Chart Industries Q2 Results Miss Estimates; Revises 2014 Targets - 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, posted net income of $20.1 million, or $0.65 per share for the second quarter of 2014. The company said its latest quarter's earnings would have been $0.70 per share, excluding $2.0 million, or $0.04 per share, of acquisition-related costs and facility startup costs recorded in the quarter, as well as a $0.01 per share impact associated with Chart's Convertible Notes. On average, 14 analysts polled by Thomson Reuters expected earnings of $0.74 per share for the quarter. Analysts estimates typically exclude special items.

Prior-year quarter's net income was $20.0 million, or $0.64 per share. Second-quarter 2013 earnings would have been $0.77 per share, excluding $4.8 million, or $0.11 per share, of acquisition-related costs and flood damage expense in Europe, as well as a $0.02 per share impact associated with the notes, the company added.

Quarterly net sales rose 3% to $306.81 million from $298.27 million in the comparable period a year ago, while 11 analysts projected $313.61 million sales.

For the remainder of 2014, the company is adjusting its prior announced sales and earnings guidance. Mainly due to customer delays in D&S China, annual sales and earnings are no longer expected to reach the firm's previous estimates. Therefore, sales for 2014 are now expected to be in a range of $1.22 billion - $1.27 billion, and earnings per share now expected to be in a range of $2.85 - $3.15 per share. Wall Street looks for annual earnings of $3.07 per share and revenues of $1.27 billion.