CECO Environmental Corp has raised its full-year 2026 guidance following the completion of its $2.2 billion acquisition of Thermon Group Holdings, a leading industrial process heating company. The company now projects revenue of $1.3 billion to $1.375 billion, up from its previous range of $1.275 billion to $1.375 billion, and adjusted EBITDA of $200 million to $225 million, compared with the earlier $195 million to $225 million. Management also expects free cash flow conversion of at least 55% of adjusted EBITDA. Early integration synergies are outpacing targets, and the company's sales pipeline has expanded beyond $8.5 billion, though bears caution that this pipeline represents potential, not contracted, revenue. The deal has increased CECO's debt and operational complexity, but hedge fund holdings rose to 41 in the second quarter from 37 in the first, with FMR as the largest institutional investor.
CECO Environmental Corp.CECO raised 2026 revenue and EBITDA guidance after completing the $2.2B Thermon acquisition, with synergies outpacing targets.
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