GTLS - Chart Industries Inc. (GTLS) Q1 2024 Earnings Call Transcript
2024-05-03 12:12:04 ET
Chart Industries, Inc. (GTLS)
Q1 2024 Earnings Conference Call
May 03, 2024, 8:30 AM ET
Company Participants
Jillian Evanko - President, Chief Executive Officer
Joe Brinkman - Chief Financial Officer
Conference Call Participants
Martin Malloy - Johnson Rice
Marc Bianchi - TD Cowen
James West - Evercore
Ben Nolan - Stifel
Roger Read - Wells Fargo
Eric Stine - Craig-Hallum
Robert Brown - Lake Street Capital Markets
Pavel Molchanov - Raymond James
Manav Gupta - UBS
Ati Modak - Goldman Sachs
Presentation
Operator
Good morning and welcome to Chart Industries, Inc. 2024 First Quarter Results Conference Call. All lines have been placed on mute to prevent background noise. After the speakers’ remarks, there will be a question-and-answer session.
The company’s release and supplemental presentation were issued earlier this morning. If you have not received the release, you may access it by visiting Chart’s website at www.chartindustries.com. A telephone replay of today’s broadcast will be available approximately two hours following the conclusion of the call until Friday, May 31, 2024. The replay information is contained in the company’s press release.
Before we begin, the company would like to remind you that statements made during this call that are not historical, in fact, are forward-looking statements. Please refer to the information regarding forward-looking statements and risk factors included in the company’s earnings release and latest filings with the SEC. The company undertakes no obligation to update publicly or revise any forward-looking statements.
I would now like to turn the conference call over to Ms. Jill Evanko, Chart Industries’ CEO. Thank you. Please go ahead.
Jillian Evanko
Thank you, Ina. Good morning, everyone. Thank you for joining Joe Brinkman, our CFO and me to walk through our first quarter 2024 results. For all periods referenced, all metrics are pro forma for continuing operations of the combined business of Chart and Howden, unless otherwise noted.
Starting on slide five of the supplemental presentation, the first quarter is typically our lowest quarter of the year, and this year is expected to be no different. What is different is that the first quarter of 2024 was stronger than our typical Q1 across the board, resulting in setting first quarter records for orders, backlogs, sales, reported and adjusted gross margin, reported and adjusted operating margin, reported and adjusted EBITDA, and associated EBITDA margin.
To summarize, orders were up 4%, organic sales up 18%, reported EBITDA up 73%, and reported gross margin up 260 basis points. We'll discuss comparative financial metrics on the next slide, but a few standout items....
Chart Industries, Inc. (GTLS) Q1 2024 Earnings Call Transcript