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CLEVELAND, April 25, 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 first quarter ended March 31, 2013. Highlights include:
Sales up 27% from prior year quarter
Reiterates 2013 earnings guidance
Announces new award in excess of $45 million to provide LNG equipment to PetroChina
Net income for the first quarter of 2013 was $15.5 million, or $0.51 per diluted share. This compares with $14.1 million, or $0.47 per diluted share, for the first quarter of 2012. First quarter 2013 earnings would have been $0.54 per diluted share excluding $1.2 million, or $0.03 per diluted share, of acquisition related retention and severance expense recorded in the quarter. First quarter 2012 earnings would have been $0.48 per share excluding $0.5 million, or $0.01 per diluted share, of acquisition related earn-out adjustments.
Net sales for the first quarter of 2013 increased 27% to $273.6 million from $216.1 million in the comparable period a year ago. Gross profit for the first quarter of 2013 was $79.5 million, or 29.0% of sales, versus $67.6 million, or 31% of sales, in the comparable quarter of 2012.
"Chart is well positioned to capitalize on growing global demand fueled by major investments across the LNG value chain," stated Sam Thomas, Chart's Chairman, President and Chief Executive Officer. "The major order we announced today, which will be reflected in second quarter 2013 orders and backlog, continues to validate our status as an integrated supplier of mission critical equipment for the liquefaction, distribution, storage and end use of liquefied natural gas ("LNG")."
Mr. Thomas continued, "This latest award from PetroChina, in excess of $45 million, is similar to the order we received in the fourth quarter of 2012, it includes LNG fueling stations, self-contained LNG station modules, storage tanks and trailers for LNG service, and is indicative of the significant commitment that China has made to LNG use. In addition, the recent LNG liquefaction and long-haul trucking investments announced by several companies highlight the opportunities in the North American market due to low-cost natural gas, which are encouraging and continue to validate the LNG infrastructure build-out that is underway. We remain excited about our prospects going forward."