Ceco Environmental Corp (CECE) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Exhibit 99.1

CECO Environmental Corp. Reports Fourth Quarter and Full Year 2018 Results

Achieves significant improvement in fourth quarter financial performance

DALLAS, Texas, March 7, 2019 -- CECO Environmental Corp. (Nasdaq: CECE),

Highlights of the Fourth Quarter 2018*

Full-Year 2018 Highlights*

* All comparisons are versus the comparable prior-year period, which include results from divestitures, unless otherwise stated.

CECO’s Chief Executive Officer Dennis Sadlowski commented, “I am very pleased with our financial results for the fourth quarter and want to thank the entire CECO team for delivering big improvements in our performance. We achieved 44% year-over-year organic revenue growth, over 100% growth in EBITDA, and incredible free cash flow generation of $17 million. We view cash earnings as integral to generating top-tier returns for our shareholders and believe this to be a fundamental strength of CECO’s asset light business model.”

Mr. Sadlowski added, “In 2018, we executed on our operating strategy, delivered growth with a 20% year-over-year increase in bookings and are well underway to transforming how we do business with a more customer focused and solutions-based mindset.  Our fourth quarter bookings were below our expectations as capital markets volatility and US political tensions created delays in customer decisions.  We expect this to be more of a timing issue as our overall sales pipeline remains very strong and robust.  We are headed into a new year with an impressive backlog of $182 million, which is up $32 million organically from the prior year. Our end markets are large and generally healthy going into 2019 which provide us confidence in our aggressive financial targets for 2021.”

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