Fuel Tech sees improvement over pandemic-hit 2020
WARRENVILLE -- Fuel Tech Inc., in reporting financial results for the second quarter, said consolidated revenues increased 18.6% to $5.2 million from $4.4 million in the same period last year.
"We believe that our Fuel Chem business segment will continue to produce strong results for the balance of 2021, with upside potential derived from application opportunities in the U.S. and internationally," said Vincent J. Arnone, president and CEO.
The increase was attributed to a 72% revenue improvement for the Fuel Chem segment, increased demand for power, and the ongoing recovery from the COVID-19 pandemic.
The company's Air Pollution Control business remained challenged in the quarter because of ongoing pandemic-driven project delays and cancellations that have resulted in a lack of new orders, Fuel Tech said.
"We were pleased to recently announce $4.5 million in new contracts from customers in Korea, North America, and Europe, and view this as a reflection of a strengthening post-COVID business procurement environment," Arnone said.