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Dec 31, 2023
Chart Q4 2023 Earnings Report
Chart Industries reported record orders, backlog, sales, gross profit, gross profit margin, operating income, operating income margin, EBITDA, EBITDA margin, adjusted EPS, reported free cash flow for Q4 2023.
Key Takeaways
Chart Industries reported a strong fourth quarter in 2023, with record orders, sales, gross profit, and operating income. The successful integration of Howden contributed significantly to the company's growth and margin expansion. The company's outlook for 2024 is positive, driven by strong global end market demand and a focus on cash generation.
Record orders of $1.21 billion, an increase of 28.3%.
Record sales of $1.02 billion, an increase of 12.5%.
Record gross margin of 32.9%, an increase of 540 basis points.
Record operating income of $156.0 million, representing 15.4% of sales.
Forward Guidance
Chart Industries anticipates full year 2024 sales to be in a range of $4.7 to $5.0 billion with forecasted full year 2024 adjusted EBITDA in the range of $1.175 to $1.30 billion.
Positive Outlook
- Global end market demand continues to be strong as we start 2024.
- We have over $21 billion of identified potential orders in our commercial pipeline for the next three years, even considering the record orders of $1.21 billion in the fourth quarter 2024.
- Our fourth quarter 2023 and full year 2023 cancellation rate was consistently and significantly below 1% of backlog.
- Anticipate full year 2024 sales to be in a range of $4.7 to $5.0 billion
- Forecasted full year 2024 adjusted EBITDA in the range of $1.175 to $1.30 billion.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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