GTLS - Chart Industries Stock Pops 10% on Strong Q1 Earnings
Shares of Chart Industries (NYSE: GTLS) , an independent manufacturer of equipment serving energy and industrial gas applications, defied the downtrend in overall markets for a 9.4% gain Thursday after the company released first-quarter financial results that were better than expected.
Starting from the top, revenue checked in at $288.5 million, in line with management expectations but slightly below analysts' estimates calling for $306.8 million. The bottom line was stronger, with $0.80 in adjusted earnings per share, easily topping analysts' estimates calling for $0.69.
The company posted record orders of $417.2 million, which contributed to a record backlog of $934.1 million, a 29% increase compared to the prior year's first quarter. Gross margin as a percent of sales hit an adjusted 29.9%, the highest in four years. "We are seeing immediate benefit from our strategic inorganic investments in the order book as reflected in our record backlog, and the momentum in the clean revolution -- clean energy, clean water, clean food, and clean industrial -- is just getting started." said CEO Jill Evanko.
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Chart Industries Stock Pops 10% on Strong Q1 Earnings