Reporting its third quarter results last week, Chart Industries revealed both a healthy surge in net income and a 15% increase in comparable quarterly sales.
Third quarter net income of $20.4m, or 70 cents per share, rose strongly from $12.1m (or 42 cents per share) earned during the same period of 2007.
The Cleveland-based manufacturer of equipment used to produce and store hydrocarbon and industrial gases, generated quarterly sales of $188.8m, up 15% from the prior year’s total of $163.7m.
Earnings per share for the latest quarter included 1 cent for nonrecurring costs tied to the repurchase and retirement of $6.8m of the company’s high-yield senior subordinated notes.
The consensus of six analysts surveyed by FactSet Research had reportedly been for Chart Industries to earn 69 cents per share. Chart Industries also lower adjusted its 2008 sales forecast, to a range of $750-770m, but affirmed full-year profit’s expected to be in the range of $2.55 to $2.65 per share.