Chart Industries reported a first quarter net income of $6.7m from continuing operations – compared against a $22m loss in the three months to the end of March 2023.
The company, buoyed by quarterly sales of $950.7m – the highest first quarter sales in its history – expects its full year 2024 sales to be in a range of $4.7-$5bn with adjusted EBITDA in the range of $1.175-$1.30bn. In a statement, it said macro tailwinds from the public and private sectors “continue in our favour”.
However, earnings missed expectations, with $1.49 per share below the forecasted $1.88 estimated from Zacks Equity Research, resulting in an ‘earnings surprise’ of -20.74%.
All four segments’ sales increased year-over-year, with Heat Transfer Systems (HTS) increasing 33.9% although its orders of $237.3m were down just under 30%. Repair, Service and Leasing (RSL) orders totalled $333.9m while Cryo Tank Solutions’ quarterly orders of $159.3m decreased 4.5% year-on-year, driven by a large rail car order and continuing pickup in demand in EMEA industrial gas.
... to continue reading you must be subscribed
