Chart turns to profit as LNG orders rise

Chart turns to profit as LNG orders rise

US LNG engineer, Chart Industries reported a net income of $2.8 million for the second quarter in 2017, compared to a net loss of $2.9 million during the previous quarter. 

However, the company’s second quarter in 2016 saw it report a net income of $21.2 million as it included several short lead-time replacement equipment sales and contract expiration fees related to projects in the energy & chemicals segment.

Sales for the second quarter of 2017 increased to $238.2 million from $204.1 million in the first quarter of the year.

Chart’s backlog increased to $367.2 million from $348.6 million at the end of the first quarter as orders in the second quarter hit $252.6 million.

Energy & chemicals segment saw a 70 percent rise in orders compared to the first quarter, mostly driven by natural gas demand in both petrochemical and LNG export projects.

Distribution & storage orders increased 12 percent over the first quarter of 2017, driven by strength in Asia LNG applications for on-site power generation and LNG distribution, as well as the U.S. packaged gas for use in the industrial gas, medical supply, LNG vehicle tank and beverage CO2 applications.

According to the company’s quarterly report, although the LNG activity for fuel applications continues to be moderated by low oil prices, FEED and engineering activities are active.

For the D&S sector, orders for packaged gas and LNG vehicle tanks drove the increases in sales.

Share this article

Follow LNG World News

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 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 1 2 3 4 5 6

6th Mozambique Gas Summit & Exhibit

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

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 >

LNGgc London

LNGgc is a fantastic way of raising attendees’ company profile within this market and creating greater awareness of their brand…

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 >