Why Chart Industries Declined 10% Despite a Solid Q4
Shares of Chart Industries (NYSE: GTLS), an equipment manufacturer in the energy and industrial gas markets, declined 10% Thursday. That's despite the company releasing fourth-quarter results that largely topped analysts' estimates.
Chart Industries posted fourth-quarter adjusted earnings per share of $1.27, which easily topped analysts' estimates calling for $0.77 per share. In part due to the strong fourth quarter, the company's full-year adjusted earnings per share hit $2.73 per share, the highest in company history. Revenue was down slightly compared to the prior year, at $312.4 million for the fourth quarter, but that still topped analysts' estimates of $304.7 million.
"The fourth quarter of 2020 capped a strong year in unprecedented times, thanks to the entire Chart team. In 2020, we made significant progress in penetrating the global high growth markets of clean energy, specialty[,] and repair and service as evidenced by 472 new customers and 33 long-term agreements," said Jill Evanko, Chart's CEO and president, in a press release.
Source Fool.com
