In a recent transaction reported to the Securities and Exchange Commission, Sharon L. Jones, a director at Fuel Tech , Inc. (NASDAQ:), has acquired additional shares of the company. On November 19, Jones purchased 8,014.40 shares of common stock at a price of $1.08 per share, totaling approximately $8,655. This acquisition increases her total direct ownership to 96,599.565 shares. Fuel Tech is based in Warrenville, Illinois, and operates in the industrial and commercial air purification equipment sector.
In other recent news, Fuel Tech Incorporated has announced its third quarter financial results for 2024. Despite facing market challenges, the company has returned to profitability, albeit with a slight decline in revenue from $8 million in Q3 2023 to $7.9 million in Q3 2024. The company’s Chemical Technologies segment, particularly from coal-fired utilities, played a significant role in this return to profitability. However, the Air Pollution Control (APC) segment experienced a decrease due to project delays.
Fuel Tech maintains a strong financial position with $31 million in cash and no debt. The company has also announced $2 million in new ATC orders and expects an additional $2 million to $4 million by early 2025. The FUEL CHEM segment revenue grew by 8% year-over-year, with a new commercial account expected to generate $1.5 million to $2 million annually.
Despite these positive developments, the company’s consolidated gross margin decreased to 43% from 45% the previous year, primarily due to a decrease in APC segment margins. Fuel Tech leaders, including CEO Vincent Arnone and CFO William Bremer, expressed optimism about the company’s future, particularly regarding opportunities in Mexico under the new government administration’s environmental policies.
InvestingPro Insights
The recent insider purchase by Sharon L. Jones aligns with several key financial indicators for Fuel Tech, Inc. (NASDAQ:FTEK). According to InvestingPro data, the company’s market capitalization stands at $32.09 million, reflecting its position as a small-cap player in the air purification equipment sector.
InvestingPro Tips highlight that Fuel Tech is trading at a low revenue valuation multiple, which could be a factor in Jones’s decision to increase her stake. This metric suggests the stock may be undervalued relative to its sales, potentially offering an attractive entry point for investors who see growth potential in the company’s future.
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