Chart Industries has published pleasing results for the fourth quarter and year ended December 31st, but a forecast for the coming year has proved difficult, and a slowing of sales is predicted.
The Cleveland-based manufacturer of equipment used to produce and store hydrocarbon and industrial gases achieved 3% growth in net sales for the fourth quarter in comparison to the same period in the previous year, and a 12% rise in net sales for the full year compared to 2007.
Net sales for the fourth quarter of 2008 were $187.5m, and for the full year, $744.4m.
Net income for the fourth quarter was $21.7m, an increase of 32% compared to the fourth quarter of 2007, and net income for the full year 2008 was $78.9m, in 2007 it was just $44.2m.
Sam Thomas, Chart’s Chairman, President and Chief Executive Officer commented on the results, “2008 was an excellent year across all business segments in terms of operating performance and free cash flow generation.”
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