Chart Industries released quarter one (ending 31 March 2014) results that saw LNG orders grow by 11% in China and more than double in the US, after what the company described as a ‘relatively weak’ fourth quarter.
Chart’s Chairman, President and CEO, Sam Thomas said that Chart had also commissioned its new brazed aluminum heat exchanger furnace as part of the company’s 40% capacity expansion in La Crosse, Wisconsin.
“This expansion is an integral part of our Energy and Chemicals (E&C) growth strategy, which allows us to improve lead times across all industries we serve," he said.
In March Chart reported an investment of US$ 350 million in Changzhou National Hi-Tech District, a manufacturing zone in eastern China’s Jiangsu Province, and part of the company’s expansion programme.
Backlog at 31 March, 2014 was US$ 721.9 million, down 1% from the 31 December, 2013 level of US$ 728.8 million. Orders for the first quarter of 2014 were US$ 262.6 million compared with US$ 287.2 million for the fourth quarter of 2013, and increased US$ 19 million compared to the first quarter of 2013.
Sales of LNG truck mounted fuelling tanks led the improvement in distribution and storage, offsetting weather related shortfalls in the company’s industrial bulk storage business.
Net income for the first quarter of 2014 was US$ 12 million, or US$ 0.38 per diluted share.
A full description of the results can be found here.
Adapted from press release by Ted Monroe
Read the article online at: https://www.lngindustry.com/small-scale-lng/29042014/chart_lng_orders_grow_in_q1_2014/