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Biofuels Stock News Bite - FutureFuel (NYSE: FF) Makes NYSE Top Gainers List with 2023 Results


March 14, 2024 ( Newswire) ( FutureFuel Corp. (NYSE: FF) , a manufacturer of custom and performance chemicals and biofuels, made the NYSE top ten gainers list today, trading at $6.97, up $1.28 for a win of 22.50%. The stock had a day's high of $7.47.

The Company announced financial results for the fourth quarter and year ended December 31, 2023.

Fourth quarter 2023 Financial Highlights (all comparisons are with the fourth quarter of 2022)

Revenues were $92.0 million, compared to $117.8 million.

Net income increased to $23.4 million, or $0.53 per diluted share, from $14.9 million, or $0.34 per diluted share.

Adjusted EBITDA(1) was $16.8 million, down from $17.1 million.

2023 Financial Highlights (all comparisons are with the year ended December 31, 2022)

Revenues were $368.3 million, compared to $396.0 million.

Net income increased to $37.4 million, or $0.85 per diluted share, from $15.2 million, or $0.35 per diluted share.

Adjusted EBITDA(1) was $35.0 million, up from $27.8 million.

(1) A non-GAAP financial measure. See "Non-GAAP Financial Measures" for a description of the measure and a reconciliation to the applicable GAAP measure.

"I am pleased to report net income for the year of $37.4 million and delighted to report the issuance of a special cash dividend of $2.50 per share as part of our plan to return value to our stockholders. In addition to this, our Board of Directors has also authorized a Share Repurchase program of up to $25 million over the next 24 months.

In 2023, we achieved a record production volume of Biodiesel. This was thanks to our focus on operational excellence and reliability, as well as the successful execution of our risk management strategy. In our Chemicals segment, we are focused on the growth of new products and providing first class service to our existing customers. Even against a backdrop of dampening demand in certain mature segments, we were successful in bringing new products to our chemical business, either as trials or straight to commercial production.

As we look forward to 2024, we will continue our pursuit of new chemicals business adopting a broad multi-market strategy, as well as ensuring our biodiesel business maintains its strong history of production and margin capture," said Tom McKinlay, Chief Executive Officer for FutureFuel Corp.

2024 Regular Cash Dividends

For 2024, FutureFuel declared a regular quarterly cash dividend in the amount of $0.06 per share on our common stock in the fourth quarter of 2023. In addition, on March 12, 2024, FutureFuel declared a special cash dividend of $2.50 per share on common stock payable on April 9, 2024, to holders of record as of the close of business on March 26, 2024.

Read the company's full news and disclaimer here:

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