Why Ceco Environmental Stock Topped the Market Today
Specialty engineering company Ceco Environmental (NASDAQ: CECO) had a fine Hump Day on the stock exchange. Its share price performance edged past that of the benchmark S&P 500 index, rising by 0.6% against the index's marginal (0.1%) gain. Investors were pleased with their company's latest business update.
Before market open, Ceco announced that it closed its latest acquisition. As of Aug. 23, it has been the owner of Kemco Systems, a designer and maker of water recycling and energy conservation products for industrial uses.
With Kemco in its portfolio, Ceco adjusted its guidance for annual revenue and profitability. It believes the former metric will total at least $525 million for the entirety of 2023, which would shake out to growth of 24% over 2022. It also provided a new forecast for earnings before interest, taxes, depreciation, and amortization (EBITDA). This should come in at a minimum of $55 million for growth of roughly 30%.
Source Fool.com
