The company said it now expects its FY23 revenue to be between $525M- $550M, up 24% Y/Y, and adjusted core profit of $55M- $57M.
The firm also introduced its FY24 outlook of $575M – $600M in revenue, up 10% Y/Y at the midpoint, and its adjusted core profit to be $65M -$70M.
Shares in the company, are up 13.83% at $18.85.
CECO added it expects its free cash flow to be 50% to 70% of the FY adjusted core profit outlook range.
“Our teams continue to work through supply chain challenges and negative mix, which impacted our gross margins in the quarter,’ said CEO Todd Gleason.
The company closed the quarter with $394M in backlog.