Foster Wheeler AG (Nasdaq: FWLT) today reported net income for
the third quarter of 2010 of $51.7 million, or $0.41 per diluted
share, compared with $90.0 million, or $0.71 per diluted share, in
the third quarter of 2009. Net income in both quarterly periods was
impacted by items as detailed in the attached table. Excluding such
items from both quarterly periods, net income in the third quarter
of 2010 was $50.1 million, or $0.40 per diluted share, compared
with $91.7 million, or $0.72 per diluted share, in the year-ago
quarter.
Third-quarter 2010 consolidated EBITDA (earnings before interest
expense, income taxes, depreciation and amortization) was $87.2
million, compared with $128.2 million in the third quarter of 2009.
Consolidated EBITDA in both quarterly periods was also impacted by
items as detailed in the attached table. Excluding such items from
both quarterly periods, consolidated EBITDA in the third quarter of
2010 was $85.5 million, compared with $129.9 million in the third
quarter of 2009.
For the first nine months of 2010, net income was $182.6
million, or $1.44 per diluted share, compared with $285.1 million,
or $2.24 per diluted share, for the first nine months of 2009.
Consolidated EBITDA for the first nine months of 2010 was $288.7
million, compared with $395.7 million for the first nine months of
2009. The nine-month periods of 2010 and 2009 included items as
detailed in the attached table.
The following tables present quarterly and average quarterly
data, both as reported and as adjusted. 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)
Q3
2010 Qtrly Avg. 2010
Q3 2009 Qtrly Avg. 2009
Net income $52 $61
$90 $87 Net income, as adjusted
$50 $61
$92 $94 Consolidated EBITDA
$87 $96
$128 $126 Consolidated EBITDA, as adjusted
$86 $96
$130 $133
Foster Wheeler’s Chief Executive Officer, Umberto della Sala,
said, “Both of our business units are operating extremely well, but
the company’s net income in the third quarter of 2010 was below the
average quarter of 2009 due primarily to weaker market conditions,
specifically lower volumes of work executed in each of the two
operating groups -- and a lower realized EBITDA margin in our
Global Engineering and Construction (E&C) Group.”
Global Engineering and Construction
(E&C) Group
(in millions)
Q3 2010 Qtrly
Avg. 2010 Q3 2009
Qtrly Avg. 2009 New orders booked (FW Scope)
$472 $459
$355 $494 Operating revenues (FW Scope)
$399 $422
$499 $478 Segment EBITDA
$69 $85 $114
$105 EBITDA Margin (FW Scope)
17.4% 20.1% 22.9%
22.0%
- EBITDA in the third quarter of 2010 was
lower than the average quarter of 2009 due primarily to lower
volumes of work executed and lower margins on scope revenues,
partially offset by the $10.9 million favorable impact of a
settlement fee resulting from a third-party decision not to proceed
with a power plant development project and the related prospective
EPC contract.
- New orders booked in Foster Wheeler
scope were modestly below the average quarter of 2009 but remained
robust, consisting primarily of numerous mid-size and smaller
contract awards.
- Scope operating revenues were below the
average quarter of 2009, primarily due to a lower volume of work
executed.
Global Power Group (GPG)
(in
millions)
Q3 2010
Qtrly Avg. 2010 Q3 2009
Qtrly Avg. 2009 New orders booked (FW Scope)
$151 $258
$209 $150 Operating revenues (FW Scope)
$153 $159
$204 $251 Segment EBITDA
$40 $32 $40
$49 EBITDA Margin (FW Scope)
26.5% 20.3% 19.4%
19.3%
- EBITDA in the third quarter of 2010 was
below the average quarter of 2009 due primarily to lower volumes of
work executed, partially offset by the recognition of business
interruption insurance associated with our equity interest in a
power plant in Chile that was disabled by an earthquake in February
2010.
- Scope new orders were comparable to the
average quarter of 2009. The tone of the market has improved
considerably since 2009, but the timing of new orders continues to
be lumpy.
- Scope operating revenues were below the
average quarter of 2009, reflecting in part the lagging impact of a
reduced level of boiler orders in 2009.
In commenting on the margin outlook for 2010, Mr. della Sala
said, “In our E&C Group, we expect full-year 2010 EBITDA margin
on scope revenue to be in the range of 18-20%. In our Global Power
Group, we expect the full-year 2010 EBITDA margin on scope revenue
to be in the range of 19-21%.”
In commenting on the broader market outlook for the company’s
two business units, Mr. della Sala said, “We are encouraged by
recent improvements in the market. The amount of activity regarding
proposals and client inquiries in a number of regions around the
world has returned to levels that we had not consistently seen
since markets turned down. Although we clearly felt the impact of
competitive pressure in the third quarter, the increase in proposal
activity confirms our view that markets have bottomed and that
demand has improved.”
Mr. della Sala added, “This activity has resulted in two very
large and strategically important contract awards early in the
fourth quarter – one in our E&C Group and one in our Global
Power Group (GPG). In the Global E&C Group, we have been
selected to execute a major front-end engineering design contract
for a very large downstream project in South America, and we expect
to sign the contract imminently. In GPG, we won a contract for a
sizable boiler order in Vietnam.”
In commenting on the preliminary outlook for 2011, Mr. della
Sala said, “Due to the lagging impact of the competitive conditions
under which contracts have been awarded in 2010, it is likely that
EBITDA margins in both of our operating groups will be lower in
2011 than 2010. However, if proposal activities and client inquiry
levels continue to remain high, we could very well see an increase
in scope revenues in 2011 as compared to 2010.”
Share Repurchase Program
On September 12, 2008, the company announced that its board of
directors had authorized a $750 million share repurchase program.
As of the end of 2008, the company had purchased 18.1 million
shares and had approximately $264 million remaining under the
existing authorization. The company did not purchase any additional
shares in 2009 or the first six months of 2010.
In the third quarter of 2010, the company purchased 4.3 million
shares for approximately $99.2 million under the existing share
repurchase program. At the end of the third quarter of 2010, the
company had approximately $165 million remaining under the existing
authorization.
Today, the company’s board of directors authorized additional
share repurchases of up to $335 million. When combined with the
remaining authorization of $165 million, today’s action gives the
company total authorizations of $500 million. Repurchases under the
additional $335 million authorization in excess of approximately
12.7 million shares will require (under Swiss law) prior
shareholder approval, which we intend to seek at our next
shareholder meeting.
Net Income Attributable to Foster Wheeler AG
All references to net income in this news release indicate net
income attributable to Foster Wheeler AG.
Calculation of EBITDA
EBITDA is a supplemental financial measure not defined in
generally accepted accounting principles, or GAAP. The company
defines EBITDA as net income attributable to Foster Wheeler AG
before interest expense, income taxes, depreciation and
amortization. The company has presented EBITDA because it believes
it is an important supplemental measure of operating performance.
Certain covenants under our U.S. senior secured credit agreement
use an adjusted form of EBITDA such that in the covenant
calculations the EBITDA as presented herein is adjusted for certain
unusual and infrequent items specifically excluded in the terms of
our U.S. senior secured credit agreement. The company believes that
the line item on its consolidated statement of operations entitled
"net income attributable to Foster Wheeler AG" is the most directly
comparable GAAP financial measure to EBITDA. Since EBITDA is not a
measure of performance calculated in accordance with GAAP, it
should not be considered in isolation of, or as a substitute for,
net income attributable to Foster Wheeler AG as an indicator of
operating performance or any other GAAP financial measure.
EBITDA, as calculated by the company, may not be comparable to
similarly titled measures employed by other companies. In addition,
this measure does not necessarily represent funds available for
discretionary use, and is not necessarily a measure of the
company's ability to fund its cash needs. As EBITDA excludes
certain financial information that is included in net income
attributable to Foster Wheeler AG, users of this financial
information should consider the type of events and transactions
that are excluded.
The company's non-GAAP performance measure, EBITDA, has certain
material limitations as follows:
• It does not include interest expense. Because the company has
borrowed money to finance some of its operations, interest is a
necessary and ongoing part of its costs and has assisted the
company in generating revenue. Therefore, any measure that excludes
interest expense has material limitations;
• It does not include taxes. Because the payment of taxes is a
necessary and ongoing part of the company's operations, any measure
that excludes taxes has material limitations; and
• It does not include depreciation and amortization. Because the
company must utilize property, plant and equipment and intangible
assets in order to generate revenues in its operations,
depreciation and amortization are necessary and ongoing costs of
its operations. Therefore, any measure that excludes depreciation
and amortization has material limitations.
Calculation of EBITDA Margin
Segment EBITDA margin is calculated by dividing business unit
operating revenues in Foster Wheeler Scope into business unit
EBITDA.
Foster Wheeler Scope
Foster Wheeler Scope represents that portion of unfilled orders,
new orders booked and operating revenues on which profit can be
earned. Foster Wheeler Scope excludes revenues relating to
third-party costs incurred by the company as agent or principal on
a reimbursable basis. The company began comprehensively reporting
Foster Wheeler Scope as of 2005.
Conference Call Information
Foster Wheeler AG plans to hold a conference call today,
Thursday, November 4, at 4:00 p.m. Central European Time (11:00
a.m. Eastern Daylight Time in the U.S.) to discuss its financial
results for the third quarter ended September 30, 2010. The call
will be accessible to the public by telephone or webcast, and the
company will post an accompanying slide presentation in the
investor relations section of its website (www.fwc.com). To listen
to the call by telephone, dial 973-935-8752 (conference I.D. No.
11908944) approximately ten minutes before the call. The conference
call will also be available over the Internet at www.fwc.com or
through StreetEvents at www.streetevents.com. A replay of the call
will be available on the company's website as well as by telephone.
The replay can be accessed on the company's website for four weeks
following the call. The replay will be available by telephone for
one week following the call and can be accessed by dialing
706-645-9291 (replay passcode 11908944 required).
Foster Wheeler AG is a global engineering and construction
contractor and power equipment supplier delivering technically
advanced, reliable facilities and equipment. The company employs
approximately 13,000 talented professionals with specialized
expertise dedicated to serving clients through one of its two
primary business groups. The company’s Global Engineering and
Construction Group designs and constructs leading-edge processing
facilities for the upstream oil and gas, LNG and gas-to-liquids,
refining, chemicals and petrochemicals, power, environmental,
pharmaceuticals, biotechnology and healthcare industries. The
company’s Global Power Group is a world leader in combustion and
steam generation technology that designs, manufactures and erects
steam generating and auxiliary equipment for power stations and
industrial facilities and also provides a wide range of aftermarket
services. The company is based in Zug, Switzerland, and its
operational headquarters office is in Geneva, Switzerland. For more
information about Foster Wheeler, please visit our Web site at
www.fwc.com.
Safe Harbor Statement
Foster Wheeler AG news releases may contain forward-looking
statements that are based on management’s assumptions, expectations
and projections about the company and the various industries within
which the company operates. These include statements regarding the
company’s expectations about revenues (including as expressed by
its backlog), its liquidity, the outcome of litigation and legal
proceedings and recoveries from customers for claims and the costs
of current and future asbestos claims and the amount and timing of
related insurance recoveries. Such forward-looking statements by
their nature involve a degree of risk and uncertainty. The company
cautions that a variety of factors, including but not limited to
the factors described in the company’s most recent Annual Report on
Form 10-K, which was filed with the U.S. Securities and Exchange
Commission on February 25, 2010 and the following, could cause the
company’s business conditions and results to differ materially from
what is contained in forward-looking statements: benefits, effects
or results of the company’s redomestication or the relocation of
the company’s principal executive offices to Geneva, Switzerland;
the search for a permanent Chief Executive Officer; further
deterioration in the economic conditions in the United States and
other major international economies, changes in investment by the
oil and gas, oil refining, chemical/petrochemical and power
generation industries, changes in the financial condition of its
customers, changes in regulatory environments, changes in project
design or schedules, contract cancellations, changes in estimates
made by the company of costs to complete projects, changes in
trade, monetary and fiscal policies worldwide, compliance with laws
and regulations relating to its global operations, currency
fluctuations, war and/or terrorist attacks on facilities either
owned by the company or where equipment or services are or may be
provided by the company, interruptions to shipping lanes or other
methods of transit, outcomes of pending and future litigation,
including litigation regarding the company’s liability for damages
and insurance coverage for asbestos exposure, protection and
validity of its patents and other intellectual property rights,
increasing competition by non-U.S. and U.S. companies, compliance
with its debt covenants, recoverability of claims against its
customers and others by the company and claims by third parties
against the company, and changes in estimates used in its critical
accounting policies. Other factors and assumptions not identified
above were also involved in the formation of these forward-looking
statements and the failure of such other assumptions to be
realized, as well as other factors, may also cause actual results
to differ materially from those projected. Most of these factors
are difficult to predict accurately and are generally beyond the
company’s control. You should consider the areas of risk described
above in connection with any forward-looking statements that may be
made by the company. The company undertakes no obligation to
publicly update any forward-looking statements, whether as a result
of new information, future events or otherwise. You are advised,
however, to consult any additional disclosures the company makes in
proxy statements, quarterly reports on Form 10-Q, annual reports on
Form 10-K and current reports on Form 8-K filed with the Securities
and Exchange Commission.
Foster Wheeler AG
and Subsidiaries
Consolidated
Statement of Operations
(in thousands of
dollars, except share data and per share amounts)
(unaudited)
Fiscal Quarters Ended Fiscal Nine Months Ended
September 30,
2010
September 30,
2009
September 30,
2010
September 30,
2009
Operating revenues $ 904,709
$ 1,216,379 $ 2,855,778 $
3,789,703 Cost of operating revenues
764,789 1,022,542
2,395,916 3,213,155 Contract
profit 139,920 193,837 459,862
576,548 Selling, general and administrative
expenses 73,622 75,881 213,442
214,153 Other income, net (16,197 )
(10,508 ) (35,948 ) (30,201
) Other deductions, net 7,394 6,722
27,131 19,707 Interest income (2,835
) (2,701 ) (7,924 )
(7,799 ) Interest expense 4,330
4,648 12,925 10,117 Net asbestos-related
(gain)/provision (1,665 )
1,745 (68 ) 5,251
Income before income taxes 75,271
118,050 250,304 365,320 Provision for
income taxes 18,693 22,061
55,712 67,625
Net income 56,578 95,989 194,592
297,695 Less: Net income attributable to noncontrolling
interests 4,858 5,991
11,954 12,630 Net
income attributable to Foster Wheeler AG $ 51,720
$ 89,998 $ 182,638
$ 285,065 Shares
Outstanding:
Weighted-average number of
shares outstanding for basic earnings per share
125,459,735 126,459,865 126,810,748
126,355,686
Weighted-average number of
shares outstanding for diluted earnings per
share
125,711,232 127,399,854 127,163,049
127,069,653 Earnings per share:
Basic
$ 0.41 $ 0.71 $
1.44 $ 2.26
Diluted
$ 0.41 $ 0.71 $
1.44 $ 2.24
Foster Wheeler AG
and Subsidiaries
Consolidated
Balance Sheet
(in thousands of
dollars)
(unaudited)
September 30, December 31, 2010 2009
ASSETS Current Assets: Cash and cash
equivalents $ 1,040,153 $ 997,158
Short-term investments 268 - Accounts and
notes receivable, net: Trade 493,213
526,525 Other 118,865 117,718
Contracts in process 197,748 219,774
Prepaid, deferred and refundable income taxes 51,384
46,478 Other current assets 37,199
33,902 Total current assets
1,938,830 1,941,555
Land, buildings and equipment, net 371,883
398,132 Restricted cash 32,866 34,905
Notes and accounts receivable – long-term 1,397
1,571 Investments in and advances to unconsolidated
affiliates 225,162 228,030 Goodwill
87,883 88,702 Other intangible assets, net
67,541 73,029 Asbestos-related insurance recovery
receivable 216,393 244,265 Other assets
85,668 87,781 Deferred tax assets
70,127 89,768 TOTAL
ASSETS $ 3,097,750 $
3,187,738 LIABILITIES, TEMPORARY EQUITY AND
EQUITY Current Liabilities: Current installments on
long-term debt $ 35,627 $ 36,930
Accounts payable 262,694 303,436 Accrued
expenses 225,504 280,861 Billings in excess of
costs and estimated earnings on uncompleted contracts
633,050 600,725 Income taxes payable
33,227 60,052 Total current
liabilities 1,190,102
1,282,004 Long-term debt 159,339
175,510 Deferred tax liabilities 68,013
62,956 Pension, postretirement and other employee
benefits 234,215 270,269 Asbestos-related
liability 317,191 352,537 Other long-term
liabilities 176,433 171,405 Commitments and
contingencies
TOTAL LIABILITIES 2,145,293
2,314,681 Temporary Equity:
Non-vested share-based compensation awards subject to
redemption 10,291 2,570
TOTAL TEMPORARY EQUITY 10,291
2,570 Equity: Registered
shares 329,641 329,402 Paid-in capital
626,948 617,938 Retained earnings
504,819 322,181 Accumulated other comprehensive
loss (463,941 ) (438,004 )
Treasury shares (99,182 )
- TOTAL FOSTER WHEELER AG SHAREHOLDERS’ EQUITY
898,285 831,517
Noncontrolling Interests 43,881
38,970 TOTAL EQUITY 942,166
870,487 TOTAL LIABILITIES, TEMPORARY
EQUITY AND EQUITY $ 3,097,750 $
3,187,738
Foster Wheeler AG
and Subsidiaries
Business
Segments
(in thousands of
dollars)
(unaudited)
Fiscal
Quarters Ended Fiscal Nine Months Ended September
30,
2010
September 30,
2009
September 30,
2010
September 30,
2009
Global
Engineering & Construction Group
Backlog - in future revenues $ 3,105,800
$ 4,008,500 $ 3,105,800 $
4,008,500 New orders booked - in future revenues
758,400 688,800 2,005,500 2,346,000
Operating revenues 749,249 1,009,352
2,371,394 2,992,235 EBITDA 69,339
114,134 254,732 326,044 Foster
Wheeler Scope (1): Backlog - in Foster Wheeler
Scope 1,591,600 1,583,100 1,591,600
1,583,100 New orders booked - in Foster Wheeler Scope
471,800 355,400 1,377,600 1,580,200
Operating revenues - in Foster Wheeler Scope 398,725
499,140 1,266,939 1,421,683
Global Power
Group
Backlog - in future revenues 866,200 624,600
866,200 624,600 New orders booked - in future
revenues 154,100 212,100 781,100
394,700 Operating revenues 155,460
207,027 484,384 797,468 EBITDA
40,430 39,589 96,709 142,152
Foster Wheeler Scope (1): Backlog - in
Foster Wheeler Scope 854,600 611,900
854,600 611,900 New orders booked - in Foster
Wheeler Scope 151,400 209,000 773,100
385,700 Operating revenues - in Foster Wheeler Scope
152,805 203,982 476,375 788,532
Corporate &
Finance Group (2)
EBITDA (22,619 ) (25,553 )
(62,772 ) (72,480 )
Consolidated
Backlog - in future revenues 3,972,000
4,633,100 3,972,000 4,633,100 New orders
booked - in future revenues 912,500 900,900
2,786,600 2,740,700 Operating revenues
904,709 1,216,379 2,855,778 3,789,703
EBITDA 87,150 128,170 288,669
395,716
Foster Wheeler Scope
(1):
Backlog - in Foster Wheeler Scope 2,446,200
2,195,000 2,446,200 2,195,000 New orders
booked - in Foster Wheeler Scope 623,200 564,400
2,150,700 1,965,900 Operating revenues - in Foster
Wheeler Scope 551,530 703,122 1,743,314
2,210,215
(1) Foster Wheeler Scope
represents the portion of backlog, new orders booked and operating
revenues on which profit
can be earned. Foster Wheeler Scope
excludes revenues relating to third-party costs incurred by the
company as
agent or principal on a reimbursable
basis.
(2) Includes intersegment
eliminations.
Foster Wheeler AG
and Subsidiaries
Reconciliations
of EBITDA and Foster Wheeler Scope
(in thousands of
dollars)
(unaudited)
Fiscal Quarters
Ended Fiscal Nine Months Ended September 30,
2010
September 30,
2009
September 30,
2010
September 30,
2009
Reconciliation of
EBITDA to Net Income*
EBITDA:
Global Engineering & Construction Group $
69,339 $ 114,134 $ 254,732
$ 326,044 Global Power Group 40,430
39,589 96,709 142,152 Corporate &
Finance Group (22,619 )
(25,553 ) (62,772 )
(72,480 ) Consolidated EBITDA 87,150
128,170 288,669 395,716 Less: Interest
expense 4,330 4,648 12,925 10,117
Less: Depreciation/amortization
(1)
12,407 11,463 37,394 32,909 Less:
Provision for income taxes 18,693
22,061 55,712
67,625 Net income* $ 51,720
$ 89,998 $ 182,638
$ 285,065
Reconciliation of
Foster Wheeler Scope Operating
Revenues to
Operating Revenues
Global
Engineering & Construction Group
Foster Wheeler Scope operating revenues $
398,725 $ 499,140 $ 1,266,939
$ 1,421,683 Flow-through revenues
350,524 510,212
1,104,455 1,570,552 Operating
revenues 749,249 1,009,352
2,371,394 2,992,235
Global Power
Group
Foster Wheeler Scope operating revenues 152,805
203,982 476,375 788,532 Flow-through
revenues 2,655 3,045
8,009 8,936 Operating
revenues 155,460 207,027
484,384 797,468
Consolidated
Foster Wheeler Scope operating revenues 551,530
703,122 1,743,314 2,210,215 Flow-through
revenues 353,179 513,257
1,112,464 1,579,488
Operating revenues $ 904,709
$ 1,216,379 $ 2,855,778
$ 3,789,703
(1) The depreciation /
amortization by business segment:
Fiscal Quarters Ended Fiscal Nine Months Ended
September 30,
2010
September 30,
2009
September 30,
2010
September 30,
2009
Global Engineering & Construction Group $
6,547 $ 5,804 $ 20,148 $
16,314 Global Power Group 5,355 5,279
15,859 15,469 Corporate & Finance Group
505 380
1,387 1,126 Total
depreciation / amortization $ 12,407
$ 11,463 $ 37,394
$ 32,909 * Net income attributable
to Foster Wheeler AG.
Foster Wheeler AG
and Subsidiaries
EBITDA, Net
Income* and Diluted Earnings Per Share
Reconciliation
(in thousands of
dollars, except per share amounts)
(unaudited)
Fiscal
Quarters Ended September 30, 2010 September 30,
2009 EBITDA Net Income*
Diluted EarningsPer
Share
EBITDA Net Income*
Diluted EarningsPer
Share
As adjusted $ 85,485 $ 50,055
$ 0.40 $ 129,915 $ 91,743
$ 0.72 Adjustments:
Net asbestos-related
gain/(provision)
1,665 1,665 0.01 (1,745 )
(1,745 ) (0.01 )
As reported $ 87,150
$ 51,720 $ 0.41 $ 128,170
$ 89,998 $ 0.71
Fiscal Nine Months Ended September 30,
2010 September 30, 2009 EBITDA Net Income*
Diluted EarningsPer
Share
EBITDA Net Income*
Diluted EarningsPer
Share
As adjusted $ 288,601 $ 182,570
$ 1.44 $ 400,967 $
290,316 $ 2.28 Adjustments:
Net asbestos-related
gain/(provision)
68 68 0.00 (5,251 )
(5,251 ) (0.04 )
As reported $ 288,669
$ 182,638 $ 1.44 $
395,716 $ 285,065 $
2.24 Fiscal Twelve Months Ended
December 31, 2009 EBITDA Net Income*
Diluted EarningsPer
Share
As adjusted $ 530,164 $ 376,521
$ 2.96 Adjustments:
Net
asbestos-related provision
(26,365 ) (26,365 ) (0.21
)
As reported $ 503,799 $
350,156 $ 2.75 *Net
income attributable to Foster Wheeler AG.
Foster Wheeler AG
and Subsidiaries
Average
Calculations
(in thousands of
dollars)
(unaudited)
2009
Full Year
Amount
2009
Quarterly
Average
Amount *
Fiscal Nine
Months Ended
September 30, 2010
2010
Quarterly
Average
Amount **
Consolidated
Net income *** $ 350,156 $
87,539 $ 182,638 $ 60,880
Adjusted net income *** 376,521 94,130
182,570 60,857 Consolidated EBITDA
503,799 125,950 288,669 96,223
Consolidated EBITDA, as adjusted 530,164
132,541 288,601 96,200
Global
Engineering & Construction Group
New orders booked - in Foster Wheeler Scope $
1,975,200 $ 493,800 $ 1,377,600
$ 459,200 Operating revenues - in Foster Wheeler
Scope 1,910,997 477,749 1,266,939
422,313 Segment EBITDA 421,186 105,297
254,732 84,911 EBITDA margin 22.0
% 22.0 % 20.1 % 20.1
%
Global Power
Group
New orders booked - in Foster Wheeler Scope $
599,900 $ 149,975 $ 773,100
$ 257,700 Operating revenues - in Foster Wheeler
Scope 1,004,123 251,031 476,375
158,792 Segment EBITDA 194,027 48,507
96,709 32,236 EBITDA margin 19.3
% 19.3 % 20.3 % 20.3
% * To calculate the quarterly average
dollar amounts, the company divided reported annual figures by
four. ** To calculate the quarterly average dollar amounts,
the company divided reported nine-month figures by three.
*** Net income attributable to Foster Wheeler AG.
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