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Fuel Tech Reports Third Quarter 2012 Results

Stocks in this article: FTEK

“The APC segment benefitted by growth in our international business as record quarterly bookings and international revenues were achieved. With strong order flow in China and a record contract booking of $36.6 million in Chile, we are extending our global reach and capabilities. Thus far this year, $28.3 million in China orders have been announced, exceeding last year’s total of $13.4 million. During the third quarter, seven awards were received for ULTRA™ projects on fifteen units as well as six awards for two projects each of our Selective Non-Catalytic Reduction (SNCR), Low NO x Burner and Over-Fire Air, and Flue Gas Conditioning (FGC) technologies. We are pleased to see not only continued penetration of ULTRA, but also the diversity of orders, including awards that represent our first commercial FGC applications. China continues to be an active market for our technologies as utility and industrial operators comply with the nitrogen oxide (NO x) reductions in the 12 th Five-Year Plan. Bidding activity in China remains high and we anticipate additional bookings and revenue growth to continue into next year.”

“Domestic APC contract bookings were slower than expected given the August vacatur of the Cross-State Air Pollution Rule (CSAPR) by the U.S. Court of Appeals. Despite regulatory uncertainty surrounding timing and specific emission reductions, the upcoming pressure on sources remains strong since states must comply with current and proposed ambient air quality standards. We continue to see industrial activity in the domestic market based on drivers from state and local permits, consent decrees, and Regional Haze requirements. Cost-effective flexible solutions remain a key element of our customer compliance strategies, and as such, we will pursue available opportunities and be ready with technology options as domestic regulatory clarity develops.”

“The FUEL CHEM segment continues to be impacted by low natural gas prices and decreased coal usage which caused a number of our existing customer plants to operate below expectations. While challenges exist with current market conditions, we continue to work with our clients to improve their fuel selection capabilities, address the challenges of slag formation and furnace fouling, and offer effective flexible solutions to other emissions challenges.”

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