FutureFuel Corp
F:3FF
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FutureFuel Corp
F:3FF
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FutureFuel Corp
FutureFuel Corp makes specialty chemicals and biofuels. Its chemical business produces custom and performance chemicals used in products like coatings, adhesives, plastics, lubricants, and agriculture-related applications. Its fuel business makes biodiesel and sells it into the transportation fuel market, mainly through wholesale channels. The company sells to industrial customers that need a reliable chemical supplier, and to fuel distributors and other buyers that blend or resell biodiesel. FutureFuel earns money by manufacturing these products and selling them under customer contracts and market-based pricing. In chemicals, it often works as a contract manufacturer, making specific compounds to a customer’s specifications rather than selling a single branded product. What makes FutureFuel different is that it sits in two very different parts of the value chain: specialty chemical manufacturing and renewable fuel production. That mix gives it exposure to industrial end markets as well as fuel markets, and it relies on operating plants efficiently, meeting exact product requirements, and handling regulated materials safely.
FutureFuel Corp makes specialty chemicals and biofuels. Its chemical business produces custom and performance chemicals used in products like coatings, adhesives, plastics, lubricants, and agriculture-related applications. Its fuel business makes biodiesel and sells it into the transportation fuel market, mainly through wholesale channels.
The company sells to industrial customers that need a reliable chemical supplier, and to fuel distributors and other buyers that blend or resell biodiesel. FutureFuel earns money by manufacturing these products and selling them under customer contracts and market-based pricing. In chemicals, it often works as a contract manufacturer, making specific compounds to a customer’s specifications rather than selling a single branded product.
What makes FutureFuel different is that it sits in two very different parts of the value chain: specialty chemical manufacturing and renewable fuel production. That mix gives it exposure to industrial end markets as well as fuel markets, and it relies on operating plants efficiently, meeting exact product requirements, and handling regulated materials safely.
Revenue: FutureFuel reported third-quarter revenue of $107.1 million, up 4% year over year, driven by higher petroleum sales volumes that outweighed weaker biofuel prices and softer chemical sales.
Profitability: Net income fell to $4.9 million, or $0.11 per diluted share, from $11.5 million, or $0.26 per diluted share, as gross profit was hit by a $8.8 million contract termination payment and LIFO inventory adjustments.
Chemicals: The chemicals business remained under pressure from declining legacy products, especially bleach activator sales, while management said new custom chemical lines are helping offset some of that weakness.
Biofuels: Biofuel revenue rose sharply on higher volumes, but lower selling prices and weaker industry margins compressed gross profit; management tied the pricing pressure to lower energy prices and the absence of the EPA’s final mandate.
P&G Deal: FutureFuel said its amended P&G agreement extends bleach activator sales through 2018 and includes intellectual property rights that could help win third-party detergent customers.
Capital Allocation: Management said acquisition activity is higher than ever, with a new full-time hire dedicated to the effort, but they are still looking for targets that fit strategically with the company’s existing assets.
