FutureFuel Corp. (NYSE: FF), a company specializing in diversified chemical products, bio-based products consisting of biofuels, and bio-based specialty chemical products, announced that it had confirmed a special cash dividend of $2.50 per share on its common stock, inclusive of record date of May 21, 2021, and payment date on June 4, 2021.
At last check, shares of FutureFuel Corp. (FF) were up 1.79%. FF’s stock closed the last session at $16.20, increasing 8.65% or $1.29. Shares of the company fluctuated between $14.37 and $15.07 throughout the day. FF shares have risen by 42.11% over the last 12 months, and they have moved up by 44.39% in the past week.
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FF Cash Dividend and Financial Summary
In the first three months of 2021, FutureFuel paid a regular quarterly cash dividend in the amount of $0.06 per share on our common stock. The remaining quarterly dividends of $0.06 per share will be paid in June, September, and December.
Consolidated sales revenue in the quarter completed on March 31, 2021, declined $11,566 in comparison to the same quarter of the previous year. This decline was offset by a reduction in sales volumes in the chemical and biofuels segment that were partly driven by increased prices from the previous year’s three-month period.
Volume of sales reduced in both segments from the continued effects of the pandemic and from diminished inventory production from the natural gas usage curtailment forced during the Winter Storm Uri of almost $3 million.
Income from operations in the three months completed on March 31, 2021, declined $27,037 in comparison to the same period of the prior year. The decline was driven due to unreasonable natural gas prices in February 2021 during Winter Storm Uri, which at times had an increment of approximately 14,000% of historical averages and resulted in the natural gas supplier issuing an invoice of almost $8 million for the month of February 2021.
Income from operations also decreased due to the change in the unrealized and realized activity in derivative instruments with a loss of $2,625 in comparison to a profit of $6,857 in the first quarter of 2020. The adjustment in the carrying value of FF inventory as determined using the LIFO method of inventory accounting. This adjustment declined gross profit by $3,913 in the current quarter from a benefit of $1,319 in the first quarter last year.
Conclusion
FutureFuel Corp’s announcement of a special cash dividend, combined with a strong financial report has induced investor interest, with FF stock price soaring at last check.
