$69.670
-2.383 (-3.42%)At close
CECO News
CECO Events
CECO Reports Q2 Revenue of $284.96M
Reports Q2 revenue $284.96M, consensus $282.22M. Reports Q2 orders of $798.5M. Todd Gleason, CECO's Chairman and Chief Executive Officer commented: "We delivered an exceptional second quarter, with numerous financial records led by tremendous growth in both orders and backlog. Our multi-year, high-performance growth and value creation model continues to demonstrate the power of our operating model and the growing demand for our leading solutions across diverse global end markets. Additionally, we are pleased to have closed the Thermon acquisition in early June and report that the integration activities are progressing extremely well. Early synergy capture is proceeding ahead of our pre-acquisition integration objectives, and we are driving strong execution across the combined organization."
Company Raises Full Year Outlook to $200M
Consensus $1.31B. Narrows FY26 adjusted EBITDA view to $200M-$22M from $195M-$225M. "Our confidence in our operating model and the robustness of our key growth markets, along with the positive trends from the Thermon integration, allows us to raise our full year outlook. Our third quarter has started very well - with no slowdown in booked projects and sales opportunity discussions proceeding as expected. We continue to monitor the situation in the Middle East as well as certain inflationary items, but we believe we are navigating these challenges with cost actions and solid performance. Our teams do an incredible job every day and as I get to know the Thermon organization it is simply another outstanding addition to our leading portfolio of businesses," concluded Gleason.
Stock Futures Rise as Nuvalent Shares Surge 38%
Stock futures are pointing higher this morning as investors continue to rotate back into AI and semiconductor names after last week's sharp selloff. Chip stocks have led the rebound, helping Nasdaq futures outperform while the broader market remains more cautious.Oil prices have pulled back after reports of a ceasefire between Israel and Iran, easing concerns about a major supply disruption and helping improve risk sentiment across global markets. Investors are largely in wait-and-see mode ahead of tomorrow's CPI inflation report, which could influence expectations for the Fed's path through the second half of the year.In pre-market trading, S&P 500 futures rose 0.45%, Nasdaq futures rose 0.83% and Dow futures rose 0.34%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Nuvalentup 38% after GSKannounced an agreement to acquire the company for $10.6BApplied Digitalup 11% after entering into a new long-term lease agreement at Delta Forge 2, a purpose-built AI Factory campus located in a new southern stateCeco Environmentalup 1% after raising its full-year outlook to add Thermon to the balance of the year following the acquisition completion.UP AFTER EARNINGS -J.M. Smuckerup 3%Academy Sportsup 2%DOWN AFTER EARNINGS -United Natural Foodsdown 15%Designer Brandsdown 14%SailPointdown 14%Vail Resortsdown 4%Mission Producedown 3%LOWER -Perrigodown 1% after CEO Patrick Lockwood-Taylor resigned as president and CEO
Ceco Environmental Shares Down 9.5% to $78.71
Ceco Environmental is down -9.5%, or -$8.24 to $78.71.
CECO and Thermon Merger Approved by Shareholders
CECO Environmental (CECO) and Thermon Group Holdings (THR) announced that both companies' stockholders overwhelmingly voted to approve the previously announced strategic combination at their respective stockholder meetings held earlier today. Preliminary results showed that approximately 99.93% of votes cast at CECO's annual meeting were voted in favor of the transaction, and nearly 99.97% of the votes cast at Thermon's meeting were in support of the combination. The transaction is expected to close on or around June 1, subject to the satisfaction of customary closing conditions. The parties also announced the results of the elections made by Thermon stockholders of record regarding the form of consideration they wish to receive in exchange for their shares of Thermon common stock in connection with the transaction. As previously disclosed, the deadline to have made such an election was 5:00 p.m. Central Time on May 22. As further described in the election materials and in the parties' joint proxy statement/prospectus dated April 23, each Thermon stockholder will be entitled to receive, for each share of Thermon common stock held immediately prior to the closing of the transaction, one of the following forms of merger consideration: $63.89 in cash, without interest; 0.8110 of a share of CECO common stock; or a combination of $10.00 in cash, without interest, and 0.6840 of a share of CECO common stock. The Cash Consideration and Stock Consideration are subject to proration as set forth in the merger agreement. Based on the final results of the merger consideration election: Thermon stockholders of record of approximately 41.18% of the outstanding shares of Thermon common stock elected to receive the Stock Consideration and, in accordance with the proration procedures in the merger agreement, each such outstanding share of Thermon common stock will be converted into the right to receive approximately $1.48 in cash and 0.7920 of a share of CECO common stock per share of Thermon common stock; Thermon stockholders of record of approximately 6.50% of the outstanding shares of Thermon common stock elected to receive the Cash Consideration and, in accordance with the proration procedures in the merger agreement, each such outstanding share of Thermon common stock will be converted into the right to receive $63.89 in cash per share of Thermon common stock; and Thermon stockholders of record of approximately 19.22% of the outstanding shares of Thermon common stock elected to receive the Mixed Consideration and, in accordance with the merger agreement, each such outstanding share of Thermon common stock will be converted into the right to receive $10.00 in cash and 0.6840 of a share of CECO common stock per share of Thermon common stock.
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