Chart Industries, Inc. (NYSE:GTLS) Q4 2023 Earnings Conference Call February 28, 2024 8:30 AM ET
Company Participants
Jill Evanko – Chief Executive Officer
Joe Brinkman – Chief Financial Officer
Conference Call Participants
Rob Brown – Lake Street Capital Markets
Marc Bianchi – TD Cowen
Roger Read – Wells Fargo
Arun Jayaram – J.P. Morgan.
Craig Shere – Tuohy Brothers
Graham Price – Raymond James
Eric Stine – Craig-Hallum
Alexa Patrick – Goldman Sachs
Barry Haimes – Sage Asset Management
Operator
Good morning and welcome to Chart Industries, Inc. 2023 Fourth Quarter and Full Year Results Conference Call. All lines have been placed on mute to prevent background noise. After the speakers’ remarks, there will be a question-and-answer session. 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 telephone replay of today’s broadcast will be available approximately two hours following the conclusion of the call until Friday, March 29, 2024. 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 that are not historical facts 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 statements.
I would now like to turn the conference call over to Jill Evanko, Chart Industries’ CEO. Please go ahead.
Jill Evanko
Thank you, Julie, and good morning, everyone. Thank you for joining Joe Brinkman, our CFO and me to walk through our record fourth quarter and full year 2023 results. Our results shown are from continuing operations. I refer you to our earnings release for reported results.
For purposes of our discussion this morning, when referring to the fourth quarter 2022, full year 2022, or any quarter of 2023 comparative period, all metrics are pro forma for continuing operations of the combined business of Chart and Howden. This includes Howden, excludes Roots and excludes November and December of 2022 of the divested American Fan, Cofimco and Cryo Diffusion businesses. Information on divestitures completed in 2023 can be found on Slide 4.
Starting on Slide 6, as a reminder, we closed on the acquisition of Howden on March 17, 2023. We have exceeded both our original year one commercial and cost synergy targets ahead of the one-year mark. Commercial synergy awards to date of approximately $530 million also exceeded our year three commercial synergy target. We have achieved over $181 million of cost synergies to date.