Chart says Q1 orders hit record high

US LNG equipment maker Chart Industries saw a record intake of orders in the first quarter while it also increased its full-year earnings guidance.

The firm said orders increased 46 percent to $417.2 million contributing to a record backlog of $934.1 million. The orders included 105 new customers, it said.

Chart said the orders rose on the back of higher demand in several markets, including a recovery in certain end markets, continued demand for the firm’s clean products, and the combination of larger liquefaction orders for LNG and hydrogen.

Chart’s quarterly sales dropped 4.4 percent to $288.5 million.

In addition, the firm raised its full-year 2021 revenue guidance and now expects to earn $1.36 billion to $1.41 billion, compared to the prior outlook of $1.32 billion to $1.38 billion.

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