Net income booms for Chart Industries
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 fourth quarter and year ended 31st December 2007 and revealed a net income increase of 91%.
Net sales for the fourth quarter of 2007 increased 26% to $182.7m from $144.4m in the fourth quarter of 2006, while for the year net sales rose 24% to $666.4m from $537.5m in 2006. Net income for the fourth quarter of 2007 was $16.4m at an increase of 91% compared with $8.6m, in the fourth quarter 2006. For the year, net income stood at $44.2m, or $1.61 per diluted share, compared with net income of $26.9m in 2006.
For 2007, pre-tax income and net income included $7.9m and $5.7m respectively, of non-cash stock-based compensation expense and offering expenses related to the secondary stock offering completed during the second quarter of 2007.
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