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Jun 30, 2023
Chart Q2 2023 Earnings Report
Reported record second quarter financial metrics, driven by Howden acquisition and strong demand.
Key Takeaways
Chart Industries reported a record second quarter in 2023, with significant growth in sales, gross profit, and backlog, driven by the Howden acquisition and strong demand across its segments. The company is making ahead-of-schedule progress on cost and commercial synergies related to the Howden integration, with numerous deleveraging actions completed.
Record total backlog of $3.96 billion, a 24.1% increase compared to Q2 2022.
Record sales of $908.1 million, up 10.3% compared to Q2 2022.
Adjusted operating income was $154.4 million, or 17.0% operating income as a percent of sales.
Adjusted EPS of $1.19, up from a reported EPS of ($0.01).
Forward Guidance
Chart Industries reiterates its outlook for 2023 sales to be in the anticipated range of $3.66 billion to $3.80 billion, with associated adjusted EBITDA of $780 million to $810 million. The 2024 adjusted EBITDA outlook of approximately $1.3 billion is also reiterated.
Positive Outlook
- Reiterating 2023 sales outlook of $3.66 billion to $3.80 billion.
- Anticipating adjusted EBITDA of $780 million to $810 million in 2023.
- Adjusted diluted EPS expected in the range of $5.70 to $6.70 in 2023.
- Adjusted free cash flow anticipated in the range of $300 million to $350 million in 2023.
- Reiterating 2024 adjusted EBITDA outlook of approximately $1.3 billion.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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