“With increasing activity related to big LNG and continued order strength across the base business, we are at near record-breaking levels,” said Jill Evanko, Chart’s President and CEO, reflecting on Chart’s Q1 results.

Chart Industries, Inc. has reported results for the first quarter (Q1) ended 31st March (2019).

Q1 orders of $461.2m increased 60% over Q1 of 2018, reflecting an expected ramp in big LNG order activity, and continued strength in all three segments’ base businesses. 

Q1 saw Chart finalise long term agreements with two key LNG fuelling system customers for over the road trucking applications, and a Memorandum of Understanding (MOU) with the Indian Oil Corporation Ltd. to develop LNG infrastructure for transport, storage and liquefaction in India.

Chart and Indian Oil to pursue LNG market development in India

During Q1 Chart also received its first order totalling $850 thousand for a liquid hydrogen vehicle fuelling station for passenger cars in California, a new focus area for the company

“With increasingly activity related to big LNG and continued order strength across the base business, we are at near record-breaking levels,” said Jill Evanko, Chart’s President and CEO.

“As a result of the combination of these new orders, our first quarter results in line with our expectations, and our self-help margin expansion actions, we have increased our sales and adjusted earnings per share full year 2019 guidance,” Evanko continued.

“We ramped up to begin the manufacturing for the big LNG project orders announced, as well as others in the pipeline. We look forward to sharing our facility and team out our Investor Day on 14thNovember (2019) in La Crosse, Wisconsin,” Evanko concluded.

Outlook

Chart’s full year 2019 guidance assumes LNG project revenue in 2019 from Calcasieu and Golar Gimi of $28m to $30m, subject to project timing.

The company’s capital expenditures for 2019 are expected to be in the range of $35m to $40m, which includes the build of an LNG fuel systems production line in Europe.