Chart Industries 2Q Earnings Rise
biz.yahoo.com
Monday August 13, 7:39 am ET
Chart Industries 2nd-Quarter Earnings Rise on Sales Growth
CLEVELAND (AP) -- Chart Industries Inc., a manufacturer of equipment used in the production, storage and use of industrial gases, said Monday its second-quarter earnings rose 59 on growth in energy and chemical division sales.
Second-quarter net income increased to $8.5 million, or 32 cents per share, up from $5.3 million, or 50 cents per share, during the same quarter in 2006. Earnings per share decreased despite growth in earnings because the company had more shares outstanding in the second quarter of 2007.
Removing a one-time, non-cash compensation expense related to stock-based options, Chart Industries would have recorded second-quarter net income of $13.5 million, or 51 cents per share.
Analysts polled by Thomson Financial, on average, forecast earnings of 34 cents per share on revenue of $155.8 million during the second quarter.
Sales rose to $167.6 million in the second quarter, up from $129.4 million during the same quarter a year ago.
Sales in the energy and chemicals division grew the fastest in the quarter, rising to $58.1 million, up 37 percent from $42.5 million during the same quarter a year ago. Energy and chemicals accounted for 49 percent of the company's operating income in the quarter, up from 7 percent during the same quarter a year ago |
