Ceco Environmental Stock Jumps 19% After Q3 Results and Raised Orders Outlook

Ceco Environmental (TXSE: CECO) shares rose 19.0% on Monday, Nov. 9, 2026, closing at $52.00 from $43.71, while the S&P 500 ETF (SPY) gained 2.37%. The move came on the day the company released its third-quarter results in an 8-K before the market opened. The press release filed with it called the quarter a record and raised the company's full-year orders and cash flow forecasts.

Orders and revenue more than doubled

Revenue was $404.4 million, up 105% from a year earlier. Orders reached $777.6 million, up 234%, and backlog stood at $2,193.5 million, up 205%. The company credited its June 1 acquisition of Thermon for much of the growth, calling the quarter its second as a combined company.

Raised outlook for 2026 and 2027

CECO raised its 2026 orders outlook to exceed $2.5 billion, from at least $2.0 billion, and lifted its free cash flow forecast to about 100% of Adjusted EBITDA. It kept its 2026 revenue outlook of $1.300 billion to $1.375 billion and its Adjusted EBITDA outlook of $200 million to $225 million. For 2027 it forecast revenue of $2.1 billion to $2.3 billion and Adjusted EBITDA of $475 million to $525 million.

Profit and cash measures

The company reported a GAAP net loss of $2.0 million, compared with net income of $1.5 million a year earlier. Non-GAAP net income was $34.3 million. Adjusted EBITDA was $70.1 million, up 202%, and adjusted free cash flow was $154.4 million.

The company's quarterly report on Form 10-Q was filed later the same day, at 3:41 p.m. ET, in a 10-Q.