Chart Industries Inc. (GTLS, Financial) filed Quarterly Report for the period ended 2012-09-30.
Chart Industries, Inc. has a market cap of $2.14 billion; its shares were traded at around $65.48 with a P/E ratio of 32.8 and P/S ratio of 2.7.
Sales for the three months ended September 30, 2012 were $254.2 million compared to $211.3 million for the three months ended September 30, 2011, reflecting an increase of $42.9 million, or 20.3%. The primary drivers of the increase in sales were improved volume and the impact of acquisitions. E&C segment sales were $83.0 million for the three months ended September 30, 2012, compared with sales of $57.8 million for the three months ended September 30, 2011, which was an increase of $25.2 million or 43.6%. This increase in E&C sales for the three months ended September 30, 2012 was primarily due to the ramp up of several large LNG related projects in our brazed aluminum heat exchanger and systems business. D&S segment sales increased $16.9 million, or 16.7%, to $117.8 million for the three months ended September 30, 2012, from $100.9 million for the three months ended September 30, 2011. The increase in sales was largely due to improved volume, particularly in LNG applications, including mobile equipment, and bulk storage tanks. Sales for bulk storage systems and package gas systems increased $8.1 million and $8.7 million, respectively. Acquisitions added $2.2 million in sales during the three months ended September 30, 2012. BioMedical segment sales for the three months ended September 30, 2012 were $53.5 million compared to $52.6 million for the same period in 2011, which reflected an increase of $0.9 million, or 1.7%. AirSep, which was acquired in August 2012, contributed $8.6 million in sales during the quarter. The incremental sales associated with the AirSep acquisition were largely offset by lower volume in respiratory sales due to the overall macroeconomic weaknesses in Europe and continued phase-in of Medicare competitive bidding in the U.S.
SG&A expenses for the three months ended September 30, 2012 were $42.2 million, or 16.6% of sales, compared to $34.1 million, or 16.1% of sales, for the three months ended September 30, 2011. SG&A expenses for the E&C segment were $6.4 million for the three months ended September 30, 2012 compared to $6.2 million for the three months ended September 30, 2011, an increase of $0.2 million. D&S segment SG&A expenses for the three months ended September 30, 2012 were $14.5 million compared to $11.2 million for the three months ended September 30, 2011, an increase of $3.3 million. This increase was primarily attributable to the acquisition of GOFA in August 2011, increased employee-related costs, and higher marketing and sales commission expense due to increased sales volume. SG&A expenses for the BioMedical segment were $9.3 million for the three months ended September 30, 2012 and $8.5 million for the three months ended September 30, 2011. The increase of $0.8 million was primarily attributable to the AirSep acquisition which contributed $1.6 million in SG&A expenses during the quarter offset by a decrease of $0.8 million due to lower employee-related costs and professional services. Corporate SG&A expenses for the three months ended September 30, 2012 were $12.0 million, compared to $8.2 million for the three months ended September 30, 2011. This increase of $3.8 million was primarily attributable to higher employee-related costs, information system upgrades, and fees for professional services to support organic and inorganic growth.
Sales for the nine months ended September 30, 2012 were $710.3 million compared to $575.0 million for the nine months ended September 30, 2011, reflecting an increase of $135.3 million, or 23.5%. The primary drivers of the increase in sales were improved volume, particularly in the E&C and D&S business segments, and the impact of acquisitions. E&C segment sales were $228.9 million for the nine months ended September 30, 2012, compared with sales of $149.4 million for the nine months ended September 30, 2011, which was an increase of $79.5 million or 53.2%. This increase in E&C sales for the nine months ended September 30, 2012 was primarily due to improved volume in all product lines, particularly LNG and natural gas related opportunities including revenue recognized under percentage of completion as we ramp up production on several large LNG projects in backlog. D&S segment sales increased $60.3 million, or 21.9%, to $336.3 million for the nine months ended September 30, 2012, from $276.0 million for the nine months ended September 30, 2011. The increase in sales was largely due to improved volume, particularly in LNG applications, including mobile equipment, and bulk storage tanks. Sales for bulk storage systems and package gas systems increased $44.4 million and $15.9 million, respectively. Acquisitions added $11.4 million in sales during the nine months ended September 30, 2012. BioMedical segment sales for the nine months ended September 30, 2012 were $145.1 million compared to $149.6 million for the same period in 2011, which reflected a decrease of $4.5 million, or 3.0%. The decrease was mainly due to lower volume in respiratory sales due to the weaker euro given the overall macroeconomic concerns in Europe and continued phase-in of Medicare competitive bidding in the U.S. This reduction was partially offset by $8.6 million in sales contributed by AirSep during the period, which was acquired in August 2012.
SG&A expenses for the nine months ended September 30, 2012 were $117.5 million, or 16.5% of sales, compared to $105.3 million, or 18.3% of sales, for the nine months ended September 30, 2011. SG&A expenses for the E&C segment were $21.9 million for the nine months ended September 30, 2012 compared to $21.1 million for the nine months ended September 30, 2011, an increase of $0.8 million. The increase was primarily attributable to higher employee-related costs and fees for professional services to support growth partially offset by lower sales commissions. D&S segment SG&A expenses for the nine months ended September 30, 2012 were $37.8 million compared to $30.5 million for the nine months ended September 30, 2011, an increase of $7.3 million. This increase was primarily attributable to the acquisition of GOFA in August 2011, increased employee-related costs due to LNG growth, higher marketing and sales commission expense, and fees for professional services. SG&A expenses for the BioMedical segment were $22.0 million for the nine months ended September 30, 2012 and $27.7 million for the nine months ended September 30, 2011. The decrease of $5.7 million was mainly the result of a $4.6 million acquisition-related contingent consideration fair value adjustment that reduced SG&A expenses in the second quarter of 2012 and lower fees for professional services during the nine months ended September 30, 2012. This was partially offset by AirSep, acquired in August 2012, which contributed $1.6 million in SG&A expenses during the period. Corporate SG&A expenses for the nine months ended September 30, 2012 were $35.8 million, compared to $26.0 million for the nine months ended September 30, 2011. This increase of $9.8 million was primarily attributable to higher employee-related costs, share-based compensation expense, information systems upgrades, and fees for professional services to support organic and inorganic growth.
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Chart Industries, Inc. has a market cap of $2.14 billion; its shares were traded at around $65.48 with a P/E ratio of 32.8 and P/S ratio of 2.7.
Highlight of Business Operations:
We continue to see increasing energy demand, particularly for liquefied natural gas (LNG), which drove order and sales growth during the nine months ended September 30, 2012. Orders for the nine months ended September 30, 2012 were $846.5 million. Within our D&S business, we saw strong LNG storage and transportation related orders. However, our Biomedical respiratory business has experienced continued weakness in Europe due to macroeconomic concerns. Backlog as of September 30, 2012 was down slightly to $639.8 million as compared to $648.1 million as of June 30, 2012. Sales for the nine months ended September 30, 2012 were $710.3 million compared to sales of $575.0 million for the nine months ended September 30, 2011, reflecting an increase of $135.3 million, or 23.5% primarily due to higher volume mainly as a result of increased demand for energy equipment as well as higher revenue recognized under percentage of completion as we continue work on several large LNG related projects in our E&C business. Sales also benefited from the acquisitions of AirSep Corporation (AirSep) in August 2012, and GOFA Gocher Fahrzeugbau GmbH (GOFA) in August 2011. Gross profit for the nine months ended September 30, 2012 was $219.7 million, or 30.9% of sales, as compared to $181.4 million, or 31.6% of sales, for the nine months ended September 30, 2011. Higher volume in our E&C and D&S segments and favorable product mix, offset by costs associated with facility expansion projects and additional resources to support growth in the U.S. and Asia contributed to the increase in gross profit and the slight decline in the gross margin percentage. Operating income for the nine months ended September 30, 2012 was $89.0 million compared to $64.8 million for the nine months ended September 30, 2011.Sales for the three months ended September 30, 2012 were $254.2 million compared to $211.3 million for the three months ended September 30, 2011, reflecting an increase of $42.9 million, or 20.3%. The primary drivers of the increase in sales were improved volume and the impact of acquisitions. E&C segment sales were $83.0 million for the three months ended September 30, 2012, compared with sales of $57.8 million for the three months ended September 30, 2011, which was an increase of $25.2 million or 43.6%. This increase in E&C sales for the three months ended September 30, 2012 was primarily due to the ramp up of several large LNG related projects in our brazed aluminum heat exchanger and systems business. D&S segment sales increased $16.9 million, or 16.7%, to $117.8 million for the three months ended September 30, 2012, from $100.9 million for the three months ended September 30, 2011. The increase in sales was largely due to improved volume, particularly in LNG applications, including mobile equipment, and bulk storage tanks. Sales for bulk storage systems and package gas systems increased $8.1 million and $8.7 million, respectively. Acquisitions added $2.2 million in sales during the three months ended September 30, 2012. BioMedical segment sales for the three months ended September 30, 2012 were $53.5 million compared to $52.6 million for the same period in 2011, which reflected an increase of $0.9 million, or 1.7%. AirSep, which was acquired in August 2012, contributed $8.6 million in sales during the quarter. The incremental sales associated with the AirSep acquisition were largely offset by lower volume in respiratory sales due to the overall macroeconomic weaknesses in Europe and continued phase-in of Medicare competitive bidding in the U.S.
SG&A expenses for the three months ended September 30, 2012 were $42.2 million, or 16.6% of sales, compared to $34.1 million, or 16.1% of sales, for the three months ended September 30, 2011. SG&A expenses for the E&C segment were $6.4 million for the three months ended September 30, 2012 compared to $6.2 million for the three months ended September 30, 2011, an increase of $0.2 million. D&S segment SG&A expenses for the three months ended September 30, 2012 were $14.5 million compared to $11.2 million for the three months ended September 30, 2011, an increase of $3.3 million. This increase was primarily attributable to the acquisition of GOFA in August 2011, increased employee-related costs, and higher marketing and sales commission expense due to increased sales volume. SG&A expenses for the BioMedical segment were $9.3 million for the three months ended September 30, 2012 and $8.5 million for the three months ended September 30, 2011. The increase of $0.8 million was primarily attributable to the AirSep acquisition which contributed $1.6 million in SG&A expenses during the quarter offset by a decrease of $0.8 million due to lower employee-related costs and professional services. Corporate SG&A expenses for the three months ended September 30, 2012 were $12.0 million, compared to $8.2 million for the three months ended September 30, 2011. This increase of $3.8 million was primarily attributable to higher employee-related costs, information system upgrades, and fees for professional services to support organic and inorganic growth.
Sales for the nine months ended September 30, 2012 were $710.3 million compared to $575.0 million for the nine months ended September 30, 2011, reflecting an increase of $135.3 million, or 23.5%. The primary drivers of the increase in sales were improved volume, particularly in the E&C and D&S business segments, and the impact of acquisitions. E&C segment sales were $228.9 million for the nine months ended September 30, 2012, compared with sales of $149.4 million for the nine months ended September 30, 2011, which was an increase of $79.5 million or 53.2%. This increase in E&C sales for the nine months ended September 30, 2012 was primarily due to improved volume in all product lines, particularly LNG and natural gas related opportunities including revenue recognized under percentage of completion as we ramp up production on several large LNG projects in backlog. D&S segment sales increased $60.3 million, or 21.9%, to $336.3 million for the nine months ended September 30, 2012, from $276.0 million for the nine months ended September 30, 2011. The increase in sales was largely due to improved volume, particularly in LNG applications, including mobile equipment, and bulk storage tanks. Sales for bulk storage systems and package gas systems increased $44.4 million and $15.9 million, respectively. Acquisitions added $11.4 million in sales during the nine months ended September 30, 2012. BioMedical segment sales for the nine months ended September 30, 2012 were $145.1 million compared to $149.6 million for the same period in 2011, which reflected a decrease of $4.5 million, or 3.0%. The decrease was mainly due to lower volume in respiratory sales due to the weaker euro given the overall macroeconomic concerns in Europe and continued phase-in of Medicare competitive bidding in the U.S. This reduction was partially offset by $8.6 million in sales contributed by AirSep during the period, which was acquired in August 2012.
SG&A expenses for the nine months ended September 30, 2012 were $117.5 million, or 16.5% of sales, compared to $105.3 million, or 18.3% of sales, for the nine months ended September 30, 2011. SG&A expenses for the E&C segment were $21.9 million for the nine months ended September 30, 2012 compared to $21.1 million for the nine months ended September 30, 2011, an increase of $0.8 million. The increase was primarily attributable to higher employee-related costs and fees for professional services to support growth partially offset by lower sales commissions. D&S segment SG&A expenses for the nine months ended September 30, 2012 were $37.8 million compared to $30.5 million for the nine months ended September 30, 2011, an increase of $7.3 million. This increase was primarily attributable to the acquisition of GOFA in August 2011, increased employee-related costs due to LNG growth, higher marketing and sales commission expense, and fees for professional services. SG&A expenses for the BioMedical segment were $22.0 million for the nine months ended September 30, 2012 and $27.7 million for the nine months ended September 30, 2011. The decrease of $5.7 million was mainly the result of a $4.6 million acquisition-related contingent consideration fair value adjustment that reduced SG&A expenses in the second quarter of 2012 and lower fees for professional services during the nine months ended September 30, 2012. This was partially offset by AirSep, acquired in August 2012, which contributed $1.6 million in SG&A expenses during the period. Corporate SG&A expenses for the nine months ended September 30, 2012 were $35.8 million, compared to $26.0 million for the nine months ended September 30, 2011. This increase of $9.8 million was primarily attributable to higher employee-related costs, share-based compensation expense, information systems upgrades, and fees for professional services to support organic and inorganic growth.
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