He continued, “In our Global E&C Group, we are maintaining our full-year 2012 EBITDA margin guidance at 11% to 13%, but we are lowering our expectation regarding full-year scope revenues in our E&C Group, now expecting that they will be essentially flat in 2012 as compared to 2011.”
Masters said, “We continue to expect that our full-year earnings per share in 2012 will be materially higher than 2011.”
Share Repurchase Program
The company repurchased 1,944,210 shares during the third quarter of 2012 for approximately $40 million. As of September 30, 2012, the company had approximately $460 million remaining under its authorized share repurchase program.
Conference Call Information
Foster Wheeler AG plans to hold a conference call today, Friday, November 9, at 4:00 p.m. Central European Time (10:00 a.m. Eastern Standard Time in the U.S.) to discuss its financial results for the third quarter ended September 30, 2012. The call will be accessible to the public by telephone or webcast, and the company will post an accompanying slide presentation in the investor relations section of its website (
). To listen to the call by telephone, dial 973-935-8752 (conference I.D. No. 33934876) approximately ten minutes before the call. The conference call will also be available over the Internet at
or through StreetEvents at
. A replay of the call will be available on the company's web site for four weeks following the call.
All references to net income in this news release refer to “Net income attributable to Foster Wheeler AG” as reported in our consolidated financial statements.
Calculation of EBITDA
EBITDA is a supplemental financial measure not defined in generally accepted accounting principles, or GAAP. The company defines EBITDA as net income attributable to Foster Wheeler AG before interest expense, income taxes, depreciation and amortization. The company has presented EBITDA because it believes it is an important supplemental measure of operating performance. Certain covenants under our senior credit agreement use an adjusted form of EBITDA such that in the covenant calculations the EBITDA as presented herein is adjusted for certain unusual and infrequent items specifically excluded in the terms of our senior credit agreement. The company believes that the line item on its consolidated statement of operations entitled "net income attributable to Foster Wheeler AG" is the most directly comparable GAAP financial measure to EBITDA. Since EBITDA is not a measure of performance calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, net income attributable to Foster Wheeler AG as an indicator of operating performance or any other GAAP financial measure.