ATLANTA - Chart Industries , Inc. (NYSE:GTLS), a key player in clean energy and industrial gas solutions with a market capitalization of $6.87 billion, has landed a significant order from Bechtel for its Integrated Pre-Cooled Single Mixed Refrigerant (IPSMR®) liquefaction technology and cold boxes. This technology will be utilized for Phase 1 of the Louisiana LNG project, operated by Woodside (OTC:WOPEY) Energy Group Ltd (ASX:WDS; NYSE:WDS) and managed by Bechtel Energy Inc. According to InvestingPro data, Chart Industries has achieved impressive revenue growth of 46.41% over the last twelve months.
The contract, awarded in December 2024, will see Chart providing two LNG plants, each comprising eight cold boxes, for a total of 16, to support an 11 MTPA production. The IPSMR® process by Chart is recognized for its energy efficiency and reliability, which will be a critical component in the liquefaction technology for the project.
Jill Evanko, CEO and President of Chart Industries, expressed pride in partnering with Bechtel and Woodside on this project, emphasizing the role of Chart’s technology in achieving efficient and sustainable LNG production.
Chart Industries boasts a diverse product portfolio that spans across various aspects of gas and liquid molecule handling, including LNG, hydrogen, biogas, and CO2 capture. The company operates globally with 64 manufacturing locations and over 50 service centers.
Woodside Energy, known for pioneering the LNG industry in Australia during the 1980s, is now focusing on diversifying its portfolio with new energy projects in Australia, North America, and Africa, including the Louisiana LNG development.
Bechtel, a company with a long history in engineering, construction, and project management, continues to serve various markets including Energy, Infrastructure, and Manufacturing, with a track record of over 25,000 projects in 160 countries.
This news is based on a press release statement from Chart Industries, Inc., detailing the order for the Louisiana LNG project's Phase 1. The strategic move is expected to bolster Chart's position in the clean energy sector and contribute to Woodside Energy's mission to provide cleaner energy solutions. For investors seeking deeper insights, InvestingPro offers comprehensive analysis with 12 additional ProTips and a detailed Pro Research Report, transforming complex financial data into actionable intelligence for smarter investment decisions.
In other recent news, Chart Industries has made several significant moves. The company's Board of Directors approved a share repurchase program, authorizing the buyback of up to $250 million worth of its common stock. This move aligns with the company's broader business plans, including managing liquidity, adjusting debt levels, and enhancing shareholder value.
In addition to this, Chart Industries has concluded agreements to terminate warrant transactions related to its convertible notes. The agreements, known as Unwind Agreements, were executed with Morgan Stanley (NYSE:MS) & Co. International plc, Bank of America (NYSE:BAC), N.A., and JPMorgan Chase (NYSE:JPM) Bank. This step finalizes the obligations of Chart Industries under the previous arrangements with these Option Counterparties.
On the financial front, Chart Industries reported a 22.4% increase in sales, reaching $1.06 billion, and a significant $200.7 million in net cash from operating activities. Orders also saw a substantial increase, totaling $1.17 billion, a 5.4% rise from the previous year, primarily driven by the energy and hydrogen sectors.
In terms of analyst ratings, Stifel raised its price target for Chart Industries to $200, while Citi and CL King maintained their Buy ratings with price targets of $190 and $168 respectively. These ratings reflect confidence in the company's financial performance and growth trajectory.
As for future projections, Chart Industries expects full-year 2024 sales to be between $4.2 billion and $4.3 billion, with an adjusted EBITDA expected to be approximately $1.015 billion to $1.045 billion. Looking ahead to 2025, the company anticipates sales to be between $4.65 billion and $4.85 billion, with adjusted EBITDA between $1.175 billion and $1.225 billion. These recent developments reflect Chart Industries' strong financial outlook and its commitment to growth in diverse sectors.
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