Chart Industries Inc has reported its results for the second quarter, ended 30th June 2007, and recorded a 30 percent net sales increase against the same period in 2006.
The independent global manufacturer of equipment for the production, storage and end-use of hydrocarbon and industrial gases recorded a net income increase of 59 percent on the net sales increase of 30 percent.
Net income for the second quarter of 2007 was $8.4m or $0.32 per diluted share. Excluding $7.1m of one-time, non-cash stock based compensation expense, second quarter 2007 pre-tax income and net income would have been $20.3m and $13.5m respectively, or $0.51 per diluted share.
Sam Thomas, Chart's chairman, president and CEO, commented, $quot;We were pleased with our ability to meet the continued robust demand from the markets that we serve, particularly the global industrial gas market, and to report improved results in our Energy and Chemicals business this quarter.$quot;
$quot;We received orders of more than $240m in the second quarter of 2007, an increase of almost 40 percent compared with the first quarter of 2007. This impressive growth was led by significant orders in our Energy and Chemicals business,$quot; Thomas continued.
Gross profit for the second quarter of 2007 was $51.3m, or 31 percent of sales, versus $36.1m or 28 percent of sales in the comparable quarter of 2006. Backlog at 30th June 2007 stood at $415.3m, a rise of 50 percent compared to figures at 30th June 2006.