ATLANTA, Jan. 26, 2024 (GLOBE NEWSWIRE) — Chart Industries, Inc. (NYSE: GTLS) (“Chart”) a leading global solutions provider to clean energy and industrial gas markets is reiterating its medium-term financial targets through 2026, which were originally presented at its Investor Day on November 28, 2023 and include:
- Mid-teens organic revenue growth through 2026
- Reported gross profit margin of mid-30%’s in 2026
- Double-digit adjusted diluted EPS growth CAGR of mid-40%’s
- 95-100% Free Cash Flow Conversion
“We reiterate our medium-term financial targets, considering the recent news regarding the current pause of U.S. LNG export project approvals and timing,” stated Jill Evanko, Chart’s CEO and President. “Our medium-term outlook does not include any additional Big LNG projects that were not included in our September 30, 2023 backlog nor any awards related to the Department of Energy’s $7 billion dollar Hydrogen Hub investment. Further, the addition of Howden to our portfolio in the first quarter 2023 further diversified our end-markets and full-solution offering, added geographic diversity and brought our aftermarket, service and repair business to over 30% of our annual revenue.”
As a reminder, during the third quarter 2023 our IPSMR® liquefaction technology was chosen for a major international Big LNG project for which the order is expected to be booked in late 2024 or early 2025 and subsequent to that, on December 28, 2023, we announced that we booked another award for IPSMR® liquefaction technology for two modular trains of a multi-train international Big LNG project.
Our commercial pipeline of potential BigLNG opportunities is approximately $8.5 billion and is balanced between North America and international opportunities.
Conference Call Information
As previously announced, the Company has scheduled a conference call for Wednesday, February 28, 2024 at 8:30 a.m. ET to discuss its fourth quarter 2023 and full year 2023 financial results. Participants wishing to join the live Q&A session must dial-in with the following information:
PARTICIPANT INFORMATION:
Toll-Free – North America: (+1) 888 259 6580
Toll North America and other locations: (+1) 416 764 8624
Conference ID: 05384471
A live webcast and replay, as well as presentation slides, will be available on the Company’s investor relations website through the following link: Q4 2023 Webcast Registration. A telephone replay of the conference call can be accessed approximately two hours following the end of the call at 1-877-674-7070 with passcode 384471 through March 29, 2024.
FORWARD-LOOKING STATEMENTS
Certain statements made in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning the Company’s business plans, including statements regarding completed acquisitions, divestitures, and investments, cost and commercial synergies and efficiency savings, objectives, future orders, revenues, margins, segment sales mix, earnings or performance, liquidity and cash flow, inventory levels, capital expenditures, supply chain challenges, inflationary pressures including material cost and pricing increases, business trends, clean energy market opportunities including addressable markets, and governmental initiatives, including executive orders and other information that is not historical in nature. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “could,” “expects,” “anticipates,” “believes,” “projects,” “forecasts,” “outlook,” “guidance,” “continue,” “target,” or the negative of such terms or comparable terminology.
Forward-looking statements contained in this press release or in other statements made by the Company are made based on management’s expectations and beliefs concerning future events impacting the Company and are subject to uncertainties and factors relating to the Company’s operations and business environment, all of which are difficult to predict and many of which are beyond the Company’s control, that could cause the Company’s actual results to differ materially from those matters expressed or implied by forward-looking statements. Factors that could cause the Company’s actual results to differ materially from those described in the forward-looking statements include: the Company’s ability to successfully integrate the Howden acquisition and other recent acquisitions and achieve the anticipated revenue, earnings, accretion and other benefits from these acquisitions; the Company’s ability to successfully close on its identified divestitures and achieve the anticipated proceeds from these divestitures; slower than anticipated…
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