Chart Industries Inc, a leading independent global manufacturer of highly engineered equipment used in the production, storage and end-use of hydrocarbon and industrial gases, has reported results for the first quarter ended 31st March 2008 and revealed a doubling of net income on a net sales increase of 12%.
Net income for the first quarter of 2008 stood at $14.6m, or $0.51 per diluted share, compared to first quarter 2007 net income of $7.2m – or $0.28 per diluted share. Net sales for the first quarter of 2008 increased 12% to $170.3m from $152.5m in the comparable period a year ago.
Gross profit for the first quarter of 2008 was a healthy $51.9m, against $39.9m in the comparable quarter of 2007, and as a result of such positive performances, the company’s 2008 sales and earnings guidance has increased.
“We are very pleased with the quarterly margin improvement led by our Energy & Chemicals segment, which was significantly above the prior year results,” stated Sam Thomas, Chart’s Chairman, President and CEO.
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