Shares of Chart Industries (NASDAQ:GTLS) jumped as much as 22.7% in trading Thursday after the company gave an update on operations that had a very bullish outlook. Shares closed up 17.8%.
Management said that operations are basically full speed ahead because the company has been designated essential critical infrastructure by the U.S. Department of Homeland Security.
To meet critical-care demand, U.S. production of Perma-Cyl 3000, 2000, and 1000 -- three versions of Chart's micro-bulk gas storage system -- will be up 63% by the end of this week. China's facilities are also 100% operational.
Another notable announcement was that there weren't any cancellations from the backlog yet this year. Long term, that should mean that demand from companies remains strong.
There wasn't an update on first-quarter results or guidance, but this update from management indicates that it thinks the stock has sold off too far. Shares are still down nearly 60% from their peak in February, so investors think the future looks dim for Chart Industries. For today, at least, management is trying to give a bullish view of the future to investors.