FutureFuel Corp. announced its financial results for the fourth quarter and full year ended December 31, 2024, on March 28, 2025. For the fourth quarter, consolidated sales revenue decreased by $30.5 million compared to Q4 2023, primarily due to lower prices ($22.451 million) and lower sales volumes ($11.984 million) in the biofuel segment. Income from operations decreased by $18.792 million, driven by reduced biofuel margins of $20.989 million.
For the full year 2024, consolidated sales revenue decreased by 34%, or $124.911 million, compared to 2023. This decline was attributed to lower sales volumes ($60.547 million) and lower prices ($65.011 million) in the biofuel segment. Income from operations for the year decreased by $20.996 million, reflecting reduced margins in both the biofuel ($14.031 million) and chemical ($7.304 million) segments.
Operational challenges included reduced biodiesel and glycerin sales due to extreme winter weather conditions in the first three months of the year, as well as downtime of both biodiesel and chemical production equipment in the latter half of 2024 from equipment supplier delays and plant reliability issues. Capital expenditures increased to $14.668 million in 2024, up from $6.022 million in 2023, primarily for the construction of a new custom chemical plant expected to be completed by mid-2025.
Cash and cash equivalents totaled $109.541 million as of December 31, 2024, down from $219.444 million at the end of 2023, largely due to a special cash dividend of $2.50 per common share, totaling $109.408 million, paid on April 9, 2024. Management noted that the Blenders Tax Credit expired on December 31, 2024, and the details surrounding its replacement, the Inflation Reduction Act Section 45Z, remain largely undefined by the Department of the Treasury.
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