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, as adjusted||$60||$46||$39||$43|