Welcome to our dedicated page for Chart Industries news (Ticker: GTLS), a resource for investors and traders seeking the latest updates and insights on Chart Industries stock.
Chart Industries, Inc. reports developments tied to energy and industrial gas solutions, including process technologies and equipment for gas and liquid molecule handling. Company updates commonly cover stationary and rotating equipment used across the liquid gas supply chain, with applications in liquefied natural gas, hydrogen, biogas, CO2 capture, clean water, clean food, clean power, and industrial processes.
Recurring news themes include operating and financial results, capital-structure matters, material agreements, shareholder voting topics, governance changes, and project awards for equipment such as air-cooled heat exchangers, brazed aluminum heat exchangers, and cold boxes. Chart’s disclosures also address service, repair, installation, preventive maintenance, and digital monitoring activities across its global manufacturing and service footprint.
Chart Industries (GTLS) has acquired Microbulk cryogenic tank assets from IC Biomedical as of November 2, 2020. This acquisition enhances Chart's Distribution & Storage product line and includes a unique food processing tank. The transaction is strategically significant, enhancing revenue synergies at a mid-single digit EBITDA multiple, without altering previous financial guidance for 2020 and 2021. CEO Jill Evanko emphasized the importance of this acquisition in supporting customer needs and expanding their product offerings.
Chart Industries reported its third quarter 2020 results, with orders of $262.7 million, marking a 7.4% sequential increase. The backlog reached $684.9 million, indicating strong demand in hydrogen equipment and LNG infrastructure. Despite a 19.2% decline in quarterly sales to $273.2 million, adjusted earnings per share rose to $0.63. The company anticipates full-year 2020 revenue of $1.18 billion and 2021 revenue between $1.25 billion and $1.325 billion. Strategic investments in hydrogen infrastructure and water treatment are expected to drive future growth.
Chart Industries announced its involvement in the U.S. Department of Energy's H2@Scale project in Texas, aimed at demonstrating renewable hydrogen as a cost-effective fuel. The project, supported by the Hydrogen and Fuel Cell Technologies Office, partners with firms like Frontier Energy and the University of Texas at Austin. Key goals include generating zero-carbon hydrogen via solar and wind, and conducting a feasibility study at the Port of Houston for scaling hydrogen production. This initiative promotes a viable hydrogen supply chain to reduce greenhouse gases.
Chart Industries (GTLS) announced a strategic investment of €30 million in McPhy, acquiring approximately 4.3% of its capital as part of a €150 million capital offering.
The partnership aims to enhance hydrogen production and distribution capabilities, with a projected market expansion for Chart’s hydrogen business to $1.1 billion by 2023. Both companies will work together to identify new customers and projects to stimulate global hydrogen demand.
Chart Industries has acquired the cryogenic and hydrogen trailer assets from Worthington Industries, enhancing its capabilities and market position. The acquisition includes a 300,000 square foot facility in Theodore, Alabama, adding significant manufacturing capacity for LNG products. CEO Jill Evanko highlighted expected hydrogen-related revenue from the facility in 2021, projected to be between $15 to $30 million. The strategic location near the Port of Mobile will improve service and leasing options for North and Central American customers.
Chart Industries, Inc. (GTLS) has announced a conference call scheduled for October 22, 2020, at 9:30 a.m. ET to discuss its third quarter financial results. The earnings release will be issued before market open on the same day. Participants can join by dialing (877) 312-9395 in the U.S. or (970) 315-0456 internationally, using Conference ID 7878627. A replay will be accessible on the investor relations website after the call, lasting until October 29, 2020.
Chart Industries completed the divestiture of its MVE Biological Products business to Cryoport for $320 million in cash. Concurrently, a master supply agreement with Plug Power was executed for liquid hydrogen storage equipment, resulting in $7.8 million in equipment orders. Chart anticipates strong growth in LNG ISO container demand, highlighted by a $7.7 million leasing order from New Fortress Energy. These agreements bolster Chart's position in the hydrogen economy, contributing positively to its growth strategy.
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Chart Industries, Inc. (GTLS) announced the sale of its cryobiological products business to Cryoport, Inc. for $320 million in cash, expected to close in Q4 2020. This divestiture aligns with Chart's strategy to focus on clean energy offerings while reducing debt, projecting a net leverage ratio of 1.78X. The company anticipates 2020 revenue of approximately $1.2 billion, with adjusted EPS around $2.25. Additionally, it has a positive 2021 outlook, estimating revenues between $1.25 billion and $1.325 billion and adjusted EPS of $2.90 to $3.25, emphasizing growth in hydrogen and carbon capture sectors.