Chart Industries Reports 18.3% Revenue Growth in Q3 2024, Driven by Strong Sales and Howden Acquisition

Chart Industries, Inc. reported significant financial growth for the third quarter and the nine months ended September 30, 2024, driven by strong sales across its segments and the impact of its acquisition of Howden. Total sales for Q3 2024 reached $1,062.5 million, an increase of 18.3% from $897.9 million in Q3 2023. For the nine months, sales totaled $3,053.5 million, up 30.6% from $2,337.5 million in the same period last year.

The company’s gross profit for Q3 2024 was $362.6 million, reflecting a 31.3% increase from $276.2 million in Q3 2023. The gross profit margin improved to 34.1%, up from 30.8% in the prior year, attributed to better execution of commercial strategies and cost synergies from the Howden acquisition. Operating income for Q3 2024 was $178.5 million, compared to $104.4 million in Q3 2023, while net income from continuing operations surged to $73.1 million from $11.7 million in the same quarter last year.

For the nine-month period, operating income rose to $459.2 million, a 95.7% increase from $234.7 million in 2023. Net income attributable to Chart Industries for the nine months was $138.9 million, compared to a loss of $2.5 million in the previous year.

The acquisition of Howden, completed on March 17, 2023, has been a strategic move to enhance Chart's capabilities in air and gas handling products. The results from Howden have been included in continuing operations since the acquisition date. Conversely, the divestiture of the Roots business on August 18, 2023, has been classified as discontinued operations, impacting comparative results.

Total assets as of September 30, 2024, were $9,498.4 million, up from $9,102.4 million at the end of 2023. Current assets increased to $2,548.3 million, with cash and cash equivalents rising to $310.2 million. Total liabilities also increased to $6,363.0 million from $6,163.4 million at year-end 2023.

The company reported a backlog of $4,535.3 million as of September 30, 2024, an increase from $4,140.7 million a year earlier, indicating strong future revenue potential. Consolidated orders for Q3 2024 were $1,167.5 million, reflecting a robust demand across its segments, particularly in Heat Transfer Systems and Repair, Service & Leasing.

Chart Industries continues to focus on clean energy applications, aligning with its commitment to sustainability and environmental goals, including a target for net-zero emissions by 2050. The company’s strategic initiatives and operational efficiencies have positioned it for continued growth in the evolving energy landscape.