US-based Chart Industries posted a first quarter net loss of US$4.7 million compared to a $5.2 profit in the same quarter 2015.
Net sales for the first quarter of 2016 decreased 20.9 percent to $193.8 million from $245.1 million in the comparable period a year ago, the company said in its statement on Thursday.
Sam Thomas, Chart’s Chairman, President and Chief Executive Officer the loss was largely due to acceleration of share-based compensation expense in the quarter.
He added that the company’s unit, Chart Thermax won a contract for LNG vaporizers for an LNG import terminal in India.
The company’s orders received in the first quarter reached $199.3 million, a decrease of $31.9 million over orders received during the fourth quarter of 2015. The decrease has been attributed to uncertainties in the upstream energy markets.
The decline was partially offset by order levels within the Distribution & Storage segment including the AB Klaipėdos Nafta LNG award, Chart said.
Backlog was at $382.4 million, up 2.1 percent compared to the fourth quarter 2015 level of $374.6 million.
Based on the first quarter results, order backlog and business expectations for the remainder of 2016, Chart Industries still expects its sales for 2016 to be in the range of $900 million to $1 billion.
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LNG World News Staff