一旦有液化天然气工厂投入建造,总部位于俄亥俄州Garfield Heights的一家工业设备提供商就暗自偷乐,因为公司能从中分得一杯羹.设备提供商Chart Industries(代号:GTLS),为液化天然气工厂提供特殊设备,包括热传导,低温实验箱和管.
全球液化天然气业务正如火如荼的展开中，偏远地区的天然气将被传送到最需要的地方,比如美国和中国。 Natixis Bleichroeder的能源分析师Jeffrey Spittel表示,“未来五年将建造诸多终端,范围从巴布亚新矶内亚至挪威的任何地方.”
被发现的气体将被转化为液体,然后转入容器中运送至遥远港口.接受处的终端通过再蒸发程式将液体转化为天然气.Chart 2/3的营收来自于液化天然气项目,也是Chart增长最快的业务. Spittel表示,全球液化天然气的容量增长速度在15%左右.
关键用户
Chart是诸多构建液化天然气工厂的主要供应商之一.一个关键的消费者是Bechte.UBS Securities的David Anderson表示,“如果Bechtel赢得大奖,那么Chart宣布获奖是迟早的事情.”然而,这也并非水到渠成的业务.液化天然气工程延期是很正常的事情.
尽管Chart在其他领域,如工业天然气市场,也许增长不快,但是这至少是对液化天然气的有益补充. Anderson表示,”由于液化天然气上的延期,我们已经在关注定单风险了.但是他们有能力从其他项目上获得定单，比如乙烯和天然气加工设施.”
Chart专攻两个市场:天然气和工业气体.工业气体业务是Chart最大的业务,占到总销售的45%.全球快速发展的工业气体市场,完全能弥补美国和欧洲市场的减速.
只要经济继续发展,中国,印度和其他工业化国家就需要天然气处理科技,以及分销和存储部件,,而所有这些Chart都有参与.
公司四季度总销售增长26%,至1.877亿美圆.Chart的能源和化学部门销售增长更快,达61%,至8490万美圆.每股收益增长73%,至57美分一股,比华尔街的预期高出16美分.
未来预定依旧强劲.定单额增长66%,至1.188亿美圆,主要由于大宗项目,比如中东的一项大型乙烯低温箱,中国和东南亚的大型铝热传导装置.去年年底, 能源和化学部门销售达到3.588亿美圆,相比2006年底增长73%.总确认定单为4.75亿美圆,相比2006年增长49%.
Thomas表示,公司的定单包括了1.70亿美圆的两个液体天然气项目,1亿美圆的配给和存储设备,1亿美圆的天然气处理和石油化学制品专案.
首席执行官Thomas宣称,”未来5-10年将会再建造15-20个液体天然气工厂.预计我们会参与其中30-40%的专案.”
现场安装工作
除了提供设备之外,Chart有时还进行现场安装工作,固定成本是自己承担的.四季度电话会议上, Thomas表示在这些可怕专案上的工作”彻底结束.”他发誓在未来远离这种非核心现场安装工作.
Chart自然对困难不陌生.2003年,公司在破产保护下申请重组,在数月之后以现任首席执行官领导的新管理团队应运而生.私募基金First Reserve在2005年收购了Chart,并在2006年公开上市.
Anderson表示,”这是一家成熟的企业.他们经历过成长的烦恼.管理层预计2008年销售达7.30-7.65亿美圆,2007年为6.664亿美圆. Thomas Financial的分析师预计今年收益增长45%,2009年增长26%.
Equipment Supplier Makes Key Components For World's LNG Plants
Monday, April 7, 2008
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Investor's Business Daily
Equipment Supplier Makes Key Components For World's LNG Plants
Thursday April 3, 6:12 pm ET
Marilyn Alva
Where a liquefied natural gas plant is on the rise, there's a good chance an industrial equipment supplier based in Garfield Heights, Ohio, will have a bit part in the production.
That supplier, Chart Industries (NasdaqGS:GTLS - News), makes specialized gear for LNG plants, including heat exchanges, cold boxes and pipes.
LNG operations are under way or in the planning stages all over the world so that gas found in remote areas can be brought to places that need it the most, such as the U.S. and China.
"Dozens of terminals will be built over the next five years, everywhere from Papua New Guinea to Norway," said Jeffrey Spittel, an energy analyst at Natixis Bleichroeder. (Natixis has provided investment banking services to Chart.)
And that's just on the supply side, where found gas is turned into liquid so that it can be shipped in tankers to distant ports. Terminals on the receiving end change the liquid back to gas through a re-gasification process.
Up to a third of Chart's revenue typically comes from LNG projects, and it's one of Chart's fastest-growing businesses. Worldwide LNG capacity is growing in the midteens, Spittel says.
Key Customer
Chart is one of a handful of major suppliers for LNG buildouts. One of its key customers is Bechtel, the big engineering and construction firm that builds LNG plants with ConocoPhillips (NYSE:COP - News).
"If you see Bechtel win an award, then it's only a matter of time before Chart announces an award," said analyst David Anderson of UBS Securities.
It's not a smooth-flowing business, however. LNG construction delays are common.
While Chart's work in other areas such as the industrial gas market might not grow as fast, it helps smooth some of the lumps in the LNG business.
"We've been concerned about backlog risk due to delays in the LNG market," Anderson said. "But they have been able to get backlog from other sources, such as ethylene and gas processing facilities."
Chart specializes in two markets: natural gas and industrial gas. The industrial gas business is Chart's largest, making up 48% of sales. The company makes products for large air-separation plants that are used in producing steel and other metals for petrochemical plants, making ammonia for fertilizers and in food processing.
A slowdown in the industrial gas market in the U.S. and Europe can be offset by strong growth in fast-developing markets elsewhere in the world, says Chief Executive Sam Thomas.
China, India and other industrializing nations will need gas processing technology and distribution and storage components as their economies continue to grow -- all things Chart has a hand in.
Chart provides products for emerging clean-coal production. It also generates revenue from supplying gear for biomedical storage systems and liquid oxygen tanks.
Overall sales in the fourth quarter grew 26%, to $187.7 million. Sales in Chart's energy and chemicals division were up much more, by 61% to $84.9 million.
Earnings jumped 73% to 57 cents a share, beating Wall Street's estimates by 16 cents.
Future bookings look strong. Orders jumped 66% to $118.8 million, thanks to big-ticket items such as a large ethylene cold box in the Middle East and large aluminum heat exchanges for air-separation plants in China and Southeast Asia.
Year-end backlog in the energy and chemicals division stood at a record $358.8 million, up 73% from the end of 2006. Total confirmed backlog was $475 million, up 49% from 2006.
The firm backlog includes about $170 million in contracts for two LNG projects, $100 million in distribution and storage tanks, and $100 million for natural gas processing and petrochemical projects, Thomas says. The balance covers supplies for coal gasification, steel mills, air-separation plants and biomedical use.
Analysts like the mix.
"We have a lot of confidence in the industrial segment to begin with, and I'm a big believer in energy infrastructure spending," said Anderson, of UBS.
Revenue from LNG contracts is booked as Chart meets certain manufacturing milestones. For example, Chart landed a $130 million order last year from Energy World for a large LNG project in Indonesia that it expects to deliver in early 2009.
It recently started $40 million in work for an LNG operation to be built in Angola by Bechtel in cooperation with ConocoPhillips.
"There are (plans) to build another 15 to 20 LNG plants over the next five to 10 years," CEO Thomas said. "We would hope to participate in 30% to 40% of them."
The once-wary Anderson upped his forecast on Feb. 29 after Chart reported earnings, telling clients "risks fade and outlook brightens ... the company has turned the corner."
Field Installation Work
One of the risks that faded involved two nagging energy and chemical projects that had reduced Chart's expected profits on and off for 18 months due to cost overruns. In addition to providing equipment, Chart atypically took on field-installation work at a fixed cost.
During the fourth-quarter conference call, Thomas said that work on the troublesome projects was "substantially completed." He vows to stay away from such non-core field installation work in the future.
Chart is certainly no stranger to troubles. In 2003, the company filed for reorganization under Chapter 11, emerging several months later with a new management team led by the current CEO.
Private equity firm First Reserve, which had acquired Chart in 2005, took it public in 2006.
"It's a maturing company," Anderson said. "They've been moving through their growing pains."
Management expects sales of $730 million to $765 million in 2008, up from $666.4 million in 2007.
Analysts polled by Thomas Financial expect earnings to jump 45% this year and 26% in 2009.
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