On February 22, Fuel Tech Inc. (FTEK) announced receiving total orders worth $5.3 million for air pollution control (APC). Consequently, the stock surged up in the after-hours on Tuesday while it was trading in the red in the prior session.
The stock took a hit by 2.56% during the regular session as it closed at a value of $1.14 per share. The day’s volume remained just below the average at 305.56K share, 98% of the average. Following the announcement, FTEK stock rebounded in the after-hours to reach a value of $1.29 per share. Thus, the stock was able to add a good 13.16% or $0.15 in the after-hours session when the company announced the good news.
Founded in 1987, the Warrenville-based company, Fuel Tech Inc. has a market capitalization of $35.41 million. Currently, the company has 30.26 million shares outstanding in the market. With a year-to-date loss of 318.57%, FTEK stock has declined by 3.39% in the past five days. Moreover, the stock lost a value of 71.78% last year.
APC Orders
According to the announcement, the company has received multiple APC contracts from customers in India, S.A, U.S, and China. The total aggregate value of these orders is $5.3 million approx. These contracts include the following:
Fuel Gas Conditioning (FGC) systems contract for large coal-fired boilers in India. The company expects to complete equipment deliveries for the contract in Q2 2023 with project startup in Q2 2023.
An EPS upgrade order for a large coal-fired utility boiler in South Africa. With the expected completion of the engineering phase in Q1 2022, the installation and startup are expected to complete in Q3 2022.
Selective Catalytic Reduction (SCR) technology system with ULTRA® to be installed at a chemical processing facility in the U.S. FTEK expects to complete deliveries in Q3 2022.
Two additional contracts for ULTRA systems in the U.S. with expected deliveries in Q2 and Q4 2022.
Selective Non-Catalytic Reduction (SNCR) systems contract for a waste incinerator in the U.S. with completion expected in Q3 2022.
NOX OUT® systems order at a glass fabrication facility in China with expected delivery in Q3 2022.
FTEK’s Financials
In Q3 2021, the consolidated revenues were $7.6 million, against $8.2 million in the year-ago period.
Furthermore, FTEK had a net income of $0.7 million in Q3 2021, against $2.4 million in the prior-year quarter. Resultantly, the net income per share was $0.02 and $0.10 in Q3 of 2021 and 2020, respectively.
Additionally, the company ended the quarter with cash and cash equivalents of $35.2 million and restricted cash of $1.1 million.
