FutureFuel Corp. (FF) 2018年年度报告「NYSE」.pdf

1、2018 Annual ReportSUPERIOR CHEMISTRY,SUSTAINABLE FUELSFUTUREFUELCORP.Financial Highlights(Dollars in millions)Chemicals Segment Revenue$11720182014$1462015$126$10120162017$10520018016014012010080604020Biofuels Segment Revenue$1742018300250200150100502014$1962016$1522015$1742017$170Consolidated Net I

2、ncome2018$5380706050403020102016$562014$532015$462017$24To Our ShareholdersFutureFuel Corp.gained strength in 2018 as we worked closely with our chemical customers to take advantage of strong demand in both the energy and agrochemical markets.We also benef ted in February of 2018 from a fourteen-mon

3、th belated retroactive reinstatement of the of the Blenders Tax Credit(BTC)on the biodiesel we produced in 2017.The government has yet to reinstate the BTC beyond 2017,despite the fact that we,as many others in the biodiesel industry,have invested signif cant resources with the expectation that the

4、incentive would exist.Our 2018 pre-tax earnings would have been$31.3 million more with the BTC in place.Without the BTC in place,the ability to make a prof t on biodiesel is signif cantly diminished.This also negatively affects the agricultural industry,as it denies farmers access to expanded market

5、s for their commodities.Though the uncertainty on the reinstatement of the BTC creates a challenge for the biodiesel industry,our focus remains on eff ciency and reliability to maximize prof ts when possible.2018 Financial Highlights(all comparisons are with the year ended December 31,2017)Revenues

6、were$291.0 million,up 5.8%from$275.0 million Adjusted EBITDA was$74.0 million,up 180.5%from$26.4 million Net income increased to$53.2 million,or$1.22per diluted share,from$23.5 million,or$0.54per diluted share.At$117.1 million,Chemical sales revenue increased 11.1%or$11.7 million in 2018 compared wi