Foster Wheeler reported a loss from continuing operations for the fourth quarter of 2013 of $37.2 million, compared with income from continuing operations of $18.6 million in the fourth quarter of 2012.
Income/loss from continuing operations in both quarterly periods was impacted by net asbestos-related provisions. Excluding such items from both quarterly periods, the adjusted income from continuing operations in the fourth quarter of 2013 was $2.8 million, compared with $41.3 million in the year-ago quarter.
For the full-year 2013, income from continuing operations was $96.9 million, compared with $149.2 million for 2012. Excluding the asbestos provisions from both years, adjusted income from continuing operations for 2013 was $127.1 million, compared with $179.1 million in 2012.
Foster Wheeler’s Chief Executive Officer, Kent Masters , said, “ We are encouraged by our backlog and booking data for the fourth quarter of 2013. Specifically, our Global Engineering and Construction Group reported a 26% increase in scope revenues as compared to the average quarter of 2012. The Global E&C Group also reported its second consecutive quarter of record-level scope backlog. In addition, scope new orders in our Global Power Group were 59% above the average quarter of 2012. ”
Masters said, “ This backlog and booking data supports our view that the company’s enhanced operating performance in 2014 will be driven by top-line growth in both of our business groups, led in particular by a sharp increase in scope revenues in the Global E&C Group. Nevertheless, the company’s typical volatility in quarterly results will likely be evident in the first quarter of 2014, where we expect to see income well below run-rate levels. ”
Press Release, February 27, 2014