Chart Industries Reports Record Results in Q3 2024
Key Ideas
- Chart Industries saw significant growth in sales and orders in Q3 2024, with reported gross margin reaching a record high of 34.1%.
- The company's adjusted operating margin increased to 22.2%, exceeding expectations due to cost synergies from the Howden acquisition.
- Strong demand was observed in Heat Transfer Systems and Repair, Service, and Leasing segments, driven by LNG and energy-related orders.
- Chart's IPSMR® process technology for LNG liquefaction is gaining traction with key projects like the Rovuma LNG by ExxonMobil, showcasing growth opportunities in the LNG and hydrogen sectors.
Chart Industries, based in Atlanta, reported its third-quarter results for 2024, showcasing remarkable growth in sales and orders. The company's sales increased by 22.4% compared to the same period in 2023, with reported gross margin reaching a record high of 34.1%. Strong demand was noted in Heat Transfer Systems and Repair, Service, and Leasing segments, driven by LNG and energy-related orders. The Howden acquisition played a significant role, with cost synergies exceeding $250 million earlier than expected, contributing to an adjusted operating margin of 22.2%. Chart's IPSMR® process technology for LNG liquefaction is gaining popularity, with projects like Rovuma LNG by ExxonMobil adopting the technology for enhanced competitiveness and lower emissions. The positive results reflect the company's success in various sectors, including LNG, hydrogen, data centers, and carbon capture, indicating promising growth opportunities.