Key Developments For Chart Industries, Inc.
Chart Industries, Inc. (GTLS.O) (Nasdaq)
Chart Industries, Inc. Reaffirms FY 2009 Revenue Guidance; Raises Low End Of Prior FY 2009 EPS Guidance
Chart Industries, Inc. announced that it is reaffirming its previously announced fiscal 2009 sales guidance, but revising upward its mid-point earnings per share guidance. Sales for fiscal 2009 are still expected to remain in the range of $580 to $620 million. Earnings are now expected to be in a range of $1.60 to $1.70 per share, as compared with the Company's prior guidance of $1.50 to $1.70 per share, on approximately 29.0 million weighted average shares outstanding. According to Reuters Estimates, analysts are expecting the Company to report revenue of $598 million for fiscal 2009.
Chart Industries, Inc.'s CAIRE To Acquire Covidien plc's Oxygen Therapy Business
Chart Industries, Inc. announced that its wholly owned subsidiary, CAIRE Inc., which operates under its BioMedical segment, has entered into a definitive agreement with Covidien plc to acquire their oxygen therapy products, including the design, manufacturing, and sales and service functions worldwide. The acquisition includes products sold under the Companion and HELiOS brands. Financial terms of the transaction were not disclosed. Completion of the transaction is expected to close by the end of 2009.
Chart Industries, Inc. And Toyo Engineering Corporation Sign Mid-Scale LNG Liquefaction Technology and Equipment Supply Agreement
Chart Industries, Inc. announced that its wholly owned subsidiary, Chart Energy & Chemicals, Inc. (Chart E&C), has signed a cooperation agreement with Toyo Engineering Corporation (TOYO) of Japan to jointly pursue certain mid-scale liquefied natural gas (LNG) opportunities. For those opportunities that Chart E&C and TOYO agree to pursue, Chart E&C will provide the LNG liquefaction process technology, including integrated natural gas liquids (NGL) and nitrogen rejection technology as appropriate, together with equipment including brazed aluminum heat exchangers, cold boxes and air cooled heat exchangers. TOYO will provide overall Engineering, Procurement and Construction (EPC) services and project management.
Chart Industries, Inc. Raises FY 2009 EPS Guidance; Lowers FY 2009 Revenue Guidance
Chart Industries, Inc. announced that based on year to date results, current expectations and cost reduction initiatives, the Company has raised the range of its previously announced full year earnings per share (EPS) guidance to $1.50-$1.70 per share. Sales for fiscal 2009 are now expected to be in a range of $580-$620 million. This revised guidance includes the impact from restructuring charges of $0.10 per share incurred during the second quarter and another $0.02 per share is anticipated over the balance of the year for remaining costs primarily related to the Denver facility shutdown. This compares with previous guidance of a sales range of $600-$640 million and diluted EPS range of $1.30-$1.60. According to Reuters Estimates, analysts are expecting the Company to report EPS of $1.44 on revenues of $613 million for the same period.
Chart Industries, Inc. To Build New Industrial Gas Equipment Repair Center In Reno, NV
Chart Industries, Inc. reported that Chart Distribution and Storage is expanding its cryogenic equipment repair services to Reno, Nevada. Construction of the facility is scheduled to begin in July, and the facility is expected to be ready to receive customer bulk and mobile equipment for repair starting in September 2009. The facility is anticipated to be fully operational by January 2010.
