Sales down, but CECO beats outlook for 1Q

Quote: The recent recession is still impacting CECO Environmental Corp., but the company beat analysts’ expectations for its first quarter.CECO posted first-quarter net income of $97,000, or 1 cent per share, compared to $369,000, or 4 cents per share (excluding discontinued operations) in the year-ago quarter. Revenues declined to $35 million from $38.1 million. Analysts, on average, had expected a per-share loss of 2 cents, and revenues of $31.5 million.Net income from continuing operations was $200,000 versus $600,000 in first-quarter 2009.“While our first-quarter revenues continued to be affected by the weak economy, we are starting to see signs of improvement in the demands for our products,” said CEO Jeff Lang in a news release. “In addition, we continue to focus on our cost-cutting initiatives, including plant utilization and rationalization of some of our facilities. We also expect to realize significant benefits from the reduction of selling and administrative expenses during the rest of 2010.”Lang took over as president in February, replacing Phillip DeZwirek, who remains as chairman.Shares of CECO (Nasdaq: CECE) fell almost 9 percent, or 47 cents, to $4.88 in Tuesday afternoon trading.CECO Environmental based in Cincinnati, is an air pollution control company that operates through subsidiaries...
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