After almost doubling in the first nine months of 2013, shares of Chart Industries, Inc. (GTLS
) pulled back after third quarter results came in below expectations and management cut its 2013 guidance. Although timing of short term billings of large projects contributed to the shortfall, long term indicators such as backlog continued to show strength. We continue to see liquid natural gas increasing its share of global energy consumption and view Chart as a direct beneficiary, given its industry leading position in storage, distribution, chemicals, energy and biomed gases.
From Ron Baron
)'s Baron Funds fourth quarter 2013 commentary.