Air pollution control company Fuel Tech said Monday Q2 net sales were $16.2 million, down 18% from $19.8 million a year ago, while net income plunged to $0.3 million ($0.01/share), from $2 million in the year-ago quarter. Both numbers were short of polled analysts, who were expecting $0.06/share on revenue of $18.5 million. The company said the results reflect delays in new project awards, and not a fundamental shift in the industry. "The outlook for new domestic APC (Air Pollution Control) business has never been brighter, as utilities begin to implement compliance strategies for NOx emission requirements set to take hold in 2009," said CEO John F. Norris. The company also lowered its full-year revenue outlook to $80M-$85M; it had previously forecast $90M-$95M. Fuel Tech's NOxOUT is equipped with a retrofittable system for the reduction of nitrogen oxide in boilers, incinerators, furnaces, and other combustion sources. Its Fuel Chem reduces slag formation and corrosion in boilers and furnaces. Shares are down 18% to $22.95 in pre-market trading.
Sources: Press release, Dow Jones, Hoover's
Commentary: Fuel Tech: Watch Price Action As Earnings are Due Out This Morning • Fuel Tech Profitably Cleans Up Pollution • Barron's Picks Five Clean Tech Stocks for a Greener Future
Stocks/ETFs to watch: FTEK. Competitors: FWLT
Seeking Alpha's news briefs are combined into a pre-market summary called Wall Street Breakfast. Get Wall Street Breakfast by email -- it's free and takes only seconds to sign up.