Quarter two (Q2) 2022 was yet another record-breaking quarter for Chart Industries, with the US cryogenic equipment manufacturer reporting record orders of $887.8m and record sales of $404.8m.
Q2 sales of $404.8m were the company’s highest to date and increased 25.7%, compared to Q2 2021 and 14.3% compared to Q1 2022. Record orders also highlighted a strong demand for bio-LNG, with $300m worth of orders being related to this.
That was by no means in in terms of milestones for the firm, however, with record gross margin of $94.8m and record reported operating income of $29.6m also reported in the quarter, ended 30th June (2022).
“It was not only LNG-related activity in the second quarter 2022 driving these historical records,” Chart explained in a statement.
“In the second quarter 2022, we booked orders with 85 ne customers and 23 first-of-a-kind orders, bringing year-to-date first-of-a-kind orders to 51 and orders with new customers to 169, both of which are on track to meet or exceed 2021’s first-of-a-kind and new customers, demonstrating that there is considerable potential growth in our addressable market globally.”
Q2 represented the highest specialty products order quarter in Chart’s history, as well as its sixth consecutive quarter of specialty products orders above $100m.
Chart has confirmed its $265.7m of speciality products orders in Q2 were driven by record orders for hydrogen, space exploration and water treatment, as well as elevated activity in food and beverage end markets.
The majority of project work booked in Q2 will primarily be recognised in 2023-2025.
LNG was also a big growth sector in Q2, with Chart booking $528.9m of related orders including second, small-scale and utility-scale LNG.
Q2 also saw Chart book its third New Fortress Energy FastLNG liquification project, as well as a small-scale LNG retrofit and expansion project with a South-eastern US utility company.
Chart’s anticipated 2022 full year sales outlook is in the range of $1.7bn to $1.8bn with associated non-diluted adjusted EPS of $5.20 to $5.60, both revised from its prior guidance.