CECO Environmental Raises Full Year 2023 Outlook to $525M (Prior $500M-$525M) Vs $508.47M Est, Announces Acquisition of Kemco Systems, a Leader in Industrial Water Recycling and Energy Conservation Solutions
Portfolio Pulse from Benzinga Newsdesk
CECO Environmental Corp. has completed the acquisition of Kemco Systems, a company specializing in industrial water recycling and energy conservation solutions. Following the acquisition, CECO has raised its full-year 2023 outlook for revenue and EBITDA. The company now expects revenues of at least $525 million, up approximately 24% year over year, and adjusted EBITDA of at least $55 million, up approximately 30% year over year.
September 13, 2023 | 11:07 am
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
CECO Environmental's acquisition of Kemco Systems and the subsequent increase in its 2023 outlook could potentially boost investor confidence and positively impact the company's stock price in the short term.
Acquisitions often lead to increased revenues and profits, which can boost a company's stock price. In this case, CECO's acquisition of Kemco Systems, a company in a related field, could potentially lead to synergies and cost savings. Additionally, the company's raised 2023 outlook indicates that it expects the acquisition to have a positive impact on its financial performance. This could boost investor confidence and lead to an increase in the company's stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100