ATLANTA - Chart Industries , Inc. (NYSE:GTLS), a leading independent global manufacturer of highly engineered equipment servicing multiple applications in the clean energy and industrial gas markets, reported a slight miss in its first quarter earnings and revenue compared to analyst estimates. GTLS shares were down 2.79% premarket.
The company announced an adjusted EPS of $1.49, falling short of the consensus estimate of $1.54. Revenue for the quarter was also below expectations, coming in at $950.7 million against the anticipated $972.09 million.
Despite the miss, Chart Industries provided an optimistic outlook for the full year 2024, with an EPS guidance range of $12.00 to $14.00, surpassing the analyst consensus of $11.20. The company also forecasts revenue to reach between $4.7 billion and $5 billion, which is above the consensus estimate of $4.668 billion. Adjusted EBITDA is projected to be in the range of $1.175 to $1.30 billion for the full year.
Chart Industries' CEO and President, Jill Evanko, highlighted the company's numerous first-quarter records, including the highest adjusted operating income and margin of 18.0%, reflecting the benefits of their synergy program and full-solution offering. Evanko also pointed out the 14% sales growth in the aftermarket and reiterated the company's full-year outlook.
Chart Industries' first-quarter performance showed a significant year-over-year (YoY) increase in sales, with a 17.4% rise compared to the first quarter of 2023. The company attributed this growth to strong demand across all four segments, particularly a 33.9% increase in Heat Transfer Systems sales compared to the same period last year.
Looking ahead, Chart Industries remains focused on capitalizing on strong end-market demand, including a record first-quarter ending backlog of $4.33 billion and a growing commercial pipeline totaling over $22 billion. The company's strategic initiatives and partnerships, such as those in the hydrogen and liquefaction sectors, continue to position it favorably within the clean energy transition landscape.
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