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Chart Industries Reports 2021 First Quarter Results
Chart Industries, Inc.April 22, 2021 GMT
ATLANTA, April 22, 2021 (GLOBE NEWSWIRE) Chart Industries, Inc. (NYSE: GTLS) today reported results for the first quarter ended March 31, 2021. Further details can be found in the supplemental presentation included with this release. All figures in this release and supplemental presentation represent our continuing operations in our external reportable segments of Cryogenic Tank Solutions (“CTS”), Heat Transfer Systems (“HTS”), Specialty Products (“Specialty”) and Repair, Service & Leasing (“RSL”). Highlights include:
Record orders of $417.2 million (excluding Big LNG), contributing to record backlog of $934.1 million and including orders with 105 new customers and 21 first-of-a-kind (“FOAK”)
nd April) reporting record orders of $417.23m in its first quarter (Q1) 2021 results.
The highest in the company’s history, Q1 results were driven by broad based demand, including recovery in certain end markets, continued demand for clean products, and the combination of larger liquefaction orders for LNG and hydrogen.
Sharing the results today (22
nd April), Chart said the order activities has contributed to a record backlog of $943.1m. Sales of $288.5m for the quarter were also reported, and are said to be in line with Chart’s expectations.
Reported gross margin as a percent of sales of 29.1% was the highest in four years, reflecting continued operational execution, synergy achievements through integrations and the increasing impact of higher growth, higher margin businesses which now represent a larger portion of our total revenue.
th Feb) acquired Cryogenic Gas Technologies (Cryo Technologies) for $55m in cash.
Established in 1995, Cryo Technologies is a manufacturer of custom engineered process systems to separate, purify, refrigerate, liquefy and distribute high value industrial gases such as hydrogen, helium, argon and hydrocarbons with design capabilities for cold boxes for hydrogen and helium use.
By combining the Cryo Technologies’ knowledge with its expertise, Chart hopes to offer the market a unique one-stop shop for customers who want to liquefy and market the hydrogen molecule, regardless of plant capacity, but need an experienced and reliable equipment and process supplier for liquefaction and storage.