Chart Industries has reported orders of $1.17bn and sales of $1.06bn in its third quarter (Q3) 2024 financial results, with orders being driven by strong demand in heat transfer systems for liquefied natural gas (LNG), in addition to repair, service, and leasing.
The US cryogenic equipment company said sales were up 22.4% compared to the prior year, with each business segment’s sales increasing. Orders were up 5.4% compared to the prior year.
Jill Evanko, President and CEO of Chart, said, “Continued demand across the majority of our end markets, our segments’ strong operational performance, the benefits of continued double-digit growth in our aftermarket business, and earlier than anticipated cost synergy achievement resulted in a record reported gross profit margin of 34.1% and a record adjusted operating margin of 22.2%.”
Results by business segment:
Cryo tank solutions: Q3 2024 CTS orders of $126.2m decreased 17.5% compared to Q3 2023. This was primarily driven by Q3 2023 having had one order for $19.2m for railcars.
