Fuel Tech has recently secured $2.1 million in air pollution control contracts, with two new clients in Europe opting for Selective Catalytic Reduction (SCR) technology. The first contract involves installing SCR systems on a natural gas and process gas fired heater at a chemical processing plant, while the second contract is for a natural gas fired boiler at a municipal solid waste facility. These systems will utilize either urea or ammonia as reagents to reduce nitrogen oxide (NOx) emissions.
In addition to these European contracts, Fuel Tech also received a contract from a current customer in the Caribbean for FUEL CHEM® equipment to combat boiler slagging and corrosion in a heavy oil-fired unit. Furthermore, an existing US client has enlisted Fuel Tech for upgrades to an existing Selective Non-Catalytic Reduction (SNCR) system on a coal-fired utility unit in the Midwest.
As of March 11, 2024, these new contracts mark a significant milestone for Fuel Tech as they continue to expand their presence in the global air pollution control market.
Fuel Tech, Inc. (FTEK) Stock Shows Positive Momentum on March 11, 2024
On March 11, 2024, Fuel Tech, Inc. (FTEK) showed some positive momentum in its stock performance. The stock closed at $1.17, which was a slight increase of 0.43% from the previous market close. This movement placed FTEK in the middle of its 52-week range, indicating some stability in its price levels. FTEK was trading above its 200-day simple moving average, a technical indicator that suggests the stock may have some bullish momentum. However, after-hours trading saw a slight drop in FTEK’s stock price, with shares decreasing by $0.03. Overall, FTEK’s performance on March 11, 2024, showed some positive momentum with a slight increase in its stock price. Investors should continue to monitor the stock’s movements and consider other factors such as market trends and company news before making any investment decisions.
Fuel Tech, Inc. (FTEK) Reports Mixed Financial Results for 2023, Shows Potential Turnaround in Third Quarter
On March 11, 2024, Fuel Tech, Inc. (FTEK) reported its financial performance for the past year and the third quarter, showing some significant changes in key metrics. According to data from CNN Money, the company’s total revenue for the past year was $26.94 million, which increased by 11.05% compared to the previous year. In the third quarter, total revenue was $7.99 million, reflecting a substantial increase of 46.27% since the previous quarter. Fuel Tech reported a net loss of $1.44 million for the past year, representing a significant decrease of 2770.37% compared to the previous year. In the third quarter, the company managed to turn things around slightly with a net income of $459,000, showing an increase of 143.97% since the previous quarter. Earnings per share (EPS) also saw some fluctuations during the same period. The EPS for the past year was -$0.05, which decreased by 2744.44% compared to the previous year. In the third quarter, the company reported an EPS of $0.01, showing an increase of 143.6% since the previous quarter. Overall, Fuel Tech’s financial performance on March 11, 2024, showed a mixed bag of results. While the company managed to increase its total revenue significantly, it also experienced a substantial decrease in net income and EPS over the past year. However, the positive momentum seen in the third quarter could indicate a potential turnaround for the company in the near future. Investors will be closely monitoring Fuel Tech’s performance in the coming quarters to see if these improvements can be sustained.
