Actual results may defer substantially from such forward-looking statements. A discussion of factors that could cause actual results to vary is contained in Foster Wheeler's annual and quarterly reports filed with the SEC. The company's Form 10-Q is being filed today with the SEC.
We are hosting the call today from our office in Zug, Switzerland. Joining me here are Kent Masters, our Chief Executive Officer; Umberto della Sala, our Chief Operating Officer and CEO of the Global E&C Group; Franco Baseotto, who is our Executive VP, CFO and Treasurer; and Gary Nedelka, CEO of our Global Power Group. After our prepared remarks, we’ll have time to take your questions.
And on that note, I will turn it over to Kent.
Kent MastersThanks, Scott, and good day, everyone. Thank you for joining us on the call. After my introductory comments, I’ll ask Franco to summarize the consolidated and business group financial results and the company’s cash position. Umberto and Gary will talk about their respective businesses and then I will comment on guidance. So let’s start with slide number two, where you can see the highlights for the quarter. Clearly we were disappointed in the Q2 results. The company’s net income was below the average quarter of 2011, even though scope revenues were higher in both business groups, our EBITDA declined due to higher sales pursuit costs mainly proposal costs, as well as unfavorable utilization rates and other items that Franco will describe to you in a moment. Our Q2 results are certainly not indicative from the quarterly run rate and we continue to expect that 2012 earnings per share will be materially higher than 2011. As you’ll hear from Umberto and Gary in a few minutes, we are even more optimistic about potential contract wins over the coming months. In particular, selected prospects in the Global E&C Group are gaining momentum, we say that based on client feedback and in some cases letters of award that we have received.