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>

<< Aug 2019 >>
MTWTFSS
29 30 31 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

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 Pricing, Trading & Hedging Houston

LNG Pricing, Trading & Hedging training program has been completed by hundreds of leading traders, analysts, risk managers…

read more >

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

Offshore Energy Exhibition and Conference 2019

The three-day event includes an exhibition where an expected 600+ supply chain companies will showcase their products and services.

read more >