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Chart Industries Shares Gain On Q1 EPS Beat

Benzinga · 04/29/2022 10:37
  • Chart Industries, Inc. (NYSE:GTLS) reported first-quarter FY22 sales growth of 22.7% year-over-year to $354.1 million, missing the consensus of $354.9 million.
  • Adjusted EPS declined to $0.65 from $0.73 in 1Q21, beating the consensus of $0.55.
  • Gross margin contracted by 544 bps to 23.6%. Operating income decreased by 30.2% to $20.1 million, and margin contracted by 431 bps to 5.7%.
  • Adjusted gross margin was 26.1%, excluding restructuring and organic startup capacity costs.
  • Orders of $636.8 million (+52.6% Y/Y) resulted in a backlog of $1.48 billion (+58.1% Y/Y). Orders included $228.4 million related to the Big LNG export terminals.
  • Chart Industries' cash used in operating activities totaled $22.2 million in Q1, compared to $8.3 million in net cash provided a year ago. It held cash and equivalents of $99.9 million as of March 31, 2022.
  • FY22 Outlook: Chart Industries raised the lower end of revenue and EPS outlook. It sees revenue of $1.725 billion - $1.85 billion (prior view $1.70 billion - $1.85 billion) against the consensus of $1.76 billion. It sees adjusted non-diluted EPS of $5.35 - $6.50 (previous view $5.25 - $6.50) vs. the consensus of $5.14.
  • Price Action: GTLS shares are trading higher by 7.75% at $167.37 on the last check Friday.