Net sales for the year 2012 improved to a record $1,014.2 million, up 28% from 2011 net sales of $794.6 million. Gross profit for 2012 was $305.2 million, or 30.1% of sales, compared to $245.4 million, or 30.9% of sales, in the full year 2011.
"I am pleased to report a strong fourth quarter to cap off another record year," stated Sam Thomas, Chart's Chairman, President and Chief Executive Officer. "Chart continues to demonstrate its ability to respond quickly to new opportunities and changes in the marketplace. Globally, our expansion projects are progressing nicely and, while executing on strong orders, we have been able to significantly improve capacity and lead times in our Distribution & Storage ("D&S") liquefied natural gas ("LNG") business. We also plan to significantly improve available capacity and lead times in our Energy & Chemicals ("E&C") business by the first quarter of 2014."
"These initiatives are enabling Chart to meet rising customer demand and uphold our status as a leading worldwide supplier to the energy, industrial gas, and biomedical industries, especially in high-growth energy markets such as the build-out of LNG infrastructure," Mr. Thomas said.
He continued, "Today, we announced an award of approximately $40 million from PetroChina to provide LNG transportable self-contained fueling stations, storage tanks and vehicle tanks to support China's conversion to LNG as a vehicle fuel for heavy-duty trucks. This award led to record quarterly orders in our D&S group in the fourth quarter and continues to validate our expansion efforts in China."Backlog at December 31, 2012 was $617.4 million, up 26% from the December 31, 2011 level of $489.1 million, and 4% lower than the backlog of $639.8 million at September 30, 2012. Orders for the fourth quarter of 2012 were $278.0 million, 19% higher than orders of $233.4 million booked in the third quarter of 2012.