CECO环保 2024年度报告

CECO Environmental is a leading environmentally focused, diversifiedindustrial company whose solutions protect people, the environment,and industrial equipment across the globe, serving a broad landscapeof industrial air, industrial water and energy transition markets. BUILDING THE LEADING, GLOBAL, SUSTAINABLE, INDUSTRIAL ENVIRONMENTAL SOLUTIONS COMPANY Leading Businesses Sustainable Value Creation Focused Capital Allocation Model Balanced, Niche Leadership Positions • Invest in Organic Growth / Expansion• Debt Management• Programmatic M&A• Stock Buybacks • Industrial Air• Industrial Water (new since 2020)• Energy Transition Global~40%of Orders Outside of U.S. Proven M&A Track Record Programmatic M&A • ~ 50% of Acquisitions Doubled Saleswithin 24 months of Deal ~12Strategic DealsSince mid-2020 Strong Organic Growth Management Alignedwith Shareholders • Averaged 20%+ Organic Since 2021• Record Backlog Positions Us for Future WE PROTECT PEOPLE Solving customer challenges to ensure their employees work in asafe and productive environment. WE PROTECT THE ENVIRONMENT We minimize our environmental impact and help our global customersdo the same. WE PROTECT INDUSTRIAL EQUIPMENT ANDIMPROVE PROCESS We help maximize our customer’s investment in their operatingsystems and optimize their output. 2024 FINANCIAL HIGHLIGHTS TO OUR SHAREHOLDERS CECO continues to reach new heights and our well-established, leadership position in growthindustries is stronger than ever. I am proud to lead an organization that delivers sustainable,environmental solutions to our global customers. We are also proud to generate sustainablefinancial performance and top quartile shareholder value. With nearly 1,600 employees,we remain highly energized to support global, industrial growth while protecting people,the environment, and our customer’s investment in industrial equipment. of mind that our solutions will help to maximize theiroutputs while minimizing the impact to their operatingenvironment and our shared natural environment. ADVANCING A PROVEN TRANSFORMATION MODEL We have successfully advanced the systematictransformation of our business portfolio over the pastfew years. By continuing to invest in growth resources,and innovative solutions and services, we have addedsignificant growth to our core market leadership position.We have expanded into new vertical and geographicmarkets while maintaining our ability to be nimbleand pivot from market to market, based on the growthconditions. Our fantastic multi-year, organic sales growthand income margin expansion is a direct output of ourfocused investments and execution. The first dollar wespend is on organic growth and our returns have beenvery rewarding! Today, CECO is a recognized leader inIndustrial Air, Industrial Water and Energy Transition.In each area we provide customers with the peace To bolster our organic growth, we continue to maintain aprogrammatic acquisition strategy – which has openedup new markets and customers while simultaneouslyaccelerating the addition of shorter-cycle and recurringbusinesses to our portfolio. Over the past three yearswe have completed over a dozen transactions. Eachacquisition has aligned with a strategic business focusand has been accretive from a financial perspective.We successfully operate in very fragmented marketswhich provides a robust pipeline of acquisitioncandidates. We expect to remain programmatic acquirersfor years to come. SUSTAINABLE RESULTS 2024 was another record-setting year for CECO.This was headlined by our record bookings and year-end backlog, which were up 14 percent and 46 percent,respectively. While sales and adjusted EBITDA did havesteady growth, we navigated certain delays in a few ofour markets and larger projects, which impacted ourperformance. We expect these delays will be behind usas we enter 2025 with a robust backlog and a $4.5 billionsales pipeline – our largest ever. We also exited 2024with a record gross margin which reflects the investmentswe continue to make in operating excellence. In addition to significant order growth and steadyfinancial results, we completed three acquisitions – allin the second half of 2024. We are pleased to welcomeEnviroCare International, WK Group and Verantis to ourfamily of leading businesses. Each of these acquisitionsadds great talent, niche market leadership andmeaningful growth opportunities. with respect to separation and filtration, emissionsmanagement, thermal acoustics, and back-up powerenclosures. Some of these opportunities have alreadybeen reflected in our record 2024 bookings, but a vastmajority remain in front of us as we enter 2025. INVESTING IN PEOPLE AND CULTURE We ask a lot of our teams. Many of our team memberswear multiple hats – so to speak – and we are gratefulto have such a dedicated group. I am encouraged everyday as we engage with our diverse organization andwitness their incredible work. Late in 2024, we announced our intent to acqui