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Foster Wheeler Reports Results For Second Quarter Of 2013

Foster Wheeler AG (Nasdaq: FWLT) today reported income from continuing operations for the second quarter of 2013 of $68.3 million, or $0.68 per diluted share, compared with $30.4 million, or $0.29 per diluted share, in the second quarter of 2012.

Income from continuing operations in both quarterly periods was impacted by net asbestos-related gains and provisions, as detailed in an attached table. Excluding such items from both quarterly periods, adjusted income from continuing operations in the second quarter of 2013 was $54.6 million, or $0.54 per diluted share, compared with $33.7 million, or $0.32 per diluted share, in the year-ago quarter.

For the first six months of 2013, income from continuing operations was $85.2 million, or $0.83 per diluted share, compared with $71.9 million, or $0.66 per diluted share, for the first six months of 2012.

During the second quarter of 2013, Foster Wheeler’s Board of Directors approved a plan to sell the company’s wholly owned waste-to-energy facility in Camden, New Jersey. As a result of that decision, the results of operations of the facility are classified as discontinued operations.

The following tables present quarterly and average quarterly data for continuing operations, both as reported and as adjusted to exclude asbestos-related gains and provisions (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.
(dollars in millions, from continuing operations)       Q2 2013     Qtrly Avg. 2013     Q2 2012     Qtrly Avg. 2012
Income       $68     $43     $30     $37
Adjusted income       $55     $37     $34     $45
Consolidated revenues (FW Scope)       $642     $633     $685     $637

Foster Wheeler’s Chief Executive Officer, Kent Masters, said, “Our adjusted income from continuing operations in the second quarter of 2013 was 22% above the average quarter of 2012, due largely to the strong performance of our Global Engineering and Construction (E&C) Group, which reported a 29% increase in EBITDA and a 12% increase in scope revenues. The E&C Group also reported a broad range of very favorable performance metrics, including robust bookings, an improved EBITDA margin and a near-record level of backlog in scope revenue.”

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