Shares of FutureFuel Corp. (FF) slumped Friday after the biofuels and chemical producer reported lower-than-expected Q1 earnings.
Net income decreased to $6.3 million, or $0.14 per diluted share, from $14.1 million, or $0.33 per diluted share. The Street expected earnings of $0.17 per share for Q1, according to Capital IQ.
Net revenue totaled $82.2 million, down 11% from a year prior.
FutureFuel Corp. President Lee Mikles explained that the decrease in earnings and revenue in Q1 was “due to the expiration of the $1 blender’s tax credit on 12/31/13 and somewhat lower volume of our chemical division.”
Mikles added that, “Comparisons to first quarter of 2013 were also skewed by the $2.5 million retroactive credit for 2012 biodiesel volumes.
FF shares recently fell 19% to $16.53. The stock trades in a 52-week range of $13.43 to $22.25.
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