Chart Industries reports 2Q19 results

Highlights include:

• Completed the acquisition of the Air-X-Changers (AXC) business on 1 July 2019, creating Chart's fourth segment, Energy & Chemicals FinFans (E&C FinFans).
• Revenue of US$309.6 million, an increase of 7.0% over 1Q19, and 1Q19 growth of 14.7% (5.0% organic) over the 1H18.
• Reported gross margin as a percent of sales of 26.7%, an increase of 350 basis points over 1Q19 (+190 bps on an adjusted basis), reflects 80/20 efforts and continued restructuring benefits.
• Reported EPS of US$0.41 increased from US$0.03 in 1Q19. Adjusted EPS of US$0.68, a 74% increase over the first quarter of 2019 adjusted EPS of US$0.39, reflects continued market strength and margin expansion activities.
• Reiterated full year 2019 revenue guidance of US$1.41 billion to US$1.46 billion and adjusted earnings per share of US$2.85 to US$3.20 inclusive of the completion of strategic financing.
• Chart received its fifth IPSMR® process technology patent and received notification that it will receive European patents for its integrated HLNG fuel system.

“The growing global LNG infrastructure buildout from liquefaction to storage to transport is benefitting both Distribution & Storage as well as Energy & Chemicals,” said Jill Evanko, Chart’s President and CEO. “In addition to taking advantage of our global manufacturing footprint to be close to the developing LNG markets, we are able to offer our customers a full suite of products and solutions, enhanced even further with the addition of the Air-X-Changers products which officially entered the Chart portfolio on 1 July. The AXC and Chart legacy businesses’ strong backlog for the second half of the year, combined with the continued execution of margin expansion opportunities allows us to reiterate our second half guidance.”

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/18072019/chart-industries-reports-2q19-results/