than $100
mln in orders
    ** All five brokerages rate the stock "buy"; their median PT
is $14 
    ** Stock up 87% YTD compared with a 31% decline in the
NASDAQ Industrial index  .IXID 
 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))