NEW YORK (TheStreet) -- Fuel Tech (FTEK) - Get Fuel Tech, Inc. Report is tanking during Tuesday's session after the combustion engine developer produced weak fourth-quarter numbers after the bell a day earlier.
By early afternoon, shares had plummeted 14.3% to $5.88.
Trading volume of 2.5 million was nearly six times its three-month daily average.
Warrenville, Ill.-based Fuel Tech reported net income of 2 cents a share in its December-ended quarter, 4 cents short of expectations according to analysts surveyed by Thomson Reuters.
Revenue of $24.2 million was a 9.1% year-on-year decrease. Analysts had forecast revenue of $29 million.
For the 12 months to December, the company posted per-share earnings of 23 cents compared to analysts' estimates of 27 cents a share. Revenue of $109.34 million fell short of consensus of $113.44 million.
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TheStreet Ratings team rates FUEL TECH INC as a Buy with a ratings score of B-. The team has this to say about their recommendation:
"We rate FUEL TECH INC (FTEK) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, attractive valuation levels, expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company shows weak operating cash flow."
- You can view the full analysis from the report here: FTEK Ratings Report