Foster Wheel Earnings Rise, Top Estimates

Fourth-quarter earnings at the construction and engineering company, excluding asbestos-related charges, topped the estimates of analysts.
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Foster Wheeler

(FWLT)

reported an increase in fourth-quarter net income to $99.9 million, or 75 cents a share, from $78.1 million, or 54 cents a share, a year earlier.

Excluding asbestos-related items in both periods, earnings were $137.2 million, or $1.03 a share, compared with $80.6 million, or 56 cents a share, in the year-earlier quarter.

Analysts polled by Thomson Reuters expected fourth-quarter earnings of 95 cents a share.

Revenue in the quarter rose to $1.64 billion from $1.47 billion a year earlier.

In a statement Tuesday, the construction and engineering company said it's "clear that our power business will not equal its 2008 performance, due to significant weakness in most of the global markets we serve, North America in particular."