US LNG engineer, Chart Industries reported a drop in net income of $1.5 million for the third quarter of 2017.
This compares to the $15 million reported in the corresponding quarter of 2016, and $2.8 million reported in the quarter ended June 30, 2017.
Chart said the market and order activity continues to increase year to date, with $258.0 million in orders received in the quarter, representing a third consecutive quarter of sequential order growth.
The natural gas and petrochemical markets continue to be strong, and LNG FEED and engineering activities are picking up, the company said in its statement.
The company expects the sequential order trend will continue to increase through year-end, with specific project orders expected in the energy and chemicals business and in distribution and storage Asia related to LNG related product sales.
Natural gas demand in both petrochemical and LNG export projects continued to show strength in the third quarter. Specifically, activity related to equipment for cryogenic gas plant development has generated year-to-date orders of approximately $20 million, Chart said.
Going forward, Chart expects its sales guidance to be in the range of $940 million to $975 million, higher than the previous guidance of $875 million to $925 million.
The company expects its capital expenditures for 2017 to remain in the previously communicated range of $35 million to $45 million.