Foster Wheeler Reports Results For First Quarter Of 2012

Foster Wheeler AG (Nasdaq: FWLT) today reported net income for the first quarter of 2012 of $40.6 million, or $0.38 per diluted share, compared with $23.0 million, or $0.18 per diluted share, in the first quarter of 2011. Net income in both quarterly periods was impacted by asbestos-related provisions as detailed in the attached table. Excluding such items from both quarterly periods, net income in the first quarter of 2012 was $42.6 million, or $0.40 per diluted share, compared with $23.4 million, or $0.19 per diluted share, in the year-ago quarter.

The following tables present quarterly and average quarterly data, both as reported and as adjusted (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.
                   
(in millions)     Q1 2012     Q1 2011     Qtrly Avg. 2011
Net income     $40.6     $23.0     $40.6
Net income, as adjusted     $42.6     $23.4     $43.1
Consolidated revenues (FW Scope)     $625.0     $568.8     $655.8

In commenting on the company’s results, Foster Wheeler’s Chief Executive Officer, Kent Masters, said, “Our net income for the first quarter of 2012 was comparable to the average quarter of 2011, as increased EBITDA in our Global Power Group offset a decline in the EBITDA generated by our Global Engineering and Construction Group.”

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