Rochester, NY 2/11/2010 3:43:39 AM
Remtech, Inc. RTK Q1 Numbers Has Price Sliding 17 Percent
Fertilizer Company Remtech, Inc. is sliding in afternoon trading, down over 17 percent on quarterly losses.
The economy and natural gas prices were to blame said the fertilizer and clean energy company, shares fell to 99 cents which marks the largest percentage fall in almost 6 months.
Based on the economy and an abundant supply of natural gas, it's likely the company share prices will not make any immediate upward moves. The company is hopeful concerning changes to U.S. Environmental Protection Agency's renewable fuels standard, which has produced strong forecast for corn this season.
Company projections for this fiscal year (based on the companies fertilizer unit Rentech Energy Midwest Corp) is forecast to be $20 million plus.
"The forecast reflects strengthening demand, but in our view bakes in a necessary amount of conservatism; results can be highly volatile (as shown in first quarter)," Raymond James analyst Pavel Molchanov said.
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