Cramer's 'Mad Money Recap': Foster Wheeler: Setting the Record Straight

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"Sometimes companies shoot themselves in the foot," Jim Cramer told viewers of his "Mad Money" TV show Wednesday.

He said that's what happened to Foster Wheeler (FWLT Quote), a stock he owns for his charitable trust Action Alerts PLUS, when it reported its earnings earlier Wednesday.

Cramer's been a long-term supporter of Foster Wheeler, which has risen 92% since he recommended it on April 16, 2007.

Cramer Interviews Foster-Wheeler CEO

According to Cramer, Foster posted stellar earnings in the past quarter. The company's earnings per share came in at 85 cents, 12 cents above consensus estimates. Revenues rose to $1.8 billion, up from $1.4 billion in the previous quarter. Most impressive was Foster's backlog, which now totals $8.9 billion, almost equal to that of the company's entire marketcap.

But all that took a back seat when Ray Milchovich, the company's CEO, mentioned the company's weak North American power business during the conference call. Cramer welcomed Milchovich to the show to clarify his remarks.

Milchovich expressed his frustration about the conference call because just about every question focused on Foster's power business, which accounts for just 9% of the company's revenue.

He said that all of Foster's other businesses, including LNG, refining, chemicals and petrochemicals, have been and continue to be "extremely robust." He noted the company's strong bookings in every division.

Milchovich also said that he does not see any U.S. energy solution that doesn't include coal as a baseline energy source. He also said the company's weak U.S. power business represents only "delays" in what he sees as a still growing business.