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CECO Environmental Corp - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

CECO Environmental Corp (ISIN: US1251411013, WKN: 906379) Kursdatum: 21.07.2017 Kurs: 9,780 USD
Beschreibung Daten
Symbol CECE
Marktkapitalisierung 332.319.520,00 USD
Land Vereinigte Staaten von Amerika
Indizes NASDAQ Comp.
Sektor Technology
Rohdaten nach US GAAP in Millionen USD
Aktiensplits
Internet
Letztes Bilanz Update 14.03.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 21.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
4,85 4,77 2,70% -7,63 38,12 -8,73 0,80 1,75

Firmenbeschreibung

 

 

 

 

 

 

18.

 

Quarterly Data (Unaudited)

Earnings per share amounts are computed independently each quarter. Accordingly, the sum of each quarter’s per share amount may not equal the total per share amount for the respective year.

 

 

 

 

 

 

 

 

 

Quarter

 

 

 

 

 

 

 

(Table only in thousands)

 

 

 

First

 

 

 

 

 

Second

 

 

 

 

 

Third

 

 

 

 

 

Fourth

 

 

 

 

 

 

 

Year ended December 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

 

 

$

 

80,985

 

 

 

 

 

$

 

86,961

 

 

 

 

 

$

 

98,230

 

 

 

 

 

$

 

101,246

 

 

 

(1)

 

 

 

Gross profit

 

 

 

 

 

20,975

 

 

 

 

 

 

 

26,628

 

 

 

 

 

 

 

30,795

 

 

 

 

 

 

 

30,773

 

 

 

(1)

 

 

 

Net income (loss)

 

 

 

 

 

198

 

 

 

 

 

 

 

2,104

 

 

 

 

 

 

 

(4,825

 

)

 

 

 

 

 

(3,211

 

)

 

 

 

 

 

Net income (loss) attributable to CECO Environmental Corp.

 

 

 

 

 

198

 

 

 

 

 

 

 

2,104

 

 

 

 

 

 

 

(4,825

 

)

 

 

 

 

 

(3,079

 

)

 

 

 

 

 

Basic earnings per share

 

 

 

$

 

0.01

 

 

 

 

 

$

 

0.08

 

 

 

 

 

$

 

(0.17

 

)

 

 

 

$

 

(0.09

 

)

 

 

 

 

 

Diluted earnings per share

 

 

 

$

 

0.01

 

 

 

 

 

$

 

0.08

 

 

 

 

 

$

 

(0.17

 

)

 

 

 

$

 

(0.09

 

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31, 2014

 

 

 

 

Firmenstrategie

 

 

Principles of consolidation—Our consolidated financial statements include the accounts of the following subsidiaries:

 

 

 

 

 

 

 

 

 

% Owned As Of

December 31, 2015

 

 

 

 

 

CECO Group, Inc.

 

 

 

 

 

100

 

%

 

 

 

CECO Group Global Holdings LLC

 

 

 

 

 

100

 

%

 

 

 

CECO Filters, Inc. and Subsidiaries (“CFI”)

 

 

 

 

 

99

 

%

 

 

 

The Kirk & Blum Manufacturing Company

 

 

 

 

 

100

 

%

 

 

 

CECO Abatement Systems, Inc.

 

 

 

 

 

100

 

%

 

 

 

EFFOX, Inc. (“Effox”)

 

 

 

 

 

100

 

%

 

 

 

Fisher-Klosterman, Inc. (“FKI”)

 

 

 

 

 

100

 

%

 

 

 

Flextor, Inc. (“Flextor”)

 

 

 

 

 

100

 

%

 

 

 

Adwest Technologies, Inc. (“Adwest”)

 

 

 

 

 

100

 

%

 

 

 

Aarding Thermal Acoustics B.V. (“Aarding”)

 

 

 

 

 

100

 

%

 

 

 

Met-Pro Technologies LLC (“Met-Pro”)

 

 

 

 

 

100

 

%

 

 

 

Peerless Mfg. Co. (“PMFG”)

 

 

 

 

 

100

 

%

 

 

 

CFI includes two wholly owned subsidiaries, New Busch Co., Inc. (“Busch”) and CECO Environmental India Private Limited (f/k/a. CECO Filter India Private Limited). The noncontrolling interest in CFI is not material.

FKI includes three wholly owned subsidiaries, AVC, Inc. (“AVC.”), Emtrol LLC (“Emtrol”) and SAT Technology, Inc. (“SAT”).

Met-Pro includes 11 wholly owned subsidiaries, Mefiag B. V., Met-Pro Recovery/Pollution Control Technologies, Inc., Strobic Air Corporation, MPC Inc., Met-Pro Industrial Services, Bio-Reaction Industries, Inc., Mefiag (Guangzhou) Filter Systems Ltd., Met-Pro (Hong Kong) Company Limited, Met-Pro Holding LLC, Jiangyin Zhongli Industrial Technology Co., Ltd. (“Zhongli’) and Met-Pro Chile Limitada.

CECO Group, Inc. also has two wholly owned subsidiaries in Mexico, CECO Environmental Mexico S de RL de CV and CECO Environmental Services Mexico S de RL de CV.

PMFG has five wholly owned subsidiaries, Nitram Energy, Inc., PMC Acquisition, Inc., Peerless Europe, Ltd., Peerless Manufacturing Canada, Ltd., and Peerless Asia-Pacific Pte. Ltd. Additionally, PMFG is the majority owner of Peerless Propulsys China Holdings LLC (“Peerless Propulsys”). The Company’s 60% equity investment in Peerless Propulsys entitles it to 80% of the earnings. Peerless Propulsys is the sole owner of Peerless China Manufacturing Co. Ltd. (“PCMC”). The noncontrolling interest of Peerless Propulsys is reported as a separate component on the Consolidated Balance Sheets. During the fourth quarter of 2015, the Company entered an agreement with the noncontrolling owner of Peerless Propulsys to transfer all rights to Peerless Propulsys’ land and building assets to the noncontrolling owner in exchange for the Company’s 100% ownership in the equity and earnings of Peerless Propulsys. This transfer is expected to occur in 2016.

Met-Pro, a global provider of a wide range of products and services for industrial, commercial, municipal, and residential markets, was acquired in August 2013.

Aarding, a global provider of natural gas turbine exhaust systems and silencer applications, was acquired in February 2013.

SAT, a leading provider of Volatile Organic Compounds (“VOCs”) abatement solutions for the Chinese air pollution control market, was acquired in September 2014.

Emtrol, a designer and manufacturer of fluid catalytic cracking and industrial cyclone technology, was acquired in November 2014.

Zhongli, a leader in the design and manufacture of power industry damper, diverter and ball mill systems in China, was acquired in December 2014.

PMFG is a global provider of engineered equipment for the abatement of air pollution, the separation and filtration of contaminants from gases and liquids, and industrial noise control equipment, and was acquired in September 2015.

Unless indicated, all balances within tables are in thousands except per share amounts. All intercompany balances and transactions have been eliminated.

RevenueRecognitionPolicyTextBlock

 

 

Revenue recognition—Revenues from contracts are primarily recognized on the percentage of completion method, measured by the percentage of contract costs incurred to date compared with estimated total contract costs for each contract. This method is used because management considers contract costs to be the best available measure of progress on these contracts. For contracts where the duration is short, total contract revenue is insignificant, or reasonably dependable estimates cannot be made, revenues are recognized on a completed contract basis, when risk and title passes to the customer, which is generally upon shipment of product.

The asset “Costs and estimated earnings in excess of billings on uncompleted contracts” represents revenues recognized in excess of amounts billed. The liability “Billings in excess of costs and estimated earnings on uncompleted contracts” represents billings in excess of revenues recognized. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes to job performance, job conditions, and estimated profitability may result in revisions to contract revenue and costs and are recognized in the period in which the revisions are made. No provision for estimated losses on uncompleted contracts was required at December 31, 2015, 2014 or 2013.

SegmentReportingDisclosureTextBlock

 

 

 

17.

 

Business Segment Information

The Company’s operations are organized and reviewed by management along its product lines and presented in three reportable segments. The results of the segments are reviewed through to the “Income from operations” line on the Consolidated Statements of Operations. The accounting policies of the segments are the same as those in the consolidated financial statements. Except for the information reported on a segment basis, the Company does not accumulate net sales information by product or service and therefore, the Company does not disclose net sales by product or service because to do so would be impractical. The Company’s reportable segments are however organized as groups of similar products and services, defined as follows:

Environmental Segment

Our Environmental segment, formerly known as the Air Pollution Control segment, provides the design and manufacture of product recovery and air pollution control technologies that enable our customers to meet compliance targets for toxic emissions, fumes, volatile organic compounds, process and industrial odors. These products and solutions include chemical and biological scrubbers, fabric filters and cartridge collectors, thermal and catalytic oxidation systems, cyclones, separators, gas absorbers and industrial ventilation systems. This segment also provides component parts for industrial air systems and provides cost effective alternatives to traditional duct components, as well as custom metal engineered fabrication services. These products and services are applicable to a wide variety of industries. During 2015, the Company concluded that changing the name of this segment was appropriate to more accurately describe the long-term goals of the Company in conjunction with the products and services offered within the segment.

Energy Segment

Our Energy segment provides customized solutions for the power and petrochemical industry. This includes gas turbine exhaust systems, dampers and diverters, gas and liquid separation and filtration equipment, selective catalytic reduction (“SCR”) and selective non-catalytic reduction (“SNCR”) systems, acoustical components and silencers, secondary separators (nuclear plant reactor vessels) and expansion joints, the design and manufacture of technologies for flue gas and diverter dampers, non-metallic expansion joints, natural gas turbine exhaust systems, and silencer and precipitator applications, primarily for coal-fired and natural gas power plants, refining, oil production and petrochemical processing, as well as a variety of other industries.

Fluid Handling and Filtration Segment

Our Fluid Handling and Filtration segment provides the design and manufacture of high quality pump, filtration and fume exhaust solutions. This includes centrifugal pumps for corrosive, abrasive and high temperature liquids, filter products for air and liquid filtration, precious metal recovery systems, carbonate precipitators, and technologically advanced air movement and exhaust systems. These products are applicable to a wide variety of industries, particularly the aquarium/aquaculture, plating and metal finishing, food and beverage, chemical/petrochemical, wastewater treatment, desalination and pharmaceutical markets.

 

 

 

 

 

 

2015

 

 

 

 

 

2014

 

 

 

 

 

2013

 

 

 

Net Sales (less intra-, inter-segment sales)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Table only in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Environmental Segment

 

 

 

$

 

158,371

 

 

 

 

 

$

 

127,707

 

 

 

 

 

$

 

101,150

 

 

 

Energy Segment

 

 

 

 

 

142,150

 

 

 

 

 

 

 

70,285

 

 

 

 

 

 

 

69,355

 

 

 

Fluid Handling and Filtration Segment

 

 

 

 

 

67,610

 

 

 

 

 

 

 

65,638

 

 

 

 

 

 

 

25,199

 

 

 

Corporate and Other (1)

 

 

 

 

 

(709

 

)

 

 

 

 

 

(413

 

)

 

 

 

 

 

1,613

 

 

 

Net sales

 

 

 

$

 

367,422

 

 

 

 

 

$

 

263,217

 

 

 

 

 

$

 

197,317

 

 

 

 

(1)

 

Includes adjustment for revenue on intercompany jobs.

 

EarningsPerSharePolicyTextBlock

 

 

Earnings per shareThe computational components of basic and diluted earnings per share for 2015, 2014 and 2013 are below.

 

 

 

 

 

 

2015

 

 

 

 

 

2014

 

 

 

 

 

2013

 

 

 

Income (Loss) from Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Table only in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Environmental Segment

 

 

 

$

 

17,021

 

 

 

 

 

$

 

16,803

 

 

 

 

 

$

 

 

 

 

 

For the Year Ended December 31, 2015

 

 

 

 

 

 

 

Numerator

(Loss)

 

 

 

 

 

Denominator

(Shares)

 

 

 

 

 

Per Share

Amount

 

 

 

Basic net loss and loss per share

 

 

 

$

 

(5,602

 

)

 

 

 

 

 

28,792

 

 

 

 

 

$

 

(0.19

 

)

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock equivalents arising from stock options and

   employee stock purchase plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net loss and loss per share

 

 

 

$

 

(5,602

 

)

 

 

 

 

 

28,792

 

 

 

 

 

$

 

(0.19

 

)

 

 

 

 

 

 

For the Year Ended December 31, 2014

 

 

 

 

 

 

 

Numerator

(Income)

 

 

 

 

 

Denominator

(Shares)

 

 

 

 

 

Per Share

Amount

 

 

 

Basic net income and earnings per share

 

 

 

$

 

13,077

 

 

 

 

 

 

 

25,751

 

 

 

 

 

$

 

0.51

 

 

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock equivalents arising from stock options and

   employee stock purchase plan

 

 

 

 

 

 

 

 

 

 

 

 

446

 

 

 

 

 

 

 

(0.01

 

)

 

Diluted net income and earnings per share

 

 

 

$

 

13,077

 

 

 

 

 

 

 

26,197

 

 

 

 

 

$

 

0.50

 

 

 

 

 

 

 

 

For the Year Ended December 31, 2013

 

 

 

 

 

 

 

Numerator

(Income)

 

 

 

 

 

Denominator

(Shares)

 

 

 

 

 

Per Share

Amount

 

 

 

Basic net income and earnings per share

 

 

 

$

 

6,557