Warrenville's Fuel Tech reports Q1 results
Warrenville-based Fuel Tech, Inc., a technology company providing advanced engineering solutions for the optimization of combustion systems, emissions control, and water treatment in utility and industrial applications, reported financial results for the first quarter ended March 31, 2021.
"Our first quarter 2021 results reflected a nearly 60% increase in net sales at our Fuel Chem business segment, driven primarily by the installation of our TIFI Targeted In-Furnace Injection technology on new domestic coal-fired unit accounts, higher demand for power, and early recovery from the COVID-19 pandemic," said Vincent J. Arnone, President and CEO.
"We are continuing to pursue multiple opportunities both domestically and internationally and are optimistic about the performance for Fuel Chem in 2021. Offsetting the improvement at Fuel Chem was sluggish performance at our Air Pollution Control (APC) business, where we are continuing to experience pandemic-driven project delays and cancellations that have resulted in a lack of new orders. We are hopeful that APC will recover in conjunction with the resumption of global economic activity in 2021 which, in turn, would allow us to capture opportunities associated with our current global sales pipeline of $40-50 million."