Chart Profit Down

Chart Industries’ net income for the first quarter of 2014 was $12.0 million. This compares with net income of $15.5 million for the first quarter of 2013.

Net sales for the first quarter of 2014 decreased 3% to $266.2 million from $273.7 million in the comparable period a year ago. Gross profit for the first quarter of 2014 was $77.5 million, or 29.1% of sales, versus $79.5 million, or 29.0% of sales, in the comparable quarter of 2013.

“We remain confident in the long-term fundamental drivers of our growth, despite short-term challenges. While weather impacted industrial activity across all of our businesses and customer rationalization from competitive bidding continued to impact our BioMedical segment, our Distribution and Storage (“D&S”) business saw 12% sequential order growth in China, reaffirming the long-term trend,” stated Sam Thomas, Chart’s Chairman, President and Chief Executive Officer. “Our backlog and order prospects remain strong, and we are committed to meeting demand across all of the market segments we serve.”

Thomas continued, “Sequentially, LNG-related orders grew 11% in China and more than doubled in the United States from a relatively weak fourth quarter. We’re also excited that we have commissioned our new brazed aluminum heat exchanger furnace as part of our 40% capacity expansion in La Crosse, Wisconsin. This expansion is an integral part of our Energy and Chemicals (“E&C”) growth strategy, which allows us to improve lead times across all industries we serve.”

Backlog at March 31, 2014 was $721.9 million, down 1% from the December 31, 2013 level of $728.8 million. Orders for the first quarter of 2014 were $262.6 million compared with $287.2 million for the fourth quarter of 2013, and increased $19.0 million compared to the first quarter of 2013.

[mappress]