UPDATE 2-Chart Inds wins MidEast contract, raises FY view

* Q3 EPS $0.27 vs est $0.21; Sales up 8 pct

* Sees FY sales $540-$555 mln; FY adj EPS $0.75-$0.85

* Shares up 21 pct to 6-month high

* Wins $22 million Middle East LNG project contract
(Adds conference call; updates shares)

Oct 28 (BestGrowthStock) – Engineered equipment maker Chart
Industries Inc (GTLS.O: ) said its energy and chemicals business
won a $22 million contract in the Middle East, one of its
biggest deals in that division for 3 years, helping drive up
its shares by almost a fifth.

The company, whose products are used in the production,
storage and end-use of hydrocarbon and industrial gases, said
the global market was improving across its businesses and it
saw opportunities from the push for green and low cost energy.

Chart Industries, which raised its 2010 outlook, said the
Middle East order was for a liquid natural gas project, and
would contribute to its fourth-quarter orderbook.

Sales in the energy and chemicals business fell 23 percent
to $38 million in the third quarter. Orders for the third
quarter rose 8 percent from the second quarter to $146.8
million, while its backlog was up 6 percent to $212.6 million.

The company’s biomedical unit’s sales rose 64 percent,
boosted by last year’s acquisition of Covidien Plc’s (COV.N: )
oxygen therapy business. Distribution and storage sales rose 14
percent.

Cleveland-based Chart Industries, led by CEO Sam Thomas,
sees full-year earnings, excluding items, of 75-85 cents a
share, up from a prior outlook of 55-75 cents. For the third
quarter, it earned 23 cents a share on sales of $139.2 million.

It raised the lower end of its prior revenue forecast by
$10 million to $540-$555 million.

Shares of the company rose as much as 21 percent to a
6-month high of $24.76 on Nasdaq, making it one of the top five
gainers. The stock, valued at around $615 million, had risen by
almost 50 percent in the past two months.
(Reporting by Soham Chatterjee in BANGALORE; Editing by
Jarshad Kakkrakandy)

UPDATE 2-Chart Inds wins MidEast contract, raises FY view