Foster Wheeler AG today reported net income for the fourth quarter of 2011 of $39.2 million, compared with $32.8 million in the fourth quarter of 2010.
Net income in both quarterly periods was impacted by asbestos-related provisions.
Excluding such items from both quarterly periods, net income in the fourth quarter of 2011 was $44.8 million, compared with $38.3 million, in the year-ago quarter.
For the full-year 2011, net income was $162.4 million, compared with $215.4 million, for the full-year 2010.
Foster Wheeler’s Chief Executive Officer, Kent Masters , said, “ Net income for the fourth quarter of 2011 was down relative to the average quarter of 2010, due primarily to lower EBITDA in the company’s Global Engineering and Construction Group. ”
In commenting on the outlook, Masters said, “ We expect both our Global E&C Group and our Global Power Group to generate increased scope revenues in 2012 as compared to 2011. We expect E&C to generate a full-year EBITDA margin on scope revenues within a range of 12% to 14%. We expect GPG to generate a full-year EBITDA margin on scope revenues within a range of 16% to 18% .”
Masters said, “ Comparing 2012 to 2011, we expect that higher volume combined with the positive impact of a reduced share count will result in a material increase in the company’s earnings per share in 2012 .”
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LNG World News Staff, February 23, 2012