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UPDATE 1-Chart Industries Q1 profit falls 92 pct
April 29, 2010 / 10:53 AM / in 8 years

UPDATE 1-Chart Industries Q1 profit falls 92 pct

* Q1 EPS $0.05 vs $0.68 yrago

* Revenue falls 35 pct

* Reaffirms full-year outlook April 29 (Reuters) - Engineered equipment maker Chart Industries Inc (GTLS.O) reported a 92 percent drop in quarterly earnings, hurt mainly by margins pressure.

The company said an expected underutilized capacity and a drawn-out return of large capital projects will have an unfavorable impact on its energy and chemicals business in the first half of 2010.

For the first quarter, net income attributable to Chart Industries was $1.4 million, or 5 cents a share, compared with $19.5 million, or 68 cents a share, a year ago.

Excluding items, the company earned 9 cents a share.

Revenue for the company, which makes equipment that can operate at temperatures near absolute zero and are used to process and store gases, fell 35 percent to $116.7 million.

Analysts, on average, were expecting earnings of 9 cents a share, on revenue of $122.6 million, according to Thomson Reuters I/B/E/S.

For the full year, the company still sees adjusted earnings of 60 cents to 80 cents a share, on sales of $530 million to $560 million.

Shares of the company closed at $24.83 Wednesday on Nasdaq. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Maju Samuel)

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