GTLS - Chart Industries reports mixed Q2 earnings; updates FY23 and reaffirms FY24 outlook

2023-07-28 06:44:56 ET

• Chart Industries press release ( NYSE: GTLS ): Q2 Non-GAAP EPS of $1.19 beats by $0.28 .
• Revenue of $908.1M (+124.3% Y/Y) misses by $64.27M .
• Reported EBITDA of $158.8 million included record Howden standalone EBITDA; adjusted for one-time costs, adjusted EBITDA was a record of $195.3 million and record 21.5% EBITDA margin.
• Record total backlog of $3.96 billion increased 24.1% compared to second quarter 2022 proforma backlog.
• Record orders of $1.06 billion driven by Howden standalone record orders, record Repair, Service and Leasing results and a Big LNG equipment award.
• Book-to-bill of 1.17 supports our 2023 and 2024 growth outlook.
• 2023 outlook update and reiteration of 2024 EBITDA Forecast : We are reiterating our outlook for 2023 sales to be in the anticipated range of $3.66 billion to $3.80 billion vs. $3.66B consensus, with associated adjusted EBITDA of $780 million to $810 million.
• Our 2023 outlook for adjusted diluted EPS is in the expected range of $5.70 to $6.70 vs. $5.85 consensus, on approximately 47 million shares outstanding. Our 2023 outlook for adjusted free cash flow is in the anticipated range of $300 million to $350 million (unchanged from prior outlook), and our cash available for debt paydown is expected to be in the range of $655 million to $705 million (inclusive of announced divestiture proceeds of $380 million).
• Additionally, we reiterate our 2024 adjusted EBITDA outlook of approximately $1.3 billion.

For further details see: