Chart Industries updates on second quarter
Chart Industries is continuing to see demand for its equipment and solutions related to the transition to clean energy infrastructure and specialty markets amid the coronavirus (Covid-19) pandemic.
The US equipment and systems provider yesterday released its mid-second quarter business update in which Chart said the current economic situation continues to be challenging for its oil-related product lines.
With more than $60m of cost reductions taken year-to-date, Chart said it continues to expect margin expansion throughout 2020 and strong free cash flow for the year, with debt paydown a priority.
April 2020 free cash flow of $12.6m was driven by strong earnings, cash collections and supplier terms extensions.
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