This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Foster Wheeler Reports Results For Third Quarter Of 2012

Foster Wheeler AG (Nasdaq: FWLT) today reported net income for the third quarter of 2012 of $58.2 million, or $0.54 per diluted share, compared with $36.9 million, or $0.31 per diluted share, in the third quarter of 2011.

Net income in both quarterly periods was impacted by asbestos-related provisions as detailed in an attached table. Excluding such items from both quarterly periods, net income in the third quarter of 2012 was $60.2 million, or $0.56 per diluted share, compared with $38.8 million, or $0.33 per diluted share, in the year-ago quarter.

For the first nine months of 2012, net income was $129.7 million, or $1.20 per diluted share, compared with $123.1 million, or $1.01 per diluted share, for the first nine months of 2011.

The following tables present quarterly and average quarterly data, both as reported and as adjusted (as detailed in an attached table). The company believes that quarterly averages provide meaningful comparative relevance for certain key metrics in light of the significant quarter-to-quarter variability that is inherent in the company’s financial results.

                                 
(in millions)       Q3 2012       Qtrly Avg. 2012       Q3 2011       Qtrly Avg. 2011
Net income       $58       $43       $37       $41
Net income, as adjusted       $60       $46       $39       $43
                       

Foster Wheeler’s Chief Executive Officer, Kent Masters, said, “The company’s net income increased 43% in the third quarter of 2012 as compared with the average quarter of 2011 due largely to the performance of our Global Power Group, which reported a sharp increase in EBITDA and very strong margins. Additionally, our Global Engineering and Construction Group booked a record-level of scope new orders, which generated a 31% sequential-quarter increase in scope backlog to more than $1.7 billion.”

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,095.99 -67.00 -0.37%
S&P 500 2,115.24 -8.24 -0.39%
NASDAQ 5,087.5980 -18.9950 -0.37%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs