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Chart Industries Reports 2014 Second Quarter Results

Stocks in this article: GTLS

CLEVELAND, July 31, 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 second quarter ended June 30, 2014. Highlights include:

  • Announces new award in excess of $40 million for LNG liquefaction equipment
  • Announces new award in excess of $20 million for floating LNG liquefaction equipment
  • Sequential order growth and year over year revenue growth in D&S LNG

Net income for the second quarter of 2014 was $20.1 million, or $0.65 per diluted share. Second quarter 2014 earnings would have been $0.70 per diluted share excluding $2.0 million, or $0.04 per diluted share, of acquisition-related costs and facility startup 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 $20.0 million, or $0.64 per diluted share, for the second quarter of 2013. Second quarter 2013 earnings would have been $0.77 per share excluding $4.8 million, or $0.11 per diluted share, of acquisition-related costs and flood damage expense in Europe, as well as a $0.02 per diluted share impact associated with the Notes.

Net sales for the second quarter of 2014 increased 3% to $306.8 million from $298.3 million in the comparable period a year ago. Gross profit for the second quarter of 2014 was $92.2 million, or 30.0% of sales, versus $89.8 million, or 30.1% of sales, in the comparable quarter of 2013.

"We are excited by the trend we are seeing in small to mid-scale liquefaction in North America with two standard plant awards using Chart's proprietary liquefaction technology announced in the last 60 days. This includes the new award announced today with Fortis, which will be reflected in third quarter orders, and the award announced with LNG Holdings in June which is included in second quarter orders. The Golar Floating Liquefied Natural Gas (FLNG) project award from Black & Veatch announced today will be reflected in third quarter orders and showcases the unique advantages that brazed aluminum heat exchangers offer for LNG applications," stated Sam Thomas, Chart's Chairman, President and Chief Executive Officer.

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