Chart Industries Announces $250 Million Share Repurchase Authorization

On December 11, 2024, Chart Industries, Inc. (NYSE: GTLS) disclosed in a press release that its Board of Directors has approved a share repurchase program for up to $250.0 million of the company’s common stock. The details of this authorization were shared in a Form 8-K filing to the Securities and Exchange Commission.

This stock repurchase program enables Chart Industries to acquire shares of its common stock using various methods, such as open market transactions, block purchases, or privately negotiated transactions, in accordance with applicable federal securities laws, including Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934. The company has the flexibility to modify, suspend, or discontinue the program at any point without prior notification.

At the core of this decision, Chart Industries reiterated its financial policy of refraining from share repurchases or significant cash acquisitions until its net leverage falls below 2.5 or in response to a significant market event. As of September 30, 2024, the company’s net leverage ratio stood at 3.04.

Jillian C. Evanko, the President and Chief Executive Officer of Chart Industries, expressed confidence in the company’s future with this stock buyback authorization. Evanko highlighted that the intention behind this move is to reach $3 billion of debt by the end of 2025. Additionally, the company aims to explore avenues to enhance shareholder value, continue reducing debt, and allocate capital towards growth opportunities.

The press release also contained forward-looking statements as per the Private Securities Litigation Reform Act of 1995, addressing various aspects of Chart Industries’ business plans, liquidity, debt levels, and future prospects. These forward-looking statements are based on management’s expectations and beliefs and are subject to uncertainties that could impact actual results.

Chart Industries is a renowned global leader in clean energy and industrial gas solutions, with a commitment to environmental, social, and corporate governance (ESG) matters. The company’s diverse product portfolio serves clean power, clean water, clean food, and clean industrials sectors worldwide. With an extensive global presence and a focus on technological advancements, Chart Industries stands firm in its dedication to excellence and sustainability.

Investors seeking further information can contact John Walsh, Senior Vice President of Investor and Government Relations, at 770-721-8899 or [email protected].

This concludes the announcement of Chart Industries’ $250 million share repurchase authorization as detailed in the Form 8-K filing with the Securities and Exchange Commission.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Chart Industries’s 8K filing here.

About Chart Industries

Chart Industries, Inc engages in the designing, engineering, and manufacturing of process technologies and equipment for the gas and liquid molecules in the United States and internationally. The company operates in four segments: Cryo Tank Solutions, Heat Transfer Systems, Specialty Products, and Repair, Service & Leasing.