US LNG engineer, Chart Industries swung to a $26.7 million fourth-quarter profit after a $3.3 million loss reported in the corresponding quarter last year.
For the full year, the company’s net profit was at $28 million, dipping slightly below the last year’s figures of $28.2 million, Chart’s report shows.
Net sales for the fourth quarter of 2017 were $306.0 million, a 43 percent increase compared to the fourth quarter 2016.
Chart order activity in 2017 increased 18 percent over 2016, the company said noting that each of its three segments had order growth over 2016, with energy & chemicals 2017 orders totaling $243.6 million. This compares to E&C’s 2016 orders of $110.2 million, representing a 121 percent increase.
Additionally, Chart’s order trends increased sequentially each quarter of 2017, including 10 percent growth in the fourth quarter over the third quarter of 2017.
Increases in the United States shale and associated gas drove natural gas processing plant activity throughout 2017, resulting in the best order year for E&C’s air cooled heat exchanger product line since 2014.
Chart added that in 2017, there were no significant orders for LNG liquefaction plants in 2017, although in the fourth quarter of 2017, Tellurian signed an agreement with Bechtel and Chart to proceed with utilizing Chart’s IPSMR process technology and equipment on the Driftwood project.
For the year 2018, Chart expects its sales guidance to be in the range of $1.15 billion to $1.2 billion, and its adjusted earnings to be at $31.5 million.