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Foster Wheeler Halves Profit, Shares Tumble
Construction and engineering company Foster Wheeler(FWLT) said its first-quarter profit was nearly halved, impaired by the stronger dollar, lower work volumes and a higher tax rate.
The news sent shares tumbling in early trading, down 7% to $22.40.
During the quarter, the company earned $72.9 million, or 57 cents per share, compared with $138.5 million, or 95 cents per share, a year earlier. ...
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