Chart narrows guidance as sales decline

Chart narrows guidance as sales decline

Ohio-headquartered LNG engineer, Chart Industries reported an increase in third-quarter income, reaching US$15 million up from $4.8 million in the corresponding quarter in 2015. 

The company noted that its distribution and storage segment has seen a “good order flow” from LNG terminals in Europe, although its third quarter results have been impacted by continued energy market slowdown.

Net sales for the third quarter of 2016 decreased 22.8 percent to $203.9 million from $264.0 million in the comparable period a year ago, primarily due to the slowdown seen in the energy markets.

According to Chart’s report, distribution and storage segment sales dropped 2.3 percent to $126.6 million in the quarter under review compared to $129.6 million in the corresponding quarter in 2015.

“Revenues in LNG applications are down this quarter in Asia and in the U.S., but Europe is up somewhat versus the prior year quarter, reflecting continued downstream LNG activity,” the report reads.

Based on the year-to-date results, the company has narrowed its 2016 sales guidance, expecting a result to be in the range of $850 million to $875 million. This is down from the previous sales guidance of $850 million to $900 million.

Share this article

Follow LNG World News

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Budapest LNG Summit 2019

The Budapest LNG Summit is a niche event focused on the up and coming LNG region of Central & Eastern Europe (CEE).

read more >

5th CWC China LNG & Gas International Summit & Exhibition

5th CWC China LNG & Gas International Summit & Exhibition will return 16 – 17 October 2019, bringing together the key players…

read more >

LNG Bunkering Mediterrean

The only 3-day course offering theoretical and practical training on LNG bunkering designed by the Mediterranean market leaders.   

read more >

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >