GTLS - Chart Industries beats Q1 top and bottom line estimates; raises FY23 outlook

2023-04-28 06:40:05 ET

• Chart Industries press release ( NYSE: GTLS ): Q1 Non-GAAP EPS of $1.41 beats by $0.90 .
• Revenue of $537.9M (+51.9% Y/Y) beats by $42.01M .
• First quarter 2023 record backlog for Chart of $3.9 billion, as well as record backlog for both Chart standalone and Howden standalone.
• First quarter 2023 orders of $747.7 million, driven by strong.
• Adjusted EBITDA of $102.2 million is 19.0% of sales.
• Outlook: Increasing our 2023 sales outlook to $3.66 billion to $3.80 billion vs. consensus of $3.66B (from $3.65 billion to $3.80 billion) and associated adjusted EBITDA of $780 million to $810 million (prior range of $770 million to $810 million) driven by earlier than previously anticipated synergy achievements to date (annualized cost synergies of $50.9 million achieved to date).
• Our 2023 outlook for adjusted diluted EPS is in the expected range of $5.50 to $6.70 vs. consensus of $5.51 (unchanged from prior outlook) on approximately 47 million shares outstanding. Our 2023 outlook for free cash flow is in the anticipated range of $300 million to $350 million excluding any impacts from potential divestitures (unchanged from prior outlook), and our cash available for debt paydown is expected to be in the range of $275 million to $325 million (unchanged from prior outlook).

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