Chart Industries Reports 2007 Third Quarter Results
biz.yahoo.com
Tuesday November 13, 6:30 am ET
* Net Income Up 75% On Net Sales Increase of 15%
* EPS Outlook for the Year Revised Upward
CLEVELAND, Nov. 12, 2007 (PRIME NEWSWIRE) -- Chart Industries, Inc. (NasdaqGM:GTLS), a leading independent global manufacturer of highly engineered equipment used in the production, storage and end-use of hydrocarbon and industrial gases, today reported results for the third quarter ended September 30, 2007. Net sales for the third quarter of 2007 increased 15% to $163.7 million from $142.8 million in the third quarter of 2006. Net income for the third quarter of 2007 was $12.1 million, or $0.42 per diluted share, an increase of 75% compared with $6.9 million in the third quarter 2006.
``We were encouraged by our operating performance in the third quarter, especially in our Distribution & Storage segment despite recent industry consolidations that are impacting the U.S. market,'' stated Sam Thomas, Chart's Chairman, President and Chief Executive Officer. Gross profit for the third quarter of 2007 was $45.4 million, or 28% of sales, versus $39.4 million, or 28% of sales, in the comparable quarter of 2006.
Mr. Thomas continued, ``Our orders for the third quarter of 2007 of $175 million were very strong across all operating segments, especially after an impressive $243 million order performance in the second quarter of 2007 that included an award in excess of $100 million to our Energy & Chemicals segment from Energy World Corporation.''
Backlog at September 30, 2007 of $426.1 million increased compared with backlog of $415.3 million at June 30, 2007, and was up 64% compared with $260.0 million at September 30, 2006. ``Our significant backlog growth over the last year has been mostly attributable to large liquefied natural gas (''LNG``) orders in our Energy & Chemicals segment and continued growth in the global industrial gas market,'' stated Mr. Thomas. |
