Fuel Tech (NASDAQ: FTEK) reported Q1 EPS of ($0.11), $0.01 worse than the analyst estimate of ($0.10). Revenue for the quarter came in at $17.8 million versus the consensus estimate of $15 million.

Vincent J. Arnone, President and Chief Executive Officer of Fuel Tech, commented, “Despite a still challenging environment, our APC business continues to show signs of strengthening. Based on $12 million of bookings year-to-date and our current sales pipeline, we continue to believe that APC revenues in 2016 will be higher than 2015. We are actively pursuing projects in the U.S., China, and Europe, as well as investigating market opportunities in new geographies, such as India, that could develop over time.

“Lower natural gas prices, weak energy demand and a relatively mild winter combined to negatively impact our results at FUEL CHEM, and we expect this segment to continue to face headwinds throughout 2016. We will manage our costs appropriately and expect margins to remain consistent with historical levels.”

He continued, “We continue to invest in our growth and evolution as a company, with much of this focus directed towards our Fuel Conversion initiative. We believe that Fuel Conversion offers an exciting opportunity to expand Fuel Tech’s solutions portfolio and diversify our business model by creating a more predictable and sustainable revenue stream.”

Mr. Arnone concluded, “Our financial position remains strong, allowing us to allocate the resources required to advance our growth strategies without adding any leverage to our balance sheet. At March 31, 2016, we reported total cash and cash equivalents of $16.4 million, or $0.71 per diluted share, working capital of $30.8 million, and no long-term debt.”

For earnings history and earnings-related data on Fuel Tech (FTEK) click here.