Chart Industries Q1 Profit Drops, Cuts Full Year View - Quick Facts

(RTTNews) - Chart Industries Inc. (GTLS), a manufacturer of highly engineered equipment used in the production, storage and end-use of hydrocarbon and industrial gases, Tuesday said first-quarter net income attributable to the company was $12.0 million or $0.38 per share, compared to $15.55 million or $0.51 per share for the first quarter of 2013.

Earnings would have been $0.41 per share excluding $0.02 per share of acquisition-related costs, as well as a $0.01 per share impact associated with Chart's Convertible Notes. First quarter 2013 earnings would have been $0.54 per share excluding $0.03 per share of acquisition-related costs.

On average, 12 analysts polled by Thomson Reuters expected earnings of $0.66 per share. Analysts estimates typically exclude special items.

Net sales decreased 3 percent to $266.24 million from $273.65 million in the comparable period a year ago. Analysts expected revenues of $300.41 million.

Further, the company said that due to continued weakness in the BioMedical respiratory market and the announced delay of certain LNG infrastructure projects by a major oil company customer, annual sales and earnings are now expected to be lower than its previous estimates.

Sales for 2014 are now expected to be in a range of $1.25 to $1.3 billion, and earnings per share are now estimated to be in a range of $3.00 to $3.40 per share, excluding any dilution impact resulting from the notes and acquisition-related costs.

The previous guidance was for $1.3 billion to $1.35 billion in sales and earnings of $3.10 to $3.50 per share, which also excluded any dilution impact resulting from the notes and acquisition-related costs.

Wall Street looks for earnings of $3.28 per share and revenues of $1.32 billion.