Switzerland: Foster Wheeler 3Q Net Income Down

Foster Wheeler AG today reported income from continuing operations for the third quarter of 2013 of $48.9 million, or $0.50 per diluted share, compared with $58.7 million, or $0.55 per diluted share, in the third quarter of 2012.

Income from continuing operations in both quarterly periods was impacted by net asbestos-related provisions, as detailed in an attached table. Excluding such items from both quarterly periods, adjusted income from continuing operations in the third quarter of 2013 was $50.9 million, or $0.52 per diluted share, compared with $60.7 million, or $0.57 per diluted share, in the year-ago quarter.

For the first nine months of 2013, income from continuing operations was $134.1 million, or $1.32 per diluted share, compared with $130.6 million, or $1.21 per diluted share, for the first nine months of 2012.

Foster Wheeler’s Chief Executive Officer, Kent Masters, said, “Our adjusted income from continuing operations in the third quarter of 2013 was above the average quarter of 2012 due largely to an increase in EBITDA in our Global Engineering and Construction (E&C) Group, partially offset by an EBITDA decline in the Global Power Group.”

Masters said, “In addition to its strong operating performance, our Global E&C Group set new quarterly records for scope backlog and scope new orders.”

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LNG World News Staff, November 08, 2013