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Chart Industries Reports 2013 Second Quarter Results

Stocks in this article: GTLS

CLEVELAND, July 30, 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 second quarter ended June 30, 2013. Highlights include:

  • Sales up 24% from prior year quarter
  • Record D&S order intake of $222.1 million led by LNG demand
  • Record backlog of $664.0 million
  • Receives awards for small scale LNG production plant and ethylene plant
  • Announces new third quarter award in excess of $50 million to provide LNG equipment to PetroChina

Net income for the second quarter of 2013 was $20.0 million, or $0.64 per diluted share. This compares with net income of $17.9 million, or $0.59 per diluted share, for the second quarter of 2012. Second quarter 2013 earnings would have been $0.77 per diluted share excluding $4.8 million, or $0.11 per diluted share, of costs recorded in the quarter largely associated with the AirSep acquisition and flood damage in Europe, as well as a $0.02 per diluted share impact associated with Chart's Convertible Notes ("Notes") given Chart's stock price performance.

The Notes have a dilutive effect on earnings per share when the average market price of the Company's common stock exceeds the Notes' conversion price of $69.03. Upon conversion, our hedge on the Notes protects against dilution up to $84.96 per share, but until conversion occurs, the hedge is considered anti-dilutive under Generally Accepted Accounting Principles ("GAAP") and cannot be taken into account when computing earnings per share. Chart's average common stock price was $87.43 in the second quarter, resulting in the inclusion of an additional 864,168 shares related to the Notes in the diluted earnings per share calculation for the quarter. If the hedge had been able to be considered under GAAP it would have reduced the additional shares by 754,886.  

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