Foster Wheeler 1Q Profit Falls 46 Percent

ZUG, Switzerland (AP) — Foster Wheeler AG said Wednesday its first-quarter profit fell 46 percent as the construction and engineering company's revenue slumped and its results were hurt by unfavorable currency comparisons.

The Swiss contractor earned $72.9 million, or 57 cents per share, in the quarter that ended March 31, down from $138.5 million, or 95 cents per share, a year earlier.

Revenue fell 30 percent to $1.26 billion from $1.8 billion. Analysts polled by Thomson Reuters had expected revenue of $1.51 billion.

Chief Executive Raymond Milchovich said that during the quarter, the company booked its single largest contract in terms of man-hours ever. He said the benefit of that income did not materially affect the first-quarter results because the project — a new oil refinery in India — was just getting started.

The company also said it had done no share buybacks during the quarter. The company's board had approved a $750 million buyback program in September 2008.

Its shares fell $1.74, or 7.4 percent, to $22.30 in morning trading Wednesday. They have traded in a 52-week range of $12.73 to $79.97.