Chart Industries Inc. has announced that its net income for Q2 2014 was US$ 20.1 million (or US $0.65 per diluted share) compared with net income of US$ 20 million (or US $0.64 per diluted share) for the corresponding period of 2013.
Net sales for Q2 2014 increased by 3% to US$ 306.8 million from US$ 298.3 million in the comparable period a year ago. Gross profit for Q2 2014 was US$ 92.2 million (or 30% of sales) compared to US$ 89.8 million (or 30.1% of sales), in Q2 2013.
Sam Thomas, Chart's Chairman, President and Chief Executive Officer, said: "We are excited by the trend we are seeing in small to mid-scale liquefaction in North America with two standard plant awards using Chart's proprietary liquefaction technology announced in the last 60 days. This includes the new award announced [recently] with Fortis, which will be reflected in third quarter orders, and the award announced with LNG Holdings in June which is included in second quarter orders. The Golar floating liquefied natural gas (FLNG) project award from Black & Veatch [also announced recently] will be reflected in third quarter orders and showcases the unique advantages that brazed aluminum heat exchangers offer for LNG applications.
"Order activity in China continues to grow, but delays in expected customer shipments impacted quarterly results. Sequentially, consolidated LNG-related orders grew 19%.”
Chart confirmed that it is adjusting its previously announced sales and earnings guidance, based on Q2 results, current order backlog, and business expectations for the remainder of 2014. Due primarily to customer delays in D&S China, annual sales and earnings are no longer expected to reach the company's previous estimates. Overall, Chart remains positive on the long-term outlook for the use of natural gas as a transportation fuel.
Chart now expects sales for 2014 to be in a range of US$ 1.22 to US$ 1.27 billion, and diluted earnings per share are now expected to be in a range of US$ 2.85 to US$ 3.15 per diluted share, on approximately 31 million weighted average shares outstanding. This excludes any dilution impact resulting from the Notes and acquisition-related costs. This compares with previous sales guidance of US$ 1.25 to US$ 1.3 billion and earnings guidance of US$ 3.00 to US$ 3.40 per diluted share, on approximately 30.7 million weighted average shares outstanding. This also excluded any dilution impact resulting from the Notes and acquisition-related costs.
Adapted from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/small-scale-lng/01082014/chart-releases-q2-2014-results-1125/