Financial Performance - Consolidated sales for the three months ended June 30, 2024, were $1,040.3 million, a 14.5% increase from $908.1 million in the same period of 2023[156]. - Consolidated gross profit margin improved to 33.8% for the three months ended June 30, 2024, compared to 30.9% in the same quarter of 2023[156]. - Operating income for Q2 2024 was $167.8 million, a significant increase of $72.1 million, or 75.3%, compared to $95.7 million in Q2 2023[162]. - Net income attributable to Chart Industries, Inc. from continuing operations for Q2 2024 was $58.8 million, compared to $6.6 million in Q2 2023[171]. - Gross profit for Q2 2024 was $351.6 million, an increase of $71.0 million, or 25.3%, compared to Q2 2023, with a gross profit margin of 33.8%, up 290 basis points from the prior year[164]. - Consolidated sales for the first six months of 2024 increased by $551.4 million, reaching $1,991.0 million, a growth of 38.3% compared to the same period in 2023[178]. - Gross profit for the first six months of 2024 rose by $224.0 million or 52.1%, with a gross profit margin of 32.8%, up from 29.9% in the prior year[178]. - Net income attributable to Chart Industries, Inc. for the first six months of 2024 was $72.3 million, compared to a net loss of $(9.3) million in the same period of 2023[184]. Segment Performance - Consolidated orders totaled $1,164.7 million for the three months ended June 30, 2024, compared to $1,063.1 million in the same period of 2023, driven by the Specialty Products segment[156]. - The company’s Cryo Tank Solutions segment reported a gross profit of $33.4 million for the three months ended June 30, 2024, a 16.0% increase from the previous year[159]. - The Specialty Products segment saw a gross profit increase of 32.5% to $80.8 million for the same period[159]. - Specialty Products segment sales increased by $151.2 million to $514.1 million, a 41.7% increase, driven by the inclusion of the acquired Howden business[197]. - Repair, Service & Leasing segment sales increased by $244.3 million to $661.5 million, a 58.6% increase, primarily due to the Howden Acquisition[202]. - Heat Transfer Systems segment sales increased by $86.8 million to $490.3 million, representing a 21.5% increase year-over-year[194]. - For the first six months of 2024, Cryo Tank Solutions sales increased by $49.0 million to $325.2 million, a 17.7% increase compared to the same period in 2023[188]. Cost and Expenses - Consolidated SG&A expenses decreased by $4.5 million, or 3.2%, in Q2 2024 compared to the same quarter in 2023[164]. - SG&A expenses increased by $44.1 million or 18.9% in the first half of 2024, primarily due to the inclusion of Howden SG&A expenses[179]. - Interest expense, net for Q2 2024 was $84.3 million, a slight increase of $0.4 million compared to $83.9 million in Q2 2023[167]. - The company reported an increase in amortization expense to $47.6 million for Q2 2024, up from $44.2 million in Q2 2023[165]. - Corporate SG&A expenses increased by $7.2 million in Q2 2024 compared to Q2 2023, driven by increased IT spending and integration activities[204]. Environmental and Safety Performance - The company reduced greenhouse gas emissions intensity by 27% in 2023 compared to 2022, achieving its 50% reduction goal by 2030 seven years ahead of schedule[150]. - The total recordable incident rate (TRIR) was 0.42 as of June 30, 2024, marking the lowest in the company's history[149]. - The company produced approximately 65 million tons of LNG in 2023, contributing to the replacement of coal-fired power generation[152]. Backlog and Orders - Total backlog reached a record $4,426.0 million as of June 30, 2024, up from $3,964.9 million a year earlier, and $4,331.1 million as of March 31, 2024[156]. - Specialty Products segment orders for the three months ended June 30, 2024, were $423.7 million, a significant increase from $293.2 million for the same period in 2023[214]. - Heat Transfer Systems segment backlog at June 30, 2024, totaled $1,709.7 million, compared to $1,708.9 million as of June 30, 2023[213]. - Repair, Service & Leasing segment orders for the three months ended June 30, 2024, were $312.4 million, down from $319.7 million for the same period in 2023[215]. Cash Flow and Financing - Cash provided by operating activities decreased to $21.0 million for the six months ended June 30, 2024, down $38.5 million from $59.5 million for the same period in 2023, primarily due to higher interest payments[207]. - Cash, cash equivalents, and restricted cash totaled $250.6 million at June 30, 2024, an increase of $49.5 million from December 31, 2023[206]. - Cash used in investing activities was $95.6 million for the six months ended June 30, 2024, compared to $4,397.8 million for the same period in 2023, which included the Howden Acquisition[207]. - Cash provided by financing activities was $126.9 million for the six months ended June 30, 2024, compared to $1,933.4 million for the same period in 2023[208]. Interest Rate and Currency Risk - The company has a primary interest rate risk exposure from floating rate pricing mechanisms in its senior secured revolving credit facility due April 2029 and term loans due March 2030, with a potential additional annual expense of approximately $2.5 million if interest rates increase by 100 basis points on the revolving credit facility and $16.3 million on the term loans[222][224]. - As of June 30, 2024, the company has $247.5 million in borrowings outstanding under the senior secured revolving credit facility and $1,631.0 million under term loans[222][224]. - During Q2 2024, the U.S. dollar weakened by 4% against the South African Rand and strengthened by 1% against the euro, with no notable movement against other currencies[224]. - A hypothetical 10% strengthening of the U.S. dollar would not materially affect the company's financial statements[224]. - The company has EUR 78.0 million in EUR Revolver Borrowings, with an additional unrealized foreign currency gain of approximately $0.8 million on a pre-tax basis if the U.S. dollar strengthens by 100 basis points against the euro[225]. - The company enters into foreign currency contracts to mitigate foreign currency risk, with a hypothetical 10% weakening of the U.S. dollar not materially affecting outstanding foreign exchange forward contracts[227]. - The company has structured a protective call option to limit foreign exchange losses to approximately $11.4 million on a pre-tax basis[227]. - The company has entered into convertible note hedge transactions related to 4.41 million shares of its common stock, aimed at reducing potential dilution upon future conversion of the 2024 Notes[228]. - The strike price for the warrant transactions related to the 2024 Notes is initially set at $71.775 per share, which may have a dilutive effect if the stock price exceeds this level[229].

Core Viewpoint - The market anticipates Chart Industries (GTLS) will report a year-over-year increase in earnings driven by higher revenues when it releases its results for the quarter ended June 2024 [1] Earnings Expectations - The earnings report is expected on August 2, 2024, with a consensus EPS estimate of $2.57, reflecting a year-over-year increase of +116% [3][4] - Revenues are projected to be $1.11 billion, representing a 21.9% increase from the same quarter last year [4] Estimate Revisions - The consensus EPS estimate has been revised 0.64% higher in the last 30 days, indicating a positive reassessment by analysts [5] - The Most Accurate Estimate for Chart Industries is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +7.99%, suggesting a bullish outlook on earnings prospects [10] Earnings Surprise Prediction - A positive Earnings ESP is a strong indicator of a potential earnings beat, especially when combined with a Zacks Rank of 1 (Strong Buy), 2 (Buy), or 3 (Hold) [15] - Chart Industries currently holds a Zacks Rank of 3, which indicates a moderate outlook [16] Historical Performance - Over the last four quarters, Chart Industries has beaten consensus EPS estimates two times, although past performance does not guarantee future results [13][17]

The selection process for these prestigious awards involves a rigorous evaluation using a proprietary eight-step methodology. This includes in-depth research, comprehensive analysis, and benchmarking against critical performance indicators such as growth excellence, 'innovating to zero' initiatives, and advancements in the customer value chain. Frost & Sullivan's global think tank examines how these companies contribute to the global economy and the future of our planet. "The Enlightened Growth Leadership B ...

ATLANTA, July 11, 2024 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (NYSE: GTLS) ("Chart"), a leading global solutions provider to clean energy and industrial gas markets, has been named a winner of the 2024 Enlightened Growth Leadership Best Practices Awards. This prestigious accolade honors companies that have successfully integrated sustainable practices into their business models, leading the way in both innovation and social responsibility. This year's winners have shown outstanding leadership in sustain ...

Group 1: Contract and Technology Overview - Chart Industries secured a contract from Argent LNG to provide its mid-scale modular liquefaction solution, IPSMR process technology, for a 20 MTPA LNG facility in Port Fourchon, LA [1] - IPSMR technology enhances efficiency and performance in liquefaction systems, optimizing resource utilization and reducing operational costs [2] - The modular design of IPSMR allows for customization, improving adaptability to various site conditions and gas turbine power specifications [2] Group 2: Market Demand and Future Orders - The IPSMR technology will enable Argent to cater to the increasing demand for LNG-related services [3] - Chart Industries is expected to book another IPSMR technology and equipment order in 2025 [3] Group 3: Stock Performance - Chart Industries currently carries a Zacks Rank 3 (Hold) and has gained 5.3% year-to-date, outperforming the industry's 1.9% rise [4]

Core Insights - Argent LNG has selected Chart Industries' mid-scale modular liquefaction solution for its upcoming 20 MTPA LNG facility in Port Fourchon, Louisiana, marking a significant shift from traditional large-scale LNG operations [1][10] - The IPSMR® technology utilized in this project is designed to enhance efficiency and performance, allowing for customization based on site-specific conditions, which optimizes operational efficiency and cost-effectiveness [2][10] Company Overview - Argent LNG is focused on revolutionizing LNG production and distribution, aiming to provide energy security and cleaner alternatives to traditional energy sources [7] - Chart Industries is a global leader in process technologies and equipment for gas and liquid molecule handling, committed to environmental, social, and corporate governance (ESG) issues [8] Strategic Collaboration - The partnership between Argent LNG and Chart Industries represents a commitment to innovation and sustainability, with the goal of redefining industry standards and delivering value to stakeholders [3][10] - Chart Industries has commenced engineering work for the project and expects to book an IPSMR® technology and equipment order in 2025 [4] Technological Advantages - The IPSMR® technology offers enhanced efficiency compared to traditional liquefaction methods, ensuring optimal resource utilization [10] - The modular design of the facility allows for flexibility and adaptability, accommodating various site conditions and gas turbine power specifications [10][11] - Cost optimization is achieved through fine-tuning system configurations, minimizing operational costs while maintaining high performance standards [10]

The repricing described above is expected to be implemented via an amendment to Chart's fifth amended and restated credit agreement, which is expected to close in July 2024, subject to customary closing conditions and the execution of definitive documentation. Chart Industries, Inc. is an independent global leader in the design, engineering, and manufacturing of process technologies and equipment for gas and liquid molecule handling for the Nexus of Clean™ - clean power, clean water, clean food, and clean i ...

The repricing described above is expected to be implemented via an amendment to Chart's fifth amended and restated credit agreement, which is expected to close in July 2024, subject to customary closing conditions and the execution of definitive documentation. Chart Industries, Inc. is an independent global leader in the design, engineering, and manufacturing of process technologies and equipment for gas and liquid molecule handling for the Nexus of Clean™ - clean power, clean water, clean food, and clean i ...

Chart Industries, Inc. is an independent global leader in the design, engineering, and manufacturing of process technologies and equipment for gas and liquid molecule handling for the Nexus of Clean™ - clean power, clean water, clean food, and clean industrials, regardless of molecule. The company's unique product and solution portfolio across stationary and rotating equipment is used in every phase of the liquid gas supply chain, including engineering, service and repair and from installation to preventive ...

Core Viewpoint - Chart Industries, Inc. has secured a significant order from Repsol for hydrogen compression solutions, which is part of Repsol's expansion project in Portugal, despite a recent decline in GTLS stock price [1][3]. Group 1: Company Overview - Chart Industries, Inc. (GTLS) specializes in advanced hydrogen compression solutions and has recently been involved in multiple significant projects [1][5]. - Repsol, headquartered in Madrid, Spain, is a major player in the petrochemical industry, producing a range of products including recyclable polyolefins [2]. Group 2: Project Details - Repsol's expansion at the Sines industrial complex includes the construction of two plants for polypropylene and polyethylene, with a total investment of €657 million [3]. - The new plants will utilize solar-powered green electrolytic hydrogen to produce 100% recyclable polymeric materials for various industries, including pharmaceuticals, food, and automotive [3]. Group 3: Deal Specifics - Under the agreement, Chart Industries will provide two diaphragm compressors to ensure the consistent delivery of high-pressure hydrogen for polymer production [4]. - In addition to the Repsol deal, Chart Industries has secured other notable contracts, including a partnership with GasLog LNG Services for a liquid hydrogen supply chain and an order from Element Resources for a green hydrogen production facility in California [5][6]. Group 4: Market Performance - Over the past three months, GTLS stock has increased by 4.3%, contrasting with a 3% decline in the broader industry [7]. - The company is expected to benefit from a solid order backlog and growth investments, although it faces challenges from supply chain constraints and rising raw material costs [8].