Core Insights - Chart Industries, Inc. reported strong order growth of $1.50 billion in Q2 2025, a 28.6% increase year-over-year, despite the absence of significant LNG orders [4][9] - The company achieved sales of $1.08 billion, reflecting a 4.0% increase compared to Q2 2024, with notable growth in space exploration and hydrogen sales [6][9] - Adjusted operating income margin stood at 21.1%, with gross margin as a percentage of sales above 33.0% for the fifth consecutive quarter [3][8] Orders and Sales Performance - Orders in Q2 2025 were broad-based, with significant contributions from hydrogen, LNG, space exploration, and marine sectors [4][5] - The Repair, Service and Leasing (RSL) segment saw record service orders, driven by increased demand for process technologies [4][5] - The commercial pipeline not yet in backlog exceeded $24 billion, marking the highest level in the company's history [5] Financial Metrics - Gross profit margin for Q2 2025 was 33.6%, a slight decrease of 20 basis points from the previous year [7][9] - Reported operating income was $169.5 million, with an adjusted figure of $228.1 million, reflecting a 21.1% adjusted operating margin [8][9] - EBITDA for Q2 2025 was $245.1 million, or 22.6% of sales, with an adjusted EBITDA of $267.3 million [8][9] Segment Performance - Cryo Tank Solutions (CTS) orders decreased by 1.3% to $157.0 million, while sales declined by 5.8% year-over-year [11] - Heat Transfer Systems (HTS) orders increased by 0.6% to $271.2 million, with sales rising by 24.8% [12] - Specialty Products saw a significant order increase of 56.5% to $663.3 million, with sales up by 5.5% [13] - RSL orders grew by 30% to $406.1 million, although sales declined by 6.2% due to a prior emergency service project [14] Cash Flow and Leverage - Free cash flow for Q2 2025 was $124.0 million, a 40.9% increase compared to the same period last year [10][9] - The net leverage ratio as of June 30, 2025, was 2.85 [10] 2025 Outlook - The company has withdrawn its 2025 guidance due to the proposed acquisition by Baker Hughes [15]