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Chart Industries (GTLS)

Chart Industries, Inc. is a leading independent global manufacturer of highly engineered equipment servicing multiple applications in the Energy and Industrial Gas markets. Its unique product portfolio is used in every phase of the liquid gas supply chain, including upfront engineering, service and repair. Being at the forefront of the clean energy transition, Chart is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas and CO2 Capture amongst other applications. The company is committed to excellence in environmental, social and corporate governance (ESG) issues both for its company as well as its customers. With over 25 global locations from the United States to Asia, Australia, India, Europe and South America, the company maintains accountability and transparency to its team members, suppliers, customers and communities.

Company profile

Ticker
GTLS
Exchange
CEO
Jillian Evanko
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
AdEdge Exports, Inc. • AdEdge Holdings, LLC • AdEdge India Water Technologies Private Limited • AdEdge Water Technologies, LLC • BlueInGreen, LLC • Chart Asia Investment Company Limited • Chart Asia, Inc. • Chart Australia Pty Ltd • Chart Cryogenic Distribution Equipment (Changzhou) Company Limited • Chart Cryogenic Engineering Systems (Changzhou) Co., Ltd. ...
IRS number
341712937

GTLS stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
$204.50
Low target
$189.00
High target
$224.00
Credit Suisse
Maintains
Outperform
$224.00
1 Aug 22
Morgan Stanley
Maintains
Overweight
$205.00
9 Jun 22
Barclays
Downgraded
Equal-Weight
$189.00
8 Jun 22
Piper Sandler
Maintains
Overweight
$200.00
17 May 22

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

29 Jul 22
16 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 149.7M 149.7M 149.7M 149.7M 149.7M 149.7M
Cash burn (monthly) (no burn) 4.09M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) n/a 6.42M n/a n/a n/a n/a
Cash remaining n/a 143.28M n/a n/a n/a n/a
Runway (months of cash) n/a 35.0 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Jul 22 Mcallister Singleton B Common stock, par value $0.01 per share Grant Acquire A No No 0 158 0 3,799
1 Jul 22 David M. Sagehorn Common stock, par value $0.01 per share Grant Acquire A No No 0 158 0 4,091
1 Jul 22 Roger A Strauch Common stock, par value $0.01 per share Grant Acquire A No No 0 158 0 721
1 Jul 22 Paula Harris Common stock, par value $0.01 per share Grant Acquire A No No 0 158 0 721
1 Jul 22 Molinini Michael Common stock, par value $0.01 per share Grant Acquire A No No 0 158 0 8,388
28.1% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 369 326 +13.2%
Opened positions 85 53 +60.4%
Closed positions 42 42
Increased positions 139 102 +36.3%
Reduced positions 110 137 -19.7%
13F shares Current Prev Q Change
Total value 7.2B 6.65B +8.4%
Total shares 42.82M 42.57M +0.6%
Total puts 50.7K 74.1K -31.6%
Total calls 260.8K 115.8K +125.2%
Total put/call ratio 0.2 0.6 -69.6%
Largest owners Shares Value Change
BLK Blackrock 5.55M $953.09M -19.7%
Capital World Investors 4.4M $756.27M +16.1%
Vanguard 3.41M $586.11M -10.5%
Broadview Investments B.V. 1.46M $90.22M 0.0%
Nordea Investment Management Ab 1.44M $254.76M +22.9%
Wellington Management 1.34M $230.07M +63.1%
IVZ Invesco 1.13M $193.69M +6.5%
STT State Street 1.12M $191.95M +1.0%
FMR 1.03M $177.24M -9.0%
GS Goldman Sachs 1.03M $176.22M +33.5%
Largest transactions Shares Bought/sold Change
BLK Blackrock 5.55M -1.36M -19.7%
Alliancebernstein 86.3K -1.3M -93.8%
Capital World Investors 4.4M +609.15K +16.1%
Wellington Management 1.34M +517.95K +63.1%
Vanguard 3.41M -402.23K -10.5%
Lord, Abbett & Co. 232.03K -357.95K -60.7%
Natixis 277.51K +277.51K NEW
Nordea Investment Management Ab 1.44M +269.05K +22.9%
Millennium Management 289.78K +258.13K +815.5%
GS Goldman Sachs 1.03M +257.4K +33.5%

Financial report summary

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Risks
  • The markets we serve are subject to cyclical demand and vulnerable to economic downturn, which could harm our business and make it difficult to project long-term performance.
  • The loss of, or significant reduction or delay in, purchases by our largest customers could reduce our sales and profitability.
  • We may fail to successfully integrate companies that provide complementary products or technologies.
  • If we are unable to successfully control our costs and efficiently manage our operations, it may place a significant strain on our management and administrative resources and lead to increased costs and reduced profitability.
  • Our results of operations could materially suffer if we are unable to obtain sufficient pricing for our products and services to meet our profitability expectations.
  • We depend on the availability of certain key suppliers; if we experience difficulty with a supplier, we may have difficulty finding alternative sources of supply.
  • We carry goodwill and indefinite-lived intangible assets on our balance sheet, which are subject to impairment testing and could subject us to significant non-cash charges to earnings in the future if impairment occurs.
  • The Covid-19 pandemic may disrupt our operations and could adversely affect our business in the future.
  • Our backlog is subject to modification, termination or reduction of orders, which could negatively impact our sales.
  • Governmental energy policies could change or expected changes could fail to materialize which could adversely affect our business or prospects.
  • Changes in the energy industry, including pricing fluctuations and reductions and capital expenditures could harm our business, financial condition, and results of operations.
  • Our exposure to fixed-price contracts, including exposure to fixed pricing on long-term customer contracts and performance guarantees, could negatively impact our financial results.
  • Fluctuations in currency exchange or interest rates may adversely affect our financial condition and operating results.
  • As an increasingly global business, we are exposed to economic, political, and other risks in different countries which could materially reduce our sales, profitability or cash flows, or materially increase our liabilities.
  • Changes in U.S. trade policy, tariff and import/export regulations may have a material adverse effect on our business, financial condition and results of operations.
  • Data privacy and data security considerations could impact our business.
  • We are subject to potential insolvency or financial distress of third parties.
  • Failure to protect our intellectual property and know-how could reduce or eliminate any competitive advantage and reduce our sales and profitability, and the cost of protecting our intellectual property may be significant.
  • We may be required to make expenditures in order to comply with environmental, health and safety laws and climate change regulations, or incur additional liabilities under these laws and regulations.
  • Our pension plan is currently underfunded and we contribute to a multi-employer plan for collective bargaining U.S. employees, which is also underfunded.
  • We operate in many different jurisdictions and we could be adversely affected by violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti-corruption laws.
  • Our operations could be impacted by the effects of severe weather.
  • We are subject to regulations governing the export of our products.
  • As a provider of products to the U.S. government, we are subject to certain federal rules, regulations, audits and investigations, the violation or failure of which could adversely affect our business.
  • Current economic and political conditions make tax rules in jurisdictions subject to significant change, and unanticipated changes in our effective tax rate could adversely affect our future results.
  • Our leverage and future debt service obligations could adversely affect our financial condition, limit our ability to raise additional capital to fund our operations, limit our ability to react to changes in the economy or our industry, impact the way we operate our business, expose us to interest rate risk to the extent of our variable rate debt and prevent us from fulfilling our debt service obligations.
  • The senior secured revolving credit facility contains a number of restrictive covenants which limit our ability to finance future operations or capital needs or engage in other business activities that may be in our interest.
  • Our 1.00% Convertible Senior Subordinated Notes due November 2024 have certain fundamental change and conditional conversion features which, if triggered, may adversely affect our financial condition.
  • We are subject to counterparty risk with respect to the convertible note hedge and capped call transactions associated with our 1.00% Convertible Senior Subordinated Notes due November 2024.
  • Our common stock has experienced, and may continue to experience, price volatility.
  • Provisions in our amended and restated certificate of incorporation and amended and restated bylaws and other agreements and in Delaware law may discourage a takeover attempt.
  • The issuance of common stock upon conversion of our 1.00% Convertible Senior Subordinated Notes due November 2024 could cause dilution to the interests of our existing stockholders.
Management Discussion
  • Strong order activity contributed to record ending total backlog of $1,953.3 million as of June 30, 2022 compared to $1,083.9 million as of June 30, 2021 and $1,477.0 million as of March 31, 2022, representing increases of $869.4 million or 80.2% and $476.3 million or 32.2%, respectively, which reflects the broad-based demand we continue to see year-over-year and quarter-over-quarter across our product categories. The increase in backlog was largely driven by record orders for the three months ended June 30, 2022 of $887.8 million compared to $447.9 million as of June 30, 2021 representing an increase of $439.9 million or 98.2%. Record orders in our Heat Transfer Systems segment of $470.1 million for the three months ended June 30, 2022 compared to $48.4 million and $354.1 million for the three months ended June 30, 2021 and March 31, 2022, respectively, were mainly driven by big LNG orders during the three months ended June 30, 2022. Record orders in our Specialty Products segment of $265.7 million for the three months ended June 30, 2022 compared to $190.6 million and $100.5 million for the three months ended June 30, 2021 and March 31, 2022, respectively, were mainly driven by record orders for hydrogen and helium applications, water treatment and space applications during the three months ended June 30, 2022. Heat Transfer Systems segment backlog was $1,003.8 million as of June 30, 2022, a record, as compared to $345.1 million and $639.5 million as of June 30, 2021 and March 31, 2022, respectively. Specialty Products segment backlog was $570.4 million as of June 30, 2022, also a record, as compared to $374.0 million and $418.8 million as of June 30, 2021 and March 31, 2022, respectively.

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