Chart’s net income drops

LNG equipment provider Chart Industries posted a third-quarter net income of $4.8 million, compared to $22.9 million for the third quarter of 2014.

The company’s net sales for the third quarter decreased 10 percent to $264 million as compared to a year ago, Chart said in a statement on Thursday.

“Our third quarter results reflect the significant headwinds we continue to face in many parts of our business both from the strength of the U.S. Dollar and instability in international energy markets as low oil prices impact capital spending,” Sam Thomas, Chart’s CEO said.

However, Chart’s LNG business is growing and the company “continues to see more LNG opportunities,” Thomas added.

Chart has during the quarter won a contract for the first two trains of the Magnolia LNG liquefaction project in Lake Charles, Louisiana. The company has also signed a technology agreement with Bechtel to jointly pursue floating LNG opportunities in North America.

Orders received in the third quarter were $252.8 million, an increase of $21.7 million over orders received during the second quarter of this year.