October 29, 2009 / 10:54 AM / 10 years ago

UPDATE 1-Chart Industries Q3 profit falls 60 pct

* Q3 EPS $0.28 vs $0.70 year ago

* Rev falls 33 pct

* Raises lower end of FY09 earnings outlook

Oct 29 (Reuters) - Engineered equipment maker Chart Industries Inc (GTLS.O) reported a 60 percent drop in quarterly profit on weak sales across all its segments, but raised the lower end of its full-year earnings outlook.

For the third quarter, net income was $8.2 million, or 28 cents a share, compared with $20.4 million, or 70 cents a share, a year ago.

The latest quarter results included 3 cents a share in restructuring costs.

Revenue for the company, which makes equipment that can operate at temperatures near absolute zero and are used to process and store gases, fell 33 percent to $127.2 million.

Overall order levels remained relatively weak, the company said in a statement.

Analysts on average were expecting earnings of 22 cents a share, on revenue of $136.9 million, according to Thomson Reuters I/B/E/S.

For 2009, the company, which acquired Covidien Ltd’s COV.N oxygen therapy business in the quarter, sees per-share earnings of $1.60 to $1.70, compared with its prior view of $1.50 to $1.70. It still sees 2009 sales $580 million to $620 million.

The revised outlook includes the impact from restructuring charges of about 14 cents a share through Sept. 30, and 1 cent a share of expected additional charges in the fourth quarter, the company said.

Shares of the company closed at $20.05 Wednesday on Nasdaq. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Ratul Ray Chaudhuri)

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