Fuel Tech (NASDAQ: FTEK) reported Q1 EPS of $0.01, $0.07 better than the analyst estimate of ($0.06). Revenue for the quarter came in at $5 million versus the consensus estimate of $5.53 million.

“Our first quarter 2021 results reflected a nearly 60% increase in net sales at our FUEL CHEM® business segment, driven primarily by the installation of our TIFI® Targeted In-Furnace Injection technology on new domestic coal-fired unit accounts, higher demand for power, and early recovery from the COVID-19 pandemic,” said Vincent J. Arnone, President and CEO. “We are continuing to pursue multiple opportunities both domestically and internationally and are optimistic about the performance for FUEL CHEM in 2021. Offsetting the improvement at FUEL CHEM was sluggish performance at our Air Pollution Control (APC) business, where we are continuing to experience pandemic-driven project delays and cancellations that have resulted in a lack of new orders. We are hopeful that APC will recover in conjunction with the resumption of global economic activity in 2021 which, in turn, would allow us to capture opportunities associated with our current global sales pipeline of $40-50 million.

“We are addressing multiple growth pathways at our Dissolved Gas Infusion (DGI™) business, including the development of a large-scale DGI delivery system, in-depth market assessment and research, and the pursuit of commercial opportunities that will likely take place in the second half of 2021 following two successful demonstrations of the technology, one in support of our licensor and the other in support of an internally-generated opportunity.”

Mr. Arnone concluded, “We ended the first quarter with $36.1 million in total cash following the closing of our financing in February 2021 and have no debt. We will deploy this capital as required to support our internal growth initiatives while exploring strategic opportunities that advance our mission of providing advanced engineering solutions that support environmental remediation, while delivering long-term value to our shareholders. In that regard, we are monitoring opportunities associated with proposed federal infrastructure spending, a component of which is a continuing reduction in harmful emissions as the nation transitions from fossil fuels.”

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