What happened
Specialty engineering company Chart Industries (GTLS -1.32%) ended the week in style, with its stock racing 8% higher in price on Friday. Investors were very encouraged by its performance in the second quarter, which set new records in a number of categories. That 8% gain was far better than the 1% gain of the S&P 500 index on the day.
So what
In its earnings release, Chart Industries divulged that its sales came in at just over $908 million in the quarter, more than double the $405 million of the same period a year ago. The big leap was due in no small part to the company's acquisition of Howden, a provider of air and gas-handling products earlier this year.
On the bottom line, Chart Industries managed to flip nimbly from loss to profitability. Its non-GAAP (adjusted) net income was $6.6 million ($1.19 per share), while in Q2 of 2022, the company lost more than $9 million.
This meant a mixed quarter for Chart Industries, as analysts collectively were expecting notably higher sales of more than $971 million. However, they underestimated the company's ability to make a buck, as they were projecting an adjusted, per-share net income figure of only $1.00.
Now what
Chart Industries also reiterated its existing guidance for the entirety of 2023. It continues to believe that its total sales will come in at $3.66 billion to $3.80 billion, compared to $1.6 billion in the pre-Howden days of 2022. Adjusted earnings are expected to land in a range of $5.70 to $6.70.
