Fuel Tech reports a decline in revenue

WARRENVILLE - Fuel Tech Inc. reported revenues declined to $7.6 million in its fiscal year third quarter, down from $8.2 million in the same period last year.

Financial results reflect higher revenues for its Fuel Chem technologies, offset by revenue declines in the Air Pollution Control segment, the company said.

The company's Fuel Chem technology improves the efficiency, reliability, fuel flexibility and boiler heat rate of combustion units, while also improving environmental status.

"Our Air Pollution Control business continued to face headwinds due to ongoing project delays and cancellations that have resulted in a lack of new orders, and changes in project timing," said Vincent J. Arnone, president and CEO. "However, as previously announced, we secured $4.5 million in new contracts during Q3 2021 from customers in Korea, North America and Europe."

Fuel Tech is a technology company that provides advanced engineering solutions for the optimization of combustion systems, emissions control, and water treatment in utility and industrial applications.

"We reported profitable operations in the third quarter, progressed in the ongoing development of our Dissolved Gas Infusion business, and ended the quarter with $36.3 million in total cash and no debt," Arnone said.