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Chart Industries reports 1Q19 results

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LNG Industry,

Chart Industries, Inc. has reported results for 1Q19 (ended 31 March).

Highlights since year-end include:

  • Booked US$135 million equipment order for Venture Global’s Calcasieu Pass LNG export terminal project and a US$20 million order for Golar’s floating LNG Gimi project in 1Q19. Won a US$30 million order for another big LNG project this week (2Q19).
  • Finalised long term agreements with two key LNG fueling system customers for over the road trucking applications, and a Memorandum of Understanding (MOU) with the Indian Oil Corporation Ltd. (IOCL) to develop LNG infrastructure for transport, storage and liquefaction in India.
  • 1Q19 orders of US$461.2 million increased 60% over 1Q18 (51% organically) reflecting an expected ramp in big LNG order activity, and continued strength in all three segments’ base businesses.
  • Took restructuring actions that will result in anticipated additional annual operating income of US$6.5 million, furthering our year to date margin expansion execution beyond pricing and sourcing.
  • Reported EPS of US$0.03 versus US$0.13 in 1Q18. Adjusted EPS of US$0.39, a 117% increase over the first quarter of 2018 adjusted EPS of US$0.18.
  • Announced Chart Investor Day on 14 November 2019 in La Crosse, Wisconsin.
  • Increased 2019 revenue and adjusted EPS guidance. 2019 full year revenue guidance is US$1.29 billion to US$1.34 billion and adjusted EPS guidance is US$2.70 to US$3.05 (inclusive of 2019 portion of Calcasieu Pass and Golar Gimi projects).
  • Increased 2019 big LNG order pipeline expectations to US$600 million to US$800 million from US$400 million to US$500 million.

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LNG project news Current LNG projects