US LNG engineer, Chart Industries reported a net income of US$28.2 million for the year 2016 after reporting a net loss of $203 million a year before.
The company also narrowed losses in the fourth quarter of 2016 reporting a net loss of $3.3 million compared to a net loss of $230.1 million in the corresponding period in 2015.
Net sales for the year dropped from $1 billion to $859.2 million for the year, while the fourth quarter net sales dropped from $260.8 million in Q4 2015 to $214.4 in Q4 2016.
Although Chart’s backlog dropped 8.5 percent for the year to $342.6 million from $374.6 million in 2015, the company reported a $9 million order for an LNG terminal in Gibraltar recorded by the company’s distribution and storage segment.
The company’s distribution and storage segment sales increased 1.8 percent to $133.4 million for the fourth quarter of 2016 compared with $131.1 million for the same quarter in the prior year. The increase in revenues is due to several large LNG projects in Europe that were awarded earlier in the year partially offset by negative currency impact.
Speaking of the outlook for 2017, Chart said there are signs of rebound in natural gas processing opportunities in the first quarter of 2017.
Based on the current backlog and order expectations, Chart expects its net sales for 2017 to be in a range of $875 million to $925 million.