Fuel Tech doubles 3Q profit on air pollution sales

But its shares fell more than 16 percent as the company cut its profit and revenue estimates for the rest of the year.

In afternoon trading, the stock lost $1.87, or 16.4 percent, to $9.55.

Fuel Tech earned $2.1 million, or 9 cents per share, in the three months ended Sept. 30, up from $900,000, or 4 cents a share, a year earlier. Revenue rose 55 percent to $23.7 million from $15.2 million.

The results were in line with analyst expectations. Thomson Reuters said analysts were looking for an average profit of 9 cents per share on $23.6 million in revenue.

Revenue from the air pollution control business rose 98 percent to $13.6 million as the company continued to fulfill contracts. Fuel Chem technology revenue grew 21 percent to $10.1 million on better results from coal-fired units. The Fuel Chem business makes fuel treatment chemical technology.

However, the company said the financial crisis lead to a reduction in air pollution control contracts. As a result, it cut its profit and revenue estimates for the rest of the year.

In afternoon trading, the stock lost $1.87, or 16.4 percent, to $9.55.