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Chart Industries Reports 2012 Fourth Quarter And Year-End Results

Stocks in this article: GTLS

CLEVELAND, Feb. 28, 2013 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (Nasdaq:GTLS), a leading independent global manufacturer of highly engineered equipment used in the production, storage and end-use of hydrocarbon and industrial gases, today reported results for the fourth quarter and year ended December 31, 2012. Highlights include:

  • Record orders over $1.1 billion for the full year 2012
  • Record sales over $1.0 billion, up 28% over full year 2011
  • Year-end backlog of $617 million, up 26% from year-end 2011
  • Operating income of $121.8 million, up 35% over full year 2011
  • Announces $40 million award to provide LNG equipment to PetroChina

Net income for the fourth quarter of 2012 was $20.8 million, or $0.69 per diluted share. Fourth quarter 2012 earnings would have been $0.80 per diluted share excluding $4.5 million, or $0.11 per diluted share, of costs largely associated with the AirSep acquisition. This compares with net income of $8.4 million, or $0.28 per diluted share, for the fourth quarter of 2011. Fourth quarter 2011 earnings would have been $0.51 per share excluding $9.5 million, or $0.23 per diluted share, of refinancing and restructuring costs in that period.

Net income for the year 2012 was $71.3 million, or $2.36 per diluted share. Net income for 2012 would have been $2.50 per diluted share excluding $5.9 million, or $0.14 per diluted share, of costs primarily due to acquisitions. This compares to net income of $44.1 million, or $1.47 per diluted share, for the year 2011. Net income for 2011 would have been $1.84 per diluted share excluding $15.7 million of refinancing and acquisition-related costs.

Net sales for the fourth quarter of 2012 increased 38% to $303.9 million from $219.6 million in the comparable period a year ago. Gross profit for the fourth quarter of 2012 was $85.5 million, or 28.1% of sales, versus $64.0 million, or 29.1% of sales, in the comparable quarter of 2011.

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