Chart Industries, Inc. has reported results for the fourth quarter and year ended Dec. 31, 2015.
Fourth quarter 2015 adjusted earnings were $0.19 per diluted share excluding $258.1 million, or $7.73 per diluted share, of non-cash impairment charges as well as facility shutdown and severance costs recorded in the quarter. The reported net loss for the fourth quarter of 2015 was $230.1 million, or $7.54 per diluted share which includes the impairment charges and other costs noted above. This compares with the fourth quarter of 2014 adjusted earnings of $0.74 per diluted share excluding $3.9 million, or $0.14 per diluted share, of primarily favorable adjustments due to an escrow settlement. Reported net income for the fourth quarter of 2014 was $26.9 million, or $0.88 per diluted share.
For the year, 2015 adjusted earnings were $1.25 per diluted share excluding $265.5 million, or $7.91 per diluted share, of non-cash impairment charges as well as facility shutdown and severance costs. The reported net loss for the year of 2015 was $203.0 million, or $6.66 per diluted share which includes the impairment charges and other costs noted above. This compares with the year 2014 adjusted earnings of $2.63 per diluted share, excluding the impact of acquisition related and facility startup costs and the escrow settlement. Reported net income for the fiscal year 2014 was $81.9 million, or $2.67 per diluted share.
Net sales for the fourth quarter of 2015 were $260.8 million compared to $326.1 million in the comparable period a year ago. Gross profit for the fourth quarter of 2015 was $72.8 million, or 27.9% of sales, versus $96.9 million, or 29.7% of sales, in the comparable quarter of 2014.
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