Chart Industries Reports Third Quarter 2024 Financial Results

Core Insights - Chart Industries, Inc. reported strong financial results for Q3 2024, with significant increases in orders and sales compared to Q3 2023, driven by demand in various segments including LNG and hydrogen [2][3][4]. Financial Performance - Orders reached $1.17 billion, a 5.4% increase year-over-year - Sales totaled $1.06 billion, reflecting a 22.4% increase year-over-year - Gross margin improved to 34.1%, up 350 basis points from the previous year - Operating income was reported at $178.5 million, with an adjusted operating margin of 22.2%, an increase of 450 basis points [2][5][6]. Segment Performance - Heat Transfer Systems (HTS) saw orders increase by 151.0% to $424.7 million, driven by LNG and energy-related projects - Specialty Products orders decreased by 48.9% to $237.8 million, but sales increased by 25.9% to $283.3 million, indicating strong throughput and project progress - Repair, Service and Leasing (RSL) orders increased by 16.5% to $377.9 million, with sales up 36.1% [11][12][14]. Cost Synergies and Integration - Cost synergies from the Howden acquisition exceeded $250 million, contributing to improved gross and operating margins [5][6]. - The integration of Howden is progressing ahead of schedule, positively impacting financial performance [2][5]. Future Outlook - The company anticipates full-year 2024 sales between $4.20 billion and $4.30 billion, representing an 18.0% to 20.5% increase from 2023 - Adjusted EBITDA for 2024 is expected to be approximately $1.015 billion to $1.045 billion, with a margin of 24.2% to 24.3% [18][19].