Chart(US:GTLS)2023-04-28 13:55Q1 2023 Financial Performance - Record total backlog was achieved in Q1 2023[6] - Q1 2023 sales reached $537.9 million, a 51.9% increase compared to Q1 2022's $354.1 million[18] - Reported EBITDA for Q1 2023 was $67.4 million, an 83.2% increase from Q1 2022's $36.8 million[18] - Adjusted EBITDA for Q1 2023 was $102.2 million, an 85.8% increase from Q1 2022's $55.0 million[18] - Adjusted gross margin increased by 250 bps to 28.6% in Q1 2023 from 26.1% in Q1 2022[30] Synergies from Howden Acquisition - Approximately $50.9 million of annualized cost synergies have been achieved since the Howden acquisition on March 17, 2023[103] - Over $11 million in commercial synergy orders have been secured in the first six weeks since the Howden acquisition[103] - The company is targeting $150 million in commercial synergies and $175 million in cost synergies in year 1[99, 100] Market Trends and Opportunities - Big LNG market activity is increasing, with FID reached on Sempra Port Arthur[3] - The global small-scale LNG (ssLNG) and Floating LNG (FLNG) market is growing, particularly in APAC and Africa[3] - There is regional and global interest in hydrogen solutions, with commercial builds across the value chain[3] - The UK announced a £20 billion ($25 billion) investment program for carbon capture projects[8]