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CECO issued a press release on January 16, 2025, “announc[ing] preliminary financial results for the fourth quarter and full year 2024 and provid[ing] an update on further portfolio transformation.” Among other items, CECO lowered its 2024 revenue guidance to the range of $555 million to $558 million, compared to its previous guidance of $575 million to $600 million. CECO also announced its intent to divest its Fluid Handling business by the end of the first quarter of 2025 and to use the sale proceeds to pay down debt and position the Company’s balance sheet for future strategic growth investments.
Following this news, CECO’s stock price fell over 7% on January 17, 2025.