Chart’s 2014 income drops

Chart's 2014 income drops

Chart Industries reported a net income for the year 2014 of $81.9 million compared with net income of $83.2 million for the year 2013.

Company’s net income for the fourth quarter of 2014 was $26.9 million, compared with net income of $23.2 million for the fourth quarter of 2013, it said in a statement.

Net sales for the year 2014 improved to $1,193.0 million, up 1.3% from 2013 net sales of $1,177.4 million. Net sales for the fourth quarter of 2014 increased 7.3% to $326.1 million from $303.8 million in the comparable period a year ago.

Sam Thomas, Chart’s Chairman, President and Chief Executive Officer, said, “We have implemented cost reduction actions approaching $20 million and a 5% reduction in headcount.”

Backlog at December 31, 2014 was $640.0 million, down 12% from the December 31, 2013 level of $728.8 million, and 15% lower than the backlog of $751.8 million at September 30, 2014. Orders received in the fourth quarter 2014 totaled $251.7 million and were down 29% sequentially, as the third quarter of 2014 included three major orders totaling in excess of $80 million.

Image: Chart

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