Chart’s third-quarter profit shoots up

Chart's third-quarter profit shoots up
Image courtesy of Chart

US LNG equipment maker Chart Industries on Thursday reported a third-quarter profit of $22.2 million as compared to $1.5 million in the year before.

Orders of $263.8 million increased over the third quarter of 2017 by 21.3 percent, and decreased sequentially from the second quarter of 2018 by 17 percent, Chart said in a statement.

The third quarter of 2018 sales of $272.2 million grew 34.3 percent over the third quarter of 2017, on a continuing operations basis, driven by strength in natural gas processing and U.S. packaged gas.

Charts noted that in the third quarter, it received $3.3 million of orders for an on-ship boil-off gas reliquefaction system.

“While we do not anticipate large LNG project orders until the first half of 2019, we do expect to receive a small LNG related order (less than $20 million) in the fourth quarter of 2018,” Chart said.

Sales guidance is expected to be in the range of $1.24 billion to $1.30 billion for the full year of 2019, or 16 percent to 18 percent of growth

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