Chart Industries, Inc. reported significant financial growth for the fiscal year ending December 31, 2024, with consolidated sales reaching $4.16 billion, a 24% increase from $3.35 billion in 2023. The company’s net income attributable to shareholders also saw a substantial rise, amounting to $218.5 million compared to $47.3 million in the previous year. This growth was driven by strong performance across all four of its segments: Cryo Tank Solutions, Heat Transfer Systems, Specialty Products, and Repair, Service & Leasing, with notable contributions from the recently acquired Howden business.
The acquisition of Howden, completed on March 17, 2023, for approximately $4.4 billion, has been a pivotal strategic move for Chart. This acquisition has enhanced Chart's capabilities in air and gas handling products, further solidifying its position in the clean energy sector. The integration of Howden's operations contributed to a total backlog of $4.85 billion as of December 31, 2024, up from $4.28 billion a year earlier, reflecting robust order activity across the company’s segments.
Operationally, Chart Industries reported a gross profit margin of 33.4% for 2024, an increase from 31.0% in 2023, attributed to improved productivity and cost synergies from the Howden acquisition. The company’s operating income surged to $647.5 million, a 66% increase from $390.7 million in 2023. The Repair, Service & Leasing segment, which accounted for 33% of total sales, experienced a 72% increase in operating income, driven by enhanced service offerings and increased field service work.
As of January 31, 2025, Chart Industries employed 11,928 individuals, with a significant presence in international markets, which accounted for 60% of total sales in 2024. The company continues to focus on expanding its geographic footprint and enhancing its product offerings in clean technologies, including liquefied natural gas (LNG), hydrogen, and carbon capture solutions. Looking ahead, Chart anticipates continued growth driven by strong demand in its core markets and the successful integration of Howden, while also navigating potential challenges related to macroeconomic conditions and supply chain dynamics.
About CHART INDUSTRIES INC
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