Chart Industries, Inc. has reported its fourth quarter and year ended December 31 2014 results. Net income for the fourth quarter was US$26.9 million, or US$0.88 per diluted share. This compares with net income of US$23.2 million for the same time in 2013. Net income for the year 2014 was US$81.9 million, or US$2.67 per diluted share. This compares with net incomes of US$83.2 million, or US$2.60 per diluted share, for the year 2013.
Net sales for the fourth quarter of 2014 increased 7.3% to US$326.1 million from US$303.8 million in the comparable period a year ago. Gross profit for the fourth quarter of 2014 was US$96.9 million, or 29.7% of sales, versus US$93.8 million, or 30.9% of sales, in the comparable quarter of 2013. Net sales for the year 2014 improved to US$1193.0 million, up 1.3% from 2013 net sales. Gross profit for 2014 was US$357.9 million, or 30% of sales, compared to US$351.7 million, or 29.9% of sales, in full year 2013.
Sam Thomas, Chart Chairman, President and CEO said, “we delivered better than anticipated results in the quarter on improved project execution in Energy and Chemicals (E&C) and strong global results in our Distribution and Storage (D&S) industrial gas business. Those results were partially offset by declines in BioMedical respiratory therapy sales and D&S LNG sales in both the US and China. We have implemented cost reduction actions approaching US$20 million and a 5% reduction in headcount. We will initiate additional actions as dynamic energy prices and the stronger US dollar impact our business, without jeopardising our ability to capitalise quickly on opportunities as demand improves. We have demonstrated an ability to execute successfully through prior business cycles. Our focus in 2015 will be to deliver on our industrial gas opportunities and leading industry positions, continue our lean initiatives, and pursue our strategic plan.”
Edited from press release by Claira Lloyd
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