Chart Earnings: Strong Results but Timing Shifts Again Trim 2024 Outlook

Chart's second-quarter results were strong but timing shifts on new orders caused management to slightly trim 2024 guidance. We don't expect to change our $200 fair value estimate, as the slight reduction to our forecast is offset by cash earned. Our narrow moat rating is also unchanged. We consider the quarterly volatility in the stock—with yet another major move based on earnings and an 18% decline as of this writing—as a great opportunity to acquire a highly undervalued firm.