The independent global manufacturer of engineering equipment specifically designed for the storage and end-use of hydrocarbon and industrial gases has reported solid second quarter 2011 fiscal results.
For the period ended 30th June 2011, Chart saw net income of $10.6m, or $0.35 per diluted share. The comparative rates from last year make for staggering reading; in the second quarter of 2010 net income was $2.4m, or $0.08 per diluted share.
Meanwhile net sales for Q2 of 2011 increased 44% to £200.7m from $139.1m in the comparable period a year ago. Similarly, gross profit rose 31% to $62.3m, versus sales of $37.6m during Q2 of 2010.
Sam Thomas, Chairman, President and CEO for the firm praised specific sectors when he commented on the glowing results: $quot;Order strength continues, led by record orders in our Distribution & Storage ($quot;D&S$quot;) business as well as the LNG equipment order in excess of $40 million in our Energy & Chemicals ($quot;E&C$quot;) business that was announced today. We booked $577 million in orders during the first half of 2011, and as a result, have launched expansion plans at both our China and Louisiana facilities to keep up with a very strong project pipeline, which we expect will continue.”
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