Second quarter sales of $404.8 million were the company’s highest ever and were up 25.7% compared to the second quarter of 2021 and up 14.3% compared to the first quarter 2022. The record orders also highlighted strong demand for bio-LNG, with $300 million worth of orders related to it. .
However, this was by no means a milestone for the company, with record gross margin of $94.8 million and record operating income of $29.6 million also reported in the quarter. , which ended on June 30 (2022).
“It wasn’t just LNG-related activity in the second quarter of 2022 that drove these all-time highs,” Chart explained in a statement.
“In the second quarter of 2022, we booked orders with 85 new customers and 23 first-of-a-kind orders, bringing first-year orders to 51 and new customer orders to 169, both of which are on track to achieve or exceed first and new customers in 2021, demonstrating that there is considerable potential growth in our globally addressable market.”
Highlights
The second quarter represented the highest specialty product order quarter in Chart history, as well as the sixth consecutive quarter of specialty product orders above $100 million.
Chart has confirmed that its specialty products orders of $265.7 million in the second quarter were driven by record orders for hydrogen, space exploration and water treatment, as well as high activity in the food end markets and drinks
Most of the project work booked in the second quarter will be recognized mainly in 2023-2025.
LNG was also a strong growth sector in the second quarter, with $528.9 million of related orders booked, including second, small-scale and utility LNG.
The second quarter also saw Chart book its third New Fortress Energy FastLNG license project, as well as a small-scale LNG modernization and expansion project with a Southeastern US utility.
perspective
The chart’s full-year 2022 forecasted sales outlook ranges from $1.7 billion to $1.8 billion with associated adjusted non-diluted EPS of $5.20 to $5.60, both revised from its previous orientation
