查特工业：重申2025财年指引；积压订单和自由现金流预期强劲-20250303

Investment Rating - The report maintains a positive outlook for Chart Industries, reaffirming its revenue guidance for fiscal year 2025, with expected revenue between $4.65 billion and$4.85 billion [2][3]. Core Insights - Despite revenue and earnings falling short of consensus expectations for Q4 2024, the company reported strong backlog and new order performance, emphasizing optimism regarding liquefied natural gas contracts [1][2]. - The adjusted net income for Q4 2024 was $80 million, with revenue at$1.107 billion, reflecting a 9% year-over-year increase, although it was below the consensus estimate of $1.168 billion [2][5]. - The company reported a record backlog of$4.85 billion, up from $4.535 billion in Q3 2024, with total orders for the quarter reaching$1.55 billion, compared to $1.17 billion in the previous quarter [2][3]. Summary by Sections Financial Performance - Adjusted net income for Q4 2024 was$80 million, with revenue of $1.107 billion, and an adjusted EBITDA of$284 million, slightly below consensus estimates [2][5]. - Gross margin was approximately 34%, aligning with the company's mid-term guidance of 30% [2][5]. Guidance and Outlook - The company reaffirmed its fiscal year 2025 revenue guidance of $4.65 billion to$4.85 billion, with adjusted EBITDA expected to be between $1.175 billion and$1.225 billion [2][3]. - The expected earnings per share for 2025 is projected to be between $12 and$13, with free cash flow anticipated to be between $550 million and$600 million, an increase from $388 million in fiscal year 2024 [2][3]. Leverage and Financial Policy - The net leverage ratio stands at 2.80 times, down from 3.04 times in Q3 2024, with the company aiming to reach its target leverage ratio of 2.0 to 2.5 times this year [3]. - The company maintains its mid-term guidance of double-digit organic revenue growth, a gross margin midpoint of 30%, and a free cash flow conversion rate of 95% to 100% [3].