The company said it is witnessing a resurgence of activity in its traditional oil and gas segment. The outlook has improved, with buyers continuing to flock toward the longer-term supply deals that underpin new projects as spot prices have skyrocketed this year.Ĭhart also continues to plug the growth potential of its small-scale LNG applications. All three projects combined include nearly $900 million of Chart equipment. Chart expects the Plaquemines and Driftwood terminals in Louisiana, along with an expansion at Corpus Christi LNG in South Texas, to be sanctioned in 2022. Management is also “increasingly bullish” over three large U.S.
Specialty product orders - including hydrogen, carbon capture and LNG vehicles - are up 152% year-to-date.
DEPRIESTER CHART FOR NON HYDROCARBONS DRIVER
“A major driver of our continued demand is related to all of our products and solutions for the nexus of clean power, water, food and industrials,” driven by environmental, social and governance initiatives, management said. Orders during the period were also strong at $350.2 million, even without any large liquefaction orders, contributing to a fourth consecutive quarterly record.Ĭiting a mix of industrial gas customers refocusing efforts beyond oxygen, an ongoing oil and gas recovery, liquefied natural gas (LNG) projects nearing final investment decisions and significant tailwinds behind the energy transition, Chart said it anticipates record years from 2022 through 2025.
Sales were lower than expected in the third quarter but still jumped 20% from the year-ago period to $328.3 million. “Yet, none of our actions were immediately impactful to margins within the quarter itself.” “We responded quickly with surcharges, additional price increases and operational cost reductions,” said CEO Jill Evanko. Like other industrial companies, supply chain, labor and logistics challenges cut into Chart’s margins during the period amid a global economy still finding its way forward after the Covid-19 outbreak and an energy supply crunch.
Chart engineers and manufactures equipment, including systems to liquefy hydrocarbons, hydrogen and helium.
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