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. (NYSE: GTLS) is a global leader in the design, engineering, and manufacturing of highly engineered cryogenic equipment used in the industrial gas and liquefied natural gas (LNG) industries. The company’s product portfolio includes solutions for the separation, storage, and distribution of oxygen, nitrogen, and noble gases, as well as natural gas processing and liquefaction.
Core Business: Chart Industries specializes in cryogenics, playing a crucial role in the liquid gas supply chain. Its products are essential for the separation of gases from the air and the liquefaction of natural gas. The company’s distribution and storage solutions are critical for the delivery and end-use of liquid gases across various industries, including energy, healthcare, and life sciences.
Key Products and Brands: Chart's MVE® brand is the gold standard for biological storage systems, used for cryogenic preservation of human and animal tissues. The CAIRE® and AirSep® brands lead in providing respiratory products for home healthcare. Additionally, Chart has recently expanded its offerings to include specialty products in hydrogen, biofuels, cannabis, and water treatment sectors.
Recent Achievements: In early 2023, Chart Industries acquired Howden, significantly doubling the company's size and enhancing its capabilities in cryogenic solutions. The company also opened its “Teddy 2” facility in Theodore, Alabama, to manufacture the world’s largest cryogenic tanks and contribute to local job creation and economic development.
Major Collaborations and Projects: Chart has partnered with GasLog LNG Services Ltd. to develop a commercial-scale liquid hydrogen (LH2) supply chain, leveraging GasLog's liquid hydrogen vessel developments and Chart's extensive cryogenic experience. The company is also supporting Repsol’s €657 million expansion of its Sines industrial complex in Portugal with cutting-edge hydrogen compression solutions.
Financial Condition and Governance: Chart Industries recently increased its revolving credit facility from $1.0 billion to $1.25 billion, extending its maturity to April 2029. The company maintains strong financial health and is committed to achieving a targeted leverage ratio of 2.0-2.5X net leverage. Chart is also dedicated to environmental, social, and corporate governance (ESG) excellence, with 64 global manufacturing locations and over 50 service centers worldwide.
Conclusion: Chart Industries continues to innovate and expand its footprint in clean energy and industrial gas markets. Its comprehensive product and solution portfolio, combined with strategic collaborations and robust financial strategy, positions it as a key player in the cryogenics and clean energy sectors.
Chart Industries (GTLS) has successfully acquired BlueInGreen (BIG) for $20 million in cash, with a potential earn-out of $6 million. This acquisition enhances Chart's water treatment solutions by integrating BIG's advanced gas-dissolution technology, which reduces gas consumption by 20-40%. The collaboration aims to generate $20 million in revenue by 2022 with a 50% gross margin. Chart anticipates no significant changes to its Q4 2020 outlook while increasing its 2021 sales forecast to between $1.260 and $1.335 billion, alongside diluted adjusted EPS expectations of $3.10 to $3.45.
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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