GTLS - Why Chart Industries Stock Blasted 8% Higher Today
2023-07-28 18:41:00 ET
Specialty engineering company Chart Industries (NYSE: GTLS) ended the week in style, with its stock racing 8% higher in price on Friday. Investors were very encouraged by its performance in the second quarter, which set new records in a number of categories. That 8% gain was far better than the 1% gain of the S&P 500 index on the day.
In its earnings release, Chart Industries divulged that its sales came in at just over $908 million in the quarter, more than double the $405 million of the same period a year ago. The big leap was due in no small part to the company's acquisition of Howden, a provider of air and gas-handling products earlier this year.
On the bottom line, Chart Industries managed to flip nimbly from loss to profitability. Its non- GAAP (adjusted) net income was $6.6 million ($1.19 per share), while in Q2 of 2022, the company lost more than $9 million.
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Why Chart Industries Stock Blasted 8% Higher Today