UPDATE 2-Fuel Tech Q3 profit misses Street view; sees weak Q4
* Q3 EPS of $0.09 misses estimates by a cent
* Says order delays to hurt Q4
* Shares fall 12 pct (Adds details, analyst comments, updates share movement)
By Adveith Nair
BANGALORE, Nov 10 (Reuters) - Fuel Tech Inc (FTEK.O: Quote, Profile, Research) reported a third-quarter profit that was below analysts' estimates by a cent, hurt by less-than-expected air pollution control (APC) contract awards, and said delays in APC orders will hurt its fourth quarter, sending its shares down 12 percent.
Additional costs associated with the FUEL CHEM demonstration programs currently underway, especially in China and India, will also affect fourth-quarter results, the air pollution control company said.
"They are projecting towards breakeven or a loss in the fourth quarter," Thinkpanmure analyst Jonathan Hoopes told Reuters.
The company may now have to work through the bulk of its backlog in the fourth quarter as it has been unable to build a backlog in the third quarter, as well as prior periods, the analyst said.
"This is not just a fourth quarter problem," Hoopes said, adding that even if the company refills the backlog, it would take time to turn that backlog into revenue. Continued...
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