CECO Environmental shares are trading lower after the company reported worse-than-expected Q3 financial results and cut annual revenue outlook. CECO also acquired Profire Energy for $2.55/share in cash.
Portfolio Pulse from Benzinga Newsdesk
CECO Environmental's shares fell after reporting disappointing Q3 results and lowering its annual revenue outlook. The company also acquired Profire Energy for $2.55 per share in cash.
October 29, 2024 | 10:38 am
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CECO Environmental's stock is down due to worse-than-expected Q3 results and a lowered annual revenue outlook. The acquisition of Profire Energy for $2.55/share in cash was also announced.
The negative Q3 financial results and reduced revenue outlook are likely to weigh on CECO's stock price in the short term. The acquisition of Profire Energy, while strategic, does not offset the immediate negative sentiment from the earnings report.
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IMPORTANCE 80
RELEVANCE 100