Chart Industries, Inc.(GTLS), a leading global manufacture r of engineered equipment used in the industrial gas and clean energy industries, has released its financial statements for the first quarter of 2023. The company reported a net loss of $14.3 million during the quarter. Despite the challenging financial results, Chart Industries achieved noteworthy revenue of $537.9 million during the same period. Let's delve into the details of their financial performance and key highlights from their unaudited condensed consolidated financial statements.
The net loss for Chart Industries, Inc. during the three months ended March 31, 2023, amounted to $14.3 million. This represents a significant decrease compared to the net income of $10.3 million reported during the same period in the previous year.
Revenue
Chart Industries recorded robust revenue during Q1 2023, amounting to $537.9 million. This indicates a substantial growth in comparison to the revenue of $354.1 million achieved in the first quarter of 2022.
The revenue increase can be attributed to the company's strong position in the industrial gas and clean energy sectors, along with its diverse portfolio of engineered equipment solutions. These products and services continue to cater to a wide range of industries, including energy, petrochemicals, and healthcare.
Financial Statements Overview
Chart Industries' unaudited condensed consolidated balance sheets revealed that the company's total assets stood at $9,248.8 million as of March 31, 2023. This represents a notable increase from the $5,901.9 million reported on December 31, 2022.
Assets
- Current Assets: Current assets amounted to $2,163.3 million as of March 31, 2023, with cash and cash equivalents accounting for $166.9 million.
- Property, Plant, and Equipment: The net value of property, plant, and equipment was $727.2 million.
- Goodwill and Identifiable Intangible Assets: Chart Industries reported goodwill of $2,933.2 million and identifiable intangible assets of $3,105.8 million.
- Equity Method Investments and Equity Securities: The company held equity method investments worth $104.7 million and equity securities valued at $94.6 million.
- Current Liabilities: Chart Industries' current liabilities totaled $1,732.6 million, with accounts payable amounting to $670.1 million.
- Long-Term Debt: The company had long-term debt of $4,051.6 million as of March 31, 2023.
- Equity: The total equity for Chart Industries amounted to $2,706.9 million, with $2,670.7 million attributable to Chart Industries, Inc. shareholders and $36.2 million to noncontrolling interests.
Despite the net loss, Chart Industries, Inc. achieved substantial revenue in the first quarter of 2023. The company's diverse product portfolio and strong presence in the industrial gas and clean energy industries remain key drivers of its performance. As the global economy continues to recover, Chart Industries is positioned to leverage its market expertise and engineering capabilities for future growth and profitability.