FutureFuel Corp. receives IRS approval for Excise Tax Registration, paving the way for clean fuel tax credits.
Quiver AI Summary
FutureFuel Corp., a manufacturer of custom and performance chemicals and biofuels, announced it has obtained Excise Tax Registration approval from the IRS, a crucial step to qualify for the clean fuel production tax credit under Internal Revenue Code 45Z, effective from January 1, 2025. The company, which has the capacity to produce up to 60 million gallons of biodiesel annually, is awaiting further guidance from the IRS regarding this tax credit. FutureFuel is recognized for its diverse chemical product offerings, including specialty chemicals for various applications and biodiesel production. The press release also contains forward-looking statements regarding the company's future plans and financial performance while noting various risks and uncertainties that could affect actual results.
Potential Positives
- FutureFuel Corp. has received Excise Tax Registration approval from the IRS, a critical step towards eligibility for the clean fuel production tax credit.
- This registration positions FutureFuel to potentially benefit from tax incentives that could enhance its financial performance starting January 1, 2025.
- FutureFuel's capacity to produce up to 60 million gallons of biodiesel annually aligns with industry demand for renewable fuels, improving its market competitiveness.
Potential Negatives
- The company has not yet received full guidance from the Internal Revenue Service regarding the clean fuel production tax credit, which could delay their financial benefits or operational planning.
- FutureFuel's reliance on forward-looking statements highlights uncertainty in their business outlook, leaving investors wary of potential inconsistencies with actual performance.
- The press release includes a broad disclaimer regarding unknown risks and uncertainties that could adversely affect the company's performance, which may concern investors about the stability of FutureFuel's operations.
FAQ
What is Excise Tax Registration approval from the IRS?
Excise Tax Registration approval allows FutureFuel to claim the clean fuel production tax credit under the Internal Revenue Code 45Z.
When does the clean fuel production tax credit take effect?
The clean fuel production tax credit is effective beginning January 1, 2025, following its approval in August 2022.
What products does FutureFuel manufacture?
FutureFuel manufactures custom chemicals, performance chemicals, and biofuels, primarily focusing on biodiesel production.
How much biodiesel can FutureFuel produce annually?
FutureFuel has the capacity to produce up to 60 million gallons of biodiesel each year.
Where can I find more information about FutureFuel?
More information about FutureFuel Corp. can be found on their official website at www.futurefuelcorporation.com.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$FF Insider Trading Activity
$FF insiders have traded $FF stock on the open market 3 times in the past 6 months. Of those trades, 3 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $FF stock by insiders over the last 6 months:
- DONALD C. BEDELL purchased 10,000 shares.
- ROELAND POLET (Chief Executive Officer) purchased 10,000 shares.
- PAUL MANHEIM purchased 6,000 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$FF Hedge Fund Activity
We have seen 71 institutional investors add shares of $FF stock to their portfolio, and 53 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- RK ASSET MANAGEMENT, LLC removed 278,024 shares (-100.0%) from their portfolio in Q3 2024
- VANGUARD GROUP INC added 201,587 shares (+14.8%) to their portfolio in Q3 2024
- O'SHAUGHNESSY ASSET MANAGEMENT, LLC added 176,778 shares (+175.4%) to their portfolio in Q3 2024
- TWO SIGMA INVESTMENTS, LP added 167,738 shares (+63.9%) to their portfolio in Q3 2024
- NUVEEN ASSET MANAGEMENT, LLC removed 149,040 shares (-48.9%) from their portfolio in Q3 2024
- AMERICAN CENTURY COMPANIES INC added 140,250 shares (+58.0%) to their portfolio in Q3 2024
- ARROWSTREET CAPITAL, LIMITED PARTNERSHIP added 138,546 shares (+inf%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
CLAYTON, Mo., Jan. 03, 2025 (GLOBE NEWSWIRE) -- FutureFuel Corp. (NYSE: FF) ("FutureFuel”), a manufacturer of custom and performance chemicals and biofuels, today announced that it has received Excise Tax Registration approval from the Internal Revenue Service. This registration is the first requirement to be eligible to claim the Internal Revenue Code 45Z credit, also known as the clean fuel production tax credit. The tax credit was first approved in August 2022, to be effective beginning January 1, 2025. FutureFuel along with other Renewable Fuel Producers, are awaiting full guidance from the Internal Revenue Service regarding the tax credit. FutureFuel has the capacity to produce up to 60 million gallons of biodiesel annually.
About FutureFuel
FutureFuel is a leading manufacturer of diversified chemical products, specialty chemical products, and biofuel products. In its chemicals business, FutureFuel manufactures specialty chemicals for specific customers ("custom chemicals”), as well as multi-customer specialty chemicals ("performance chemicals”). FutureFuel's custom chemicals product portfolio includes proprietary intermediates for major chemical companies and chlorinated polyolefin adhesion promoters and antioxidant precursors for a major chemical company. FutureFuel’s performance chemicals product portfolio includes polymer (nylon) modifiers and several small-volume specialty chemicals for diverse applications. FutureFuel’s biofuels segment primarily produces and sells biodiesel. Please visit www.futurefuelcorporation.com for more information.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements deal with FutureFuel’s current plans, intentions, beliefs, and expectations, and statements of future economic performance. Statements containing such terms as “believe,” “do not believe,” “plan,” “expect,” “intend,” “estimate,” “anticipate,” and other phrases of similar meaning are considered to contain uncertainty and are forward-looking statements. In addition, from time-to-time FutureFuel or its representatives have made or will make forward-looking statements orally or in writing. Furthermore, such forward-looking statements may be included in various filings that the company makes with United States Securities and Exchange Commission (the “SEC”), in press releases, or in oral statements made by or with the approval of one of FutureFuel’s authorized executive officers.
These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, those set forth under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in FutureFuel’s Form 10-K Annual Report, as amended for the year ended December 31, 2023 and in its future filings made with the SEC. An investor should not place undue reliance on any forward-looking statements contained in this document, which reflect FutureFuel management’s opinions only as of their respective dates. Except as required by law, the company undertakes no obligation to revise or publicly release the results of any revisions to forward-looking statements. The risks and uncertainties described in this document and in current and future filings with the SEC are not the only ones faced by FutureFuel. New factors emerge from time to time, and it is not possible for the company to predict which will arise. There may be additional risks not presently known to the company or that the company currently believes are immaterial to its business. In addition, FutureFuel cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. If any such risks occur, FutureFuel’s business, operating results, liquidity, and financial condition could be materially affected in an adverse manner. An investor should consult any additional disclosures FutureFuel has made or will make in its reports to the SEC on Forms 10-K, 10-Q, and 8-K, and any amendments thereto. All subsequent written and oral forward-looking statements attributable to FutureFuel or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements contained in this document.
# # #
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
