Chart Industries, Inc (NYSE:GTLS) Q2 2023 Earnings Conference Call July 28, 2023 8:30 AM ET
Company Participants
Jill Evanko - President and Chief Executive Officer
Joe Brinkman - Chief Financial Officer
Conference Call Participants
James West - Evercore ISI
Ben Nolan - Stifel
Marc Bianchi - TD Cowen
Scott Gruber - Citigroup
Sam Burwell - Jefferies
Pavel Molchanov - Raymond James
Martin Malloy - Johnson Rice
Eric Stine - Craig-Hallum
Ati Modak - Goldman Sachs
Rob Brown - Lake Street Capital Markets
Craig Shere - Tuohy Brothers
Operator
Good morning and welcome to the Chart Industries, Inc. 2023 Second Quarter Results Conference Call. [Operator Instructions] The company’s release and supplemental presentation were issued earlier this morning. If you have not received the release, you may access it by visiting Chart’s website at www.chartindustries.com. A company replay of today’s broadcast will be available following the conclusion of the call until Monday, August 28, 2023. The replay information is contained in the company’s press release.
Before we begin, the company would like to remind you that statements made during this call are not historical, in fact, are forward-looking statements. Please refer to the information regarding forward-looking statements and risk factors included in the company’s earnings release and latest filings with the SEC. The company undertakes no obligation to update publicly or revise any forward-looking statement.
I would now like to turn the conference over to Jill Evanko, Chart Industries’ President and CEO. Please go ahead.
Jill Evanko
Thank you, Michelle and thank you all for joining us this morning. With me today is Joe Brinkman, our CFO. We are pleased to share our record second quarter 2023 results after closing our first full quarter of Howden ownership stronger than ever, including considerable progress on cost and commercial synergies, operational cash generation and other key deleveraging activities, which we anticipate puts us in a position to meet our 2.5x to 2.9x net leverage ratio goal earlier than originally anticipated, now the middle of 2024 as compared to our prior expectation of year end 2024.
Before we get into these details, please refer to Slide 4 of the presentation we released this morning. First, all results discussed relate to continuing operations. They exclude the Roots financial results for our entire ownership period following the completion of our Howden acquisition on March 17, 2023 as the result of our executing a definitive agreement to sell the Roots business to Ingersoll-Rand. We are excited to share that earlier this week, we received regulatory clearance for the Roots divestiture, and it is expected to close no later than August 18. We intend to use the proceeds for debt pay-down.