LNG orders rise bumps Chart’s third-quarter income

US LNG equipment maker Chart Industries reported a net income of $18.7 million for the third quarter of the year as LNG fueling station orders hit a record high.

Chart said its profit jumped 29.9 percent from $14.4 million in the second quarter of the year.

Orders of $286.2 million for the third quarter contributed to a total record backlog of $755.6 million, an organic increase over the end of 2018 even when excluding the Calcasieu Pass $135 million order.

Global LNG infrastructure activity continues to ramp up, with LNG opportunities currently being pursued by Chart in 71 countries. The focus of the activity is small-scale LNG, transportation and associated fueling stations, Chart said.

The third quarter of 2019 was a record quarter for LNG fueling station orders, with 19 stations booked, compared to only 3 in the third quarter of 2018. This bumped the year to date total orders for fueling stations of 41 compared to 21 over the same period in 2018.

Chart added that in the third quarter, it signed a memorandum of understanding with AG&P to develop LNG infrastructure in India and Southeast Asia, which included 6 LCNG stations in the third quarter in India.

The company expects its 2020 revenue to be between $1.61 billion to $1.68 billion, while it could be boosted to the region between $1.72 billion $1.79 billion, should the company book additional big LNG orders which it expects based on current operator timelines for FID.

These orders include formal notices to proceed on Driftwood LNG project by the end of the second quarter of 2020, as well as Plaquemines LNG and Corpus Christi Stege 3 projects, also in 2020.