Ball (NYSE:BALL) Ground, GA-based Chart Industries , Inc. (NYSE:NYSE:GTLS), a manufacturer specializing in fabricated plate work with a market capitalization of $7.17 billion, announced the signing of a new employment agreement with Joseph R. Brinkman, the company’s Vice President and Chief Financial Officer, effective January 1, 2025.
According to InvestingPro data, the company has demonstrated strong performance with a 54.83% return over the past year and maintains a perfect Piotroski Score of 9, indicating excellent financial strength. The agreement aligns with those of other senior executives and supersedes Brinkman’s previous severance agreement.
Under the new terms, Brinkman will receive similar compensation as before, including one year of his base salary and health plan coverage in the event of an involuntary termination without cause or resignation for good reason, not related to a change in control. Additionally, his payout will include the greater of his current annual target bonus or the bonus from the prior fiscal year.
The new agreement also introduces non-competition and non-solicitation clauses, along with confidentiality provisions, which were not part of the previous severance agreement. These terms are designed to protect the company’s interests post-employment.
In other recent news, Chart Industries has been making significant strides in the energy sector. The company has secured substantial orders from Woodside (OTC:WOPEY) and Bechtel for its Integrated Pre-Cooled Single Mixed Refrigerant (IPSMR®) liquefaction technology. Analysts from Stifel, Citi, and CL King have maintained their Buy ratings for Chart Industries, reflecting confidence in the company’s financial performance and growth trajectory.
Moreover, Chart Industries’ Board of Directors approved a share repurchase program, authorizing the buyback of up to $250 million worth of its common stock. The company has also concluded agreements, known as Unwind Agreements, with Morgan Stanley (NYSE:MS) & Co. International plc, Bank of America, N.A., and JPMorgan Chase (NYSE:JPM) Bank to terminate warrant transactions related to its convertible notes.
Financially, Chart Industries reported a 22.4% increase in sales, reaching $1.06 billion, and a significant $200.7 million in net cash from operating activities. Orders also saw a substantial increase, totaling $1.17 billion, a 5.4% rise from the previous year, primarily driven by the energy and hydrogen sectors.
In terms of future projections, Chart Industries expects full-year 2024 sales to be between $4.2 billion and $4.3 billion, with an adjusted EBITDA expected to be approximately $1.015 billion to $1.045 billion. Looking ahead to 2025, the company anticipates sales to be between $4.65 billion and $4.85 billion, with adjusted EBITDA between $1.175 billion and $1.225 billion. These recent developments reflect Chart Industries’ strong financial outlook and its commitment to growth in diverse sectors.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.