GTLS - Why Chart Industries Stock Dropped 25% on Friday
2023-10-27 16:45:00 ET
Shares of manufacturer Chart Industries (NYSE: GTLS) fell 25% in trading on Friday after it announced third-quarter 2023 financial results.
Revenue was up nearly 10% from a year ago, to $898 million, and the net loss was $3.4 million, or $0.08 per share. Adjusting for one-time costs, earnings were $1.28 per share, up from $1.19 a year ago.
The results were impacted by some divestitures, but what really disappointed investors was performance related to expectations. Analysts had expected $1.03 billion in revenue and earnings of $1.61 per share, so results fell well short of that.
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Why Chart Industries Stock Dropped 25% on Friday