CECO Environmental -33% on big Q3 earnings miss, sliding backlog

|About: CECO Environmental Corp. (CECE)|By:, SA News Editor

CECO Environmental (CECE -33.6%) sinks to a 52-week low, shedding a third of its value, after posting a big miss vs. expected Q3 earnings on a 16% Y/Y drop in revenues.

CECO says its total backlog at the end of Q3 was $154M from $197M at year-end 2016 and $219M at the end of Q3 2016; bookings during Q3 2017 were $71M, compared with $96M in the prior-year period.

The company says it is suspending its dividend as it implements a restructuring program during Q4 to cut costs by $5M-$7M/year.