GTLS - Why Chart Industries Stock Is Rocketing 13% Higher After Earnings
Shares of Chart Industries (NASDAQ: GTLS) are up 12.5% at 1:59 p.m. EDT on July 23, following the company's second-quarter earnings release before market open today. The company, which manufactures and services cryogenic gas-processing equipment for multiple industries, beat expectations for sales and adjusted earnings.
It wasn't just an expectations-beating quarter for Chart. The company, which counts on the oil and gas industry for a large portion of its business, has faced enormous uncertainty following the collapse that's resulted in dozens of bankruptcies and could result in nearly $2 trillion in losses for the oil and gas industry this year. Yet even with the overhang of the worst crisis in decades, Chart's $310.4 million in sales and $0.57 earnings per share were both higher than last year.
Image source: Chart Industries.