Fuel Tech, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 08, 2022 at 09:32 pm
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Fuel Tech, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported sales was USD 8.02 million compared to USD 7.56 million a year ago. Net income was USD 0.314 million compared to USD 0.678 million a year ago. Basic earnings per share from continuing operations was USD 0.01 compared to USD 0.02 a year ago. Diluted earnings per share from continuing operations was USD 0.01 compared to USD 0.02 a year ago.
For the nine months, sales was USD 19.92 million compared to USD 17.81 million a year ago. Net loss was USD 1.04 million compared to net income of USD 0.298 million a year ago. Basic loss per share from continuing operations was USD 0.03 compared to basic earnings per share from continuing operations of USD 0.01 a year ago. Diluted loss per share from continuing operations was USD 0.03 compared to diluted earnings per share from continuing operations of USD 0.01 a year ago.
Fuel Tech, Inc. is a technology company, which is engaged in the development, commercialization and application of proprietary technologies for air pollution control, process optimization, water treatment and advanced engineering services. It has two segments: Air Pollution Control technology and FUEL CHEM technology. The Air Pollution Control technology segment includes technologies to reduce oxides of nitrogen (NOx) emissions in flue gas generated by the firing of natural gas or coal from boilers, incinerators, furnaces and other stationary combustion sources. These include NOxOUT and HERT Selective Non-Catalytic Reduction (SNCR) systems, and Selective Catalytic Reduction (SCR) systems. The FUEL CHEM technology segment uses chemical processes in combination with advanced computational fluid dynamics and chemical kinetics modeling boiler modeling for the control of slagging, fouling, corrosion, opacity and other sulfur trioxide-related issues in coal-fired furnaces and boilers.