Chart Industries reports 2019 results

Highlights:

• Full year record orders of US$1.4 billion, a 23.7% increase (10.8% organic) over FY18, driven by record orders in trailers, LNG fuelling stations, cryogenic equipment in India, lasers, hydrogen, cannabis and water treatment.
• Record backlog (US$762.3 million), up 34.2% from 4Q18 (32.2% organic increase) driven by strong 4Q19 orders, including the highest order quarter in history for Distribution & Storage Western Hemisphere (D&S West).
• Received engineering release in December 2019 for a big LNG project, for which orders are expected to be received in 2020.
• Full year record sales of just short of US$1.3 billion, a 19.8% increase over 2018 supported by record organic sales.
• Full year reported earnings per diluted share US$1.32 included substantial transaction, integration and restructuring costs, resulting in full year record adjusted diluted EPS of US$2.52. The one-time costs in 2019 were related to restructuring and integration work that is expected to return US$38.3 million annually beginning in 2020.
• Increased 2020 base revenue guidance to US$1.6 billion to US$1.7 billion and base adjusted diluted EPS guidance to US$4.90 to US$5.50, reflecting timing and strength of 4Q19 order activity.

CEO comments:

“Significant demand in the fourth quarter of 2019 for our cryogenic equipment in both global infrastructure applications as well as specialty markets contributed to 2019 record orders, sales and backlog for Chart,” said Jill Evanko, Chart’s President and CEO. “With the expectation of continued broad-based order strength throughout 2020 as well as additional big LNG orders, we expect 2020 to be another record year.”

Read the article online at: https://www.lngindustry.com/liquefaction/14022020/chart-industries-reports-2019-results/