December 15, 2025 02:04 PM GMT Energy Services & Equipment | North America 2026 Outlook: Navigating an Oil Surplus Into 2026, we see NAm nearing a bottom, growth in int'l onshore driven by OPEC activity & take a more muted view on offshore as efficiency gains moderate upside. Against a challenging oil backdrop, we generally prefer exposure to more defensive & unique revenue streams. HAL to Top Pick, NOV to EW. Key Takeaways With this report, Joe Laetsch assumes coverage of North America Energy Services & Eq ...

The M&A focused investment firm opened a $4.13 million position in Chart Industries.BCK Capital Management LP bought 20,628 shares of Chart Industries (GTLS +0.04%). The position was valued at $4.13 million as of the end of Q3 2025.What happenedBCK Capital Management opened a new position in Chart Industries in the third quarter, making the company its third-largest holding. According to a Securities and Exchange Commission (SEC) filing dated Nov. 7, 2025, the fund acquired 20,628 GTLS shares. The purchase ...

转自：市场监管总局网站 | | | | 信息来源：反垄断执法二司 | | --- | | 序 | 案件名称 | 参与集中的经营者 | 审结时间 | | --- | --- | --- | --- | | 号 | | | | | 1 贝克休斯公司收购查特工业公司股权案 | | 贝克休斯公司，查特工业公司 | 2025年11 | | | | | 月24日 | | 2 安徽万朗磁塑股份有限公司收购广东美的智享生活电器制造有 | 限公司股权案 | 安徽万朗磁塑股份有限公司，广东美的环境电器制造有限公司 | 2025年11 | | | | | 月24日 | | 3 中国北京同仁堂（集团）有限责任公司收购天津同仁堂集团股 | 份有限公司股权案 | 中国北京同仁堂（集团）有限责任公司，天津同仁堂集团股份有限公司 | 2025年11 | | | | | 月24日 | | 4 胜科公用事业有限公司与OQ可替代能源有限公司新设合营企 | 业案 | 胜科公用事业有限公司，OQ可替代能源有限公司 | 2025年11 | | | | | 月24日 | | 5 延锋国际汽车技术有限公司收购重庆小康汽车部品有限公司业 | | 延锋国际汽车 ...

Company Overview - Chart Industries manufactures engineered equipment for the energy and industrial gas sectors, including cryogenic storage tanks, heat exchangers, LNG transport systems, and specialty products for hydrogen, CO2 capture, and biogas applications [4] - The company generates revenue through the sale of capital equipment, aftermarket services, and leasing solutions, with a diversified offering across cryogenic and heat transfer technologies [4] - Chart Industries serves industrial gas producers, energy companies, LNG operators, and specialty end-markets such as aerospace, food and beverage, and water treatment globally [7] - The company leverages advanced manufacturing and process technology expertise to address complex applications in LNG, hydrogen, and specialty gas markets [8] Financial Performance - As of November 21, 2025, Chart Industries reported a revenue of $4.29 billion and a net income of $79.4 million [3] - The share price was $203.50, reflecting a one-year price change of 15.57%, outperforming the total return of the S&P 500 by 3.1 percentage points [3] Recent Developments - Penn Capital Management Company sold all its shares in Chart Industries, liquidating its entire 108,881-share position, which had a net reported value change of $17.98 million compared to the previous quarter [2][5] - The sale reduced Penn Capital's stake in Chart Industries from 1.6% of AUM last quarter to zero [3] - The exit from the position was not due to any underlying issues with Chart's business but was likely influenced by Chart's upcoming acquisition by Baker Hughes [9]

Core Points - Jill Evanko, President and CEO of Chart Industries, will step down to pursue a new opportunity, remaining as a senior advisor until the completion of the acquisition by Baker Hughes [1][2][3] - Under Evanko's leadership, Chart has experienced significant growth, focusing on energy and industrial markets, and expanding into high-growth sectors like carbon capture and data centers [2][3] - The acquisition by Baker Hughes has been approved by Chart shareholders and is on track to close by mid-2026, pending regulatory approvals [3] Company Overview - Chart Industries is a global leader in designing and manufacturing process technologies for gas and liquid molecule handling, focusing on clean power, water, food, and industrial applications [4] - The company operates 65 manufacturing locations and over 50 service centers worldwide, providing technology and services related to liquefied natural gas, hydrogen, biogas, and CO2 capture [4]

Core Insights - San Francisco-based investment firm No Street GP LP has significantly reduced its stake in Chart Industries by selling 565,000 shares, resulting in a position decrease of approximately $79.7 million [1][2][6] - Chart Industries' stock is currently priced at $203.54, reflecting a 20% increase over the past year, outperforming the S&P 500 by 5 percentage points [3][4] Company Overview - Chart Industries, Inc. is a leading global provider of highly engineered cryogenic equipment and process technologies, with a strong presence in the energy transition and industrial gas markets [5] - The company reported a trailing twelve months (TTM) revenue of $4.3 billion and a net income of $66.7 million, with a market capitalization of $9.2 billion [4][5] Operational Performance - In the third quarter, Chart Industries achieved record orders of $1.7 billion, representing a year-over-year increase of 43.9%, and an adjusted operating income of $251.5 million, yielding a strong margin of 22.9% [7][8] - The company has a growing backlog valued at $6 billion, indicating strong demand for its products [8] Strategic Considerations - The reduction in stake by No Street GP reflects a shift in opportunity cost, as the stock is expected to be acquired for $210 per share in mid-2026, limiting potential upside for investors [6][8] - Chart Industries' GAAP results were impacted by a $266 million termination fee related to previously terminated merger talks, which may affect investor sentiment [8]

Group 1 - The article discusses the analysis of oil and gas companies, focusing on identifying undervalued firms within the sector [1][2] - The author emphasizes the cyclical nature of the oil and gas industry, highlighting the importance of patience and experience in investing [2] - The investing group, Oil & Gas Value Research, seeks out under-followed oil companies and midstream firms that present attractive investment opportunities [2] Group 2 - The article mentions that members of Oil & Gas Value Research receive exclusive analysis and insights not available to the general public [1] - The group includes an active chat room for investors to discuss recent developments and share investment ideas [2]

Financial Performance - Consolidated orders for Q3 2025 reached $1,680.4 million, up 43.7% from $1,167.5 million in Q3 2024, driven by higher orders in Specialty Products and Heat Transfer Systems [145]. - Total backlog as of September 30, 2025, was $6,049.5 million, compared to $4,535.3 million as of September 30, 2024, indicating strong demand [145]. - Consolidated sales for Q3 2025 were $1,100.6 million, a 3.6% increase from $1,062.5 million in Q3 2024, primarily due to growth in the Heat Transfer Systems segment [146]. - Consolidated gross profit margin for Q3 2025 remained flat at 34.1%, consistent with Q3 2024, as improved margins in Heat Transfer Systems offset declines in other segments [146]. - Gross profit for the third quarter of 2025 was $375.2 million, an increase of $12.6 million, or 3.5%, compared to $362.6 million in the same quarter of 2024, with a gross profit margin of 34.1% remaining flat year-over-year [151]. - Consolidated sales for the first nine months of 2025 increased by $130.9 million, reaching $3,184.4 million, driven by growth in Heat Transfer Systems and Specialty Products segments [163]. - Gross profit for the first nine months of 2025 rose by $62.0 million or 6.1%, with a gross profit margin of 33.9%, up from 33.3% in the same period of 2024 [164]. - Operating income for the consolidated entity decreased by $225.9 million to $233.3 million for the nine months ended September 30, 2025, reflecting a decline in profitability [162]. Mergers and Acquisitions - The proposed merger with Baker Hughes will result in Chart shareholders receiving $210.00 in cash per share, subject to certain conditions [128]. - Chart's stockholders approved the merger agreement with Baker Hughes on October 6, 2025, with completion pending satisfaction of other conditions [134]. - The merger agreement includes a reverse termination fee of $500 million payable to Chart if terminated under specific circumstances related to regulatory approvals [138]. - The company recorded a liability of $258 million for the termination fee paid by Baker Hughes related to the Flowserve merger agreement, reflecting potential repayment obligations [141]. - The Merger Agreement includes a termination fee of $250 million payable to Baker Hughes under certain circumstances [209]. - The company incurred transaction-related costs for the proposed merger with Baker Hughes and anticipates additional costs in the future [211]. Segment Performance - Operating income for the Heat Transfer Systems segment increased by $56.4 million, or 92.0%, to $117.7 million in the third quarter of 2025 compared to the same quarter in 2024 [149]. - For the third quarter of 2025, Heat Transfer Systems segment sales increased by $93.1 million, a 36.3% increase compared to the same quarter in 2024 [179]. - Heat Transfer Systems segment gross profit increased by $58.1 million, resulting in a gross profit margin of 38.5%, up from 29.8% in the prior year [179]. - Specialty Products segment sales decreased by $13.4 million, a 4.7% decline compared to the same quarter in 2024, primarily due to lower sales in hydrogen and HLNG vehicle tanks [188]. - Specialty Products segment gross profit decreased by $9.7 million, with a gross profit margin decline of 230 basis points to 24.0% [189]. - Repair, Service & Leasing segment sales decreased by $30.3 million, an 8.4% decline compared to the same quarter in 2024, driven by a large aftermarket equipment sale in the prior year [195]. - Repair, Service & Leasing segment gross profit decreased by $28.1 million, with a gross profit margin of 44.2%, down from 47.7% [196]. - Cryo Tank Solutions segment reported an operating income of $15.3 million, a decrease of $8.2 million, or 34.9%, compared to the same quarter in 2024 [149]. - Cryo Tank Solutions segment sales decreased by $27.4 million to $460.3 million for the first nine months of 2025, primarily due to lower industrial gas sales in the U.S. [176]. - Cryo Tank Solutions segment gross profit increased by $6.1 million, with a gross profit margin of 24.5%, up from 21.9% in the same period of 2024 [177]. - For the first nine months of 2025, Heat Transfer Systems segment sales increased by $165.4 million, a 22.2% increase compared to the same period in 2024 [183]. Expenses and Financial Metrics - Consolidated SG&A expenses increased by $12.4 million, or 9.1%, during the third quarter of 2025, primarily due to costs associated with the terminated merger with Flowserve and the proposed merger with Baker Hughes [152]. - SG&A expenses increased by $21.0 million or 5.1% during the first nine months of 2025, primarily due to costs associated with merger agreements and increased IT costs [165]. - Interest expense, net decreased by $3.5 million to $77.1 million for the three months ended September 30, 2025, compared to $80.6 million in the same quarter of 2024, mainly due to lower interest rates and reduced overall debt [154]. - Interest expense, net decreased by $16.2 million to $232.5 million for the nine months ended September 30, 2025, mainly due to lower interest rates and reduced debt [167]. - The effective income tax rate for the three months ended September 30, 2025, was 26.0%, compared to 26.5% for the same period in 2024 [156][157]. - The effective income tax rate for the nine months ended September 30, 2025 was 91.6%, significantly higher than the 24.7% rate for the same period in 2024 [169][170]. - The company expects no material impact on its effective tax rate or consolidated financial statements from the recent changes to the U.S. tax code enacted on July 4, 2025 [158]. Cash Flow and Backlog - Cash provided by operating activities for the nine months ended September 30, 2025, was $203.9 million, a decrease from $221.6 million in the same period in 2024 [205]. - The company's cash, cash equivalents, and restricted cash totaled $400.8 million at September 30, 2025, an increase of $90.3 million from December 31, 2024 [204]. - Cash used in investing activities was $70.8 million for the nine months ended September 30, 2025, a decrease from $121.6 million in the same period of 2024 [206]. - Cash used in financing activities was $53.9 million for the nine months ended September 30, 2025, compared to cash provided of $6.8 million in 2024 [207]. - The backlog as of September 30, 2025, was $6,049.5 million, an increase of 33.4% from $4,535.3 million as of September 30, 2024 [213]. - Orders for the Heat Transfer Systems segment increased to $760.8 million for the three months ended September 30, 2025, up from $424.7 million in the same period of 2024 [215]. - Specialty Products segment orders rose to $438.5 million for the three months ended September 30, 2025, compared to $237.8 million in the same quarter of 2024 [216]. - Repair, Service & Leasing segment backlog increased to $828.1 million as of September 30, 2025, from $593.4 million as of September 30, 2024 [218]. - The company expects to satisfy cash requirements for ongoing business with cash generated from operations and existing cash balances [208]. Macroeconomic and ESG Considerations - The company is actively monitoring macroeconomic impacts, including geopolitical instability and trade policies, but reported no material adverse effects on Q3 2025 results [143]. - Chart is committed to ESG performance, focusing on clean technologies and sustainability, with a report released in April 2025 [144]. - The company does not expect any balance sheet or cash impact from the co-investment agreement with BDT&MSD prior to 2028 [212].

Core Insights - Chart Industries reported revenue of $1.1 billion for the quarter ended September 2025, reflecting a year-over-year increase of 3.6% [1] - The company's EPS was $2.78, up from $2.18 in the same quarter last year, but fell short of the consensus estimate of $3.01, resulting in an EPS surprise of -7.64% [1] - The reported revenue was below the Zacks Consensus Estimate of $1.18 billion, leading to a revenue surprise of -6.95% [1] Financial Performance Metrics - Orders for Cryo Tank Solutions were $116.1 million, below the estimated $151.55 million [4] - Orders for Heat Transfer Systems significantly exceeded expectations at $760.8 million, compared to the estimated $348.06 million [4] - Orders for Specialty Products were $438.5 million, surpassing the estimated $373.64 million [4] - Orders for Repair, Service & Leasing were $365 million, slightly below the estimated $387.33 million [4] - Total backlog reached $6.05 billion, exceeding the estimated $5.47 billion [4] Sales Performance - Sales for Cryo Tank Solutions were $151.2 million, below the average estimate of $168.33 million, representing a year-over-year decline of 7% [4] - Sales for Repair, Service & Leasing were $330.2 million, compared to the average estimate of $390.19 million, reflecting an 8.4% year-over-year decrease [4] - Sales for Specialty Products were $269.9 million, below the estimated $343.33 million, indicating a decline of 4.7% year-over-year [4] - Sales for Heat Transfer Systems were $349.3 million, exceeding the average estimate of $312.95 million, showing a significant year-over-year increase of 36.3% [4] Stock Performance - Chart Industries' shares returned -0.3% over the past month, while the Zacks S&P 500 composite increased by 3.8% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Insights - Chart Industries reported quarterly earnings of $2.78 per share, missing the Zacks Consensus Estimate of $3.01 per share, but showing an increase from $2.18 per share a year ago, resulting in an earnings surprise of -7.64% [1] - The company posted revenues of $1.1 billion for the quarter ended September 2025, missing the Zacks Consensus Estimate by 6.95%, compared to $1.06 billion in the same quarter last year [2] - Chart Industries has underperformed the market with a 4.6% increase in shares since the beginning of the year, while the S&P 500 gained 17.2% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $4.04 on revenues of $1.31 billion, and for the current fiscal year, it is $11.29 on revenues of $4.58 billion [7] - The estimate revisions trend for Chart Industries was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Manufacturing - General Industrial industry, to which Chart Industries belongs, is currently in the bottom 37% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]