Fuel Tech: Jumps on $2.6 mln insurance reimbursement

Fuel Tech

17/09/2020 21:51

** Shares of pollution control technology provider  FTEK.O 
surge 16.4% to $0.81 in extended trade 
    ** FTEK receives $2.6 mln in proceeds related to outstanding
claim reported in 2019, after it agrees on settlement terms with
its insurance carrier  urn:newsml:reuters.com:*:nBw3bZhtFa
    ** FTEK says proceeds expected to be received in early Q4 
    ** In Q4 2019, co reported $2 mln charge related to an
equipment warranty liability issue with U.S. customer, and in Q2
2020 it recorded incremental net charge of $600,000 related to
the claim
    ** Stock down ~27% YTD as of last close 

 (Reporting by Shradha Singh in Bengaluru)
 ((Shradha.Singh@thomsonreuters.com; within U.S. +1 646 223 8780
Ext: 2804, outside U.S. +91 80 6182 2630;))