Fuel Tech: Slips on wider Q1 loss, sees COVID-19 impact in Q2

Fuel Tech

13/05/2020 13:27

** Shares of environmental services firm  FTEK.O  down 14%
at $0.85 premarket 
    ** Co on Tuesday after market close reported wider Q1 loss
of $2.6 mln vs loss of $1.3 mln a year earlier  urn:newsml:reuters.com:*:nASA00PU3
    ** Also posted a 63% fall in Q1 revenue to $3.8 mln; said
impact of COVID-19 on its Q1 financial results was not material 
    ** Co said Q1 revenue in its Air Pollution Control (APC)
segment declined to $1.2 mln from $5.8 mln a year earlier, due
to lower capital projects backlog and a delay in new contract
awards 
    ** Co said it is seeing impact of COVID-19 on its business
activity in Q2
    ** Says revenue in its FUEL CHEM segment will deteriorate
due to lower energy dispatch to power generation units as
extensive economic slow-down driven by COVID-19 has
"dramatically reduced electricity demand"
    ** Stock up 4.2% YTD

 (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;))