Chart Industries Inc, a leading independent global manufacturer of highly engineered equipment used in the production, storage and end-use of hydrocarbon and industrial gases, reported encouraging results for the third quarter ending 30th September 2007, as net sales for the quarter increased 15% to $163.7m from $142.8m in the third quarter of 2006.
Net income for the quarter was $12.1m, or $0.42 per diluted share, an increase of 75% compared with $6.9m in the third quarter 2006 and gross profit for the third quarter of 2007 stood at $45.4m, compared with $39.4m in the comparable quarter of 2006.
Sam Thomas, Chart's chairman, president and CEO, stated, “We were encouraged by our operating performance in the third quarter, especially in our Distribution & Storage segment despite recent industry consolidations that are impacting the U.S. market. Our orders for the third quarter of 2007 of $175m were very strong across all operating segments, especially after an impressive $243m order performance in the second quarter of 2007 that included an award in excess of $100m to our Energy & Chemicals segment from Energy World Corporation.”
Backlog at 30th September 2007 of $426.1m increased, compared with backlog of $415.3m at 30th June 2007 and was up 64% compared with $260m at 30th September 2006.
“Our significant backlog growth over the last year has been mostly attributable to large liquefied natural gas (LNG) orders in our Energy & Chemicals segment and continued growth in the global industrial gas market,” added Thomas.
Selling, general and administrative (SG&A) expenses for the third quarter of 2007 were $20.8m, compared with $18.2m for the same quarter a year ago. The third quarter of 2006 included $2.3m of net non-recurring income related to the settlement of a Hurricane Rita insurance claim for losses incurred at our Energy & Chemicals New Iberia, Louisiana manufacturing facility.