Fuel Tech (NASDAQ: FTEK) reported Q4 EPS of ($0.18), $0.12 worse than the analyst estimate of ($0.06). Revenue for the quarter came in at $4.9 million versus the consensus estimate of $7.05 million.

“2019 was a challenging year for our Company, driven primarily by ongoing delays in closing new Air Pollution Control (“APC”) business awards with such delays continuing into the first quarter of 2020,” said Vincent J. Arnone, Chairman, President and CEO of Fuel Tech. “These delays have been frustrating; however, we are fortunate that the operating leverage that we created via our domestic and international restructuring efforts over these past several years has served to mitigate their impact.

“Our APC business is tracking an active global sales pipeline of approximately $75 million to $100 million in potential project work, largely in the U.S. and Europe. We remain confident in the long-term APC opportunity and we expect contract awards to come our way before the end of the 2020 second quarter or shortly thereafter.”

Mr. Arnone continued, “The suspension of our underperforming China operation (“Beijing Fuel Tech”) is nearly complete and, as expected, the associated losses were minimal in Q4 2019. The wind down of these operations has resulted in the removal of approximately $2.0 million in annual operating losses, the full benefit of which we are realizing in 2020. Cash collections in China are ongoing and we ended the year with $1.4 million of cash in China. We commenced the repatriation application process and received funds in the first quarter of 2020.”

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