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CLEVELAND, April 29, 2014 (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, 2014. Highlights include:
Commissioned Brazed Aluminum Heat Exchanger expansion project in La Crosse, Wisconsin
Begins $80 million capacity expansion project in China
Better than anticipated sequential order growth in China
Net income for the first quarter of 2014 was $12.0 million, or $0.38 per diluted share. First quarter 2014 earnings would have been $0.41 per diluted share excluding $0.8 million, or $0.02 per diluted share, of acquisition-related costs recorded in the quarter, as well as a $0.01 per diluted share impact associated with Chart's Convertible Notes ("Notes"). This compares with net income of $15.5 million, or $0.51 per diluted share, for the first quarter of 2013. First quarter 2013 earnings would have been $0.54 per share excluding $1.2 million, or $0.03 per diluted share, of acquisition-related costs in that period.
Net sales for the first quarter of 2014 decreased 3% to $266.2 million from $273.7 million in the comparable period a year ago. Gross profit for the first quarter of 2014 was $77.5 million, or 29.1% of sales, versus $79.5 million, or 29.0% of sales, in the comparable quarter of 2013.
"We remain confident in the long-term fundamental drivers of our growth, despite short-term challenges. While weather impacted industrial activity across all of our businesses and customer rationalization from competitive bidding continued to impact our BioMedical segment, our Distribution and Storage ("D&S") business saw 12% sequential order growth in China, reaffirming the long-term trend," stated Sam Thomas, Chart's Chairman, President and Chief Executive Officer. "Our backlog and order prospects remain strong, and we are committed to meeting demand across all of the market segments we serve."