Chart Industries said its net income for the second quarter of 2014 was $20.1 million, or $0.65 per diluted share.
Second quarter 2014 earnings would have been $0.70 per diluted share excluding $2.0 million, or $0.04 per diluted share, of acquisition-related costs and facility startup costs recorded in the quarter, as well as a $0.01 per diluted share impact associated with Chart’s Convertible Notes. This compares with net income of $20.0 million, or $0.64 per diluted share, for the second quarter of 2013. Second quarter 2013 earnings would have been $0.77 per share excluding $4.8 million, or $0.11 per diluted share, of acquisition-related costs and flood damage expense in Europe, as well as a $0.02 per diluted share impact associated with the Notes.
Net sales for the second quarter of 2014 increased 3% to $306.8 million from $298.3 million in the comparable period a year ago. Gross profit for the second quarter of 2014 was $92.2 million, or 30.0% of sales, versus $89.8 million, or 30.1% of sales, in the comparable quarter of 2013.
“We are excited by the trend we are seeing in small to mid-scale liquefaction in North America with two standard plant awards using Chart’s proprietary liquefaction technology announced in the last 60 days. This includes the new award announced today with Fortis, which will be reflected in third quarter orders, and the award announced with LNG Holdings in June which is included in second quarter orders. The Golar Floating Liquefied Natural Gas (FLNG) project award from Black & Veatch announced today will be reflected in third quarter orders and showcases the unique advantages that brazed aluminum heat exchangers offer for LNG applications,” stated Sam Thomas, Chart’s Chairman, President and Chief Executive Officer.
Thomas continued, “Order activity in China continues to grow, but delays in expected customer shipments impacted quarterly results. Sequentially, consolidated LNG-related orders grew 19%. We are also beginning to see positive signs in the BioMedical respiratory market as revenues grew 35% sequentially.”
Backlog at June 30, 2014 was $695.0 million, down 4% from the March 31, 2014 level of $721.9 million. Orders for the second quarter of 2014 were $280.6 million compared with $262.6 million for the first quarter of 2014.
Press Release, August 4, 2014