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TheStreet Open House

Foster Wheeler Reports Results For Fourth Quarter Of 2012

Stocks in this article: FWLT

Global Engineering and Construction (E&C) Group

(dollars in millions)     Q4 2012     Qtrly Avg. 2012     Q4 2011     Qtrly Avg. 2011
New orders booked (FW Scope)     $866     $599     $376     $362
Operating revenues (FW Scope)     $424     $397     $453     $399
Segment EBITDA     $53     $48     $55     $53
EBITDA Margin (FW Scope)     12.6%     12.1%     12.2%     13.2%
  • Scope new orders in the fourth quarter of 2012 reached a record level due in part to the booking of a large PMC (project management consultancy) contract for a clean fuels project in Kuwait. The robust level of new orders contributed to a record level of scope backlog of $2.2 billion at the end of the quarter.
  • Scope operating revenues in the fourth quarter of 2012 were above the average quarter of 2011 due to an increased volume of work executed.
  • EBITDA in the fourth quarter of 2012 was in line with the average quarter of 2011.

Global Power Group (GPG)

(dollars in millions)     Q4 2012     Qtrly Avg. 2012     Q4 2011     Qtrly Avg. 2011
New orders booked (FW Scope)     $122     $145     $460     $313
Operating revenues (FW Scope)     $228     $246     $281     $257
Segment EBITDA     $47     $52     $55     $46
EBITDA Margin (FW Scope)     20.5%     21.1%     19.5%     17.9%
  • Scope new orders in the fourth quarter of 2012 were below the average quarter of 2011, as slippage of award dates for committed key prospects resulted in a lack of boiler orders.
  • Scope operating revenues in the fourth quarter of 2012 were below the average quarter of 2011, primarily as a result of lower volume of boiler work executed.
  • EBITDA in the fourth quarter of 2012 was in line with the average quarter of 2011.

Outlook/Guidance

Masters said, “As we look ahead to the balance of 2013, we anticipate a continuation of a mild economic recovery globally. In such an environment, we expect adjusted diluted earnings per share in 2013 to be flat to moderately down as compared to 2012 adjusted diluted earnings per share excluding the impairment charge. We expect an increase in EBITDA in the Global E&C Group in 2013. In addition, we expect a decline in EBITDA in the Global Power Group in 2013, reflecting the lower level of new orders in 2012. EBITDA margins on scope revenues in both business groups are likely to be noticeably weaker in the first half of 2013 than in the second half of the year.”

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