APD - Chart Industries - A Solid Core Business With Potentially Transformative Growth Opportunities

• Second quarter earnings were a little messy, with a small revenue beat and a small EBITDA miss, but strong orders from new growth markets and improving core business ex-energy.
• Midstream energy will need more time to recover, but industrial gas demand is picking up, and Chart is taking in orders from a lot of growth markets, including hydrogen.
• Management has quantified hydrogen as a potential $24B addressable market in 2030, and that's in addition to multibillion-dollar opportunities in LNG, carbon capture, food/beverage, and water.
• A lot of Chart's potential long-term revenue looks speculative now, but this is a solid gas processing equipment company with a sound core business and exceptional long-term potential growth opportunities.

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