Chart(US:GTLS)2025-05-01 11:55Financial Performance - First quarter 2025 orders reached $1.32 billion, an increase of 17.3% compared to the first quarter 2024, contributing to a backlog of $5.14 billion, the first time exceeding $5 billion [4] - Sales for the first quarter 2025 were $1.00 billion, reflecting an organic increase of 6.6%, with a foreign exchange impact of (1.3%) [5] - Reported gross profit margin was 33.9%, an increase of 210 basis points year-over-year, marking the fourth consecutive quarter above 33% [5] - Adjusted operating income margin for the first quarter 2025 was 19.9%, an increase of 190 basis points compared to the first quarter 2024 [8] - First quarter 2025 EBITDA was $215.2 million, representing 21.5% of sales, with an adjusted EBITDA margin of 23.1%, an increase of 80 basis points [8] - Sales for Q1 2025 reached $1,001.5 million, a 5.8% increase from $950.7 million in Q1 2024 [35] - Gross profit for Q1 2025 was $339.8 million, up 12.4% from $302.3 million in Q1 2024 [35] - Operating income increased to $152.3 million in Q1 2025, compared to $112.9 million in Q1 2024, reflecting a 34.9% growth [35] - Net income attributable to Chart Industries, Inc. was $49.5 million in Q1 2025, significantly higher than $11.3 million in Q1 2024, marking a 338.5% increase [35] - Basic earnings per share from continuing operations rose to $0.99 in Q1 2025, compared to $0.16 in Q1 2024 [35] - Consolidated sales for Q1 2025 reached $1,001.5 million, a 5.5% increase from $950.7 million in Q1 2024 [41] - Operating income for Q1 2025 increased to $152.3 million, compared to $112.9 million in Q1 2024, reflecting an operating margin of 15.2% [41] - Adjusted earnings attributable to Chart Industries, Inc. for Q1 2025 were $84.1 million, up from $62.6 million in Q1 2024 [48] - Reported EPS from continuing operations for Q1 2025 was $0.99, significantly higher than $0.14 in Q1 2024 [48] - Net income from continuing operations for Q1 2025 was $54.3 million, significantly higher than $16.8 million in Q1 2024, marking a year-over-year increase of approximately 223.8% [55] - EBITDA for Q1 2025 was reported at $215.2 million, compared to $175.3 million in Q1 2024, which is an increase of about 22.8% [55] - Adjusted EBITDA for Q1 2025 was $231.1 million, up from $212.2 million in Q1 2024, representing an increase of approximately 8.9% [55] Cash Flow and Assets - Free cash flow for the first quarter 2025 was negative $80.1 million, influenced by typical first quarter cash outlays [9] - Cash and cash equivalents at the end of Q1 2025 were $298.0 million, up from $195.5 million at the end of Q1 2024 [37] - Total assets increased to $9,313.3 million as of March 31, 2025, compared to $9,123.9 million at December 31, 2024 [39] - Long-term debt stood at $3,727.6 million as of March 31, 2025, up from $3,640.7 million at December 31, 2024 [39] - The company reported a net cash used in operating activities of $60.0 million for Q1 2025, an improvement from $95.1 million in Q1 2024 [37] - Free cash flow for Q1 2025 was $(80.1) million, an improvement from $(135.7) million in Q1 2024 [45] Orders and Backlog - Specialty Products orders increased by 24.6% year-over-year to $487.7 million, with sales growing 16.7% to $276.1 million [14] - Repair, Service and Leasing (RSL) orders grew 36.1% year-over-year to $454.6 million, with new long-term service agreements increasing by 10.7% compared to December 31, 2024 [15] - Orders for Q1 2025 totaled $1,315.6 million, a significant increase of 17.3% from $1,121.6 million in Q1 2024 [43] - Backlog as of March 31, 2025, was $5,143.6 million, up 18.7% from $4,331.1 million as of March 31, 2024 [43] Integration and Costs - The company continues to focus on integrating Howden, with related costs impacting earnings and cash flow metrics [48] - The company incurred deal-related and integration costs of $3.9 million in Q1 2025, down from $14.3 million in Q1 2024, indicating a reduction in integration expenses [55] - Restructuring and related costs for Q1 2025 were $2.0 million, compared to $5.1 million in Q1 2024, showing a decrease in restructuring expenses [55] - The company expects a gross tariff impact of approximately $50 million due to current tariff rates, before any cost mitigations [19] Operational Efficiency - The adjusted operating margin for Q1 2025 was 19.9%, up from 18.0% in Q1 2024, indicating improved operational efficiency [50] - The operating income margin for the consolidated results in Q1 2025 was 15.2%, an improvement from 11.9% in Q1 2024, reflecting better profitability [50] - Chart Industries operates 64 global manufacturing locations and over 50 service centers, enhancing its market presence across multiple regions [32]