Chart Industries reports record Q2 but cuts FY2024 guidance on timing and FX headwinds

CHART INDUSTRIES INC

2024-Q2 EPS reported $1.20 revenue$1,991,000,000

Record Q2 sales of $1.04B (+18.8% YoY); adjusted EPS $2.18 vs. $2.08 consensus estimate.
FY2024 guidance cut: sales $4.45-4.6B (prev $4.7-5.0B), adj. EBITDA $1.08-1.15B (prev $1.175-1.30B), adj. EPS $10.75-11.75 (prev $12.00-14.00).
Record gross margin 33.8% (+310 bps YoY); adjusted EBITDA margin 24.7% (+37.2% YoY).
Net leverage 3.26, down 0.82 since Howden close; commercial synergies $924M well above $350M year-three target.
Q2 free cash flow $88M vs $175M outlook due to emergency field service work and customer timing; FY FCF guidance $400-475M (prev $575-625M).

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