GTLS - Chart Industries +8% after Q1 results; raises FY21 guidance

Chart Industries ([[GTLS]] +8.1%) jumps ~8% after Q1 results, with Backlog of $934.1M (+29.1% Y/Y); and orders of $417.2M (+46% Y/Y) for the quarter.Orders of $417.2M were driven by continued demand for clean products supporting the current macro trend of sustainability, and the combination of larger liquefaction orders for LNG and hydrogen.Repair, Service & Leasing $41.1M (+1.7% Y/Y) and Specialty Products $77.3M (+46.1% Y/Y) comprised 41.1% of the total net sales.Adj. Gross margin expanded by 140 bps to 29.9%; and operating margin expanded by 478 bps to 10%.Net cash provided by operating activities for the quarter was $8.3M, compared to $25.5M a year ago; and FCF was negative $3.2M.Company expects adjusted FCF to sequentially increase each quarter this year given the shipment forecast for the remainder of 2021.FY21 Guidance, raised:Previously: Chart Industries EPS beats by $0.10, misses on revenue; outlook (April 22)

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Chart Industries +8% after Q1 results; raises FY21 guidance