Chart Industries Q3 Results Miss Estimates; Cuts FY23 Revenue Outlook

(RTTNews) - Chart Industries, Inc. (GTLS) reported Friday a net loss attributable to the company for the third quarter of $3.4 million or $0.07 per share, compared to net income of $41.2 million or $0.98 per share in the prior-year quarter. Income from continuing operations were $0.05 per share, compared to $0.98 per share last year. Excluding items, adjusted earnings for the quarter was $1.28 per share, compared to $1.19 per share a year ago.

Sales for the quarter more than doubled to $897.9 million from $412.1 million in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.61 per share on revenues of $1.04 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2023, the company now projects adjusted earnings in a range of $6.05 to $6.25 per share on sales between $3.45 billion and $3.50 billion.

Previously, the company expected adjusted earnings in a range of $5.70 to $6.70 per share on sales between $3.66 billion and $3.80 billion.

The Street is looking for earnings of $6.15 per share on revenues of $3.63 billion for the year.

For fiscal 2024, the company continues to projects adjusted earnings of $14.00 plus on sales of approximately $5.1 billion. Analysts expect earnings of $11.51 per share on revenues of $4.78 billion for the year.

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