Foster Wheeler AG (Nasdaq: FWLT) today reported net income for
the fourth quarter of 2010 of $32.8 million, or $0.26 per diluted
share, compared with $65.1 million, or $0.51 per diluted share, in
the fourth 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 fourth
quarter of 2010 was $38.3 million, or $0.31 per diluted share,
compared with $86.2 million, or $0.67 per diluted share, in the
year-ago quarter.
Fourth-quarter 2010 consolidated EBITDA (earnings before
interest expense, income taxes, depreciation and amortization) was
$71.0 million, compared with $108.1 million in the fourth 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
fourth quarter of 2010 was $76.5 million, compared with $129.2
million in the fourth quarter of 2009.
For the full year 2010, net income was $215.4 million, or $1.70
per diluted share, compared with $350.2 million, or $2.75 per
diluted share, in 2009. Consolidated EBITDA for 2010 was $359.7
million, compared with $503.8 million in 2009. The full-year net
income and consolidated EBITDA for 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)
Q4 2010 Qtrly Avg.
2010 Q4 2009 Qtrly Avg. 2009 Net
income $33 $54 $65 $87 Net income, as
adjusted $38 $55 $86 $94 Consolidated
EBITDA $71 $90 $108 $126 Consolidated
EBITDA, as adjusted $77 $91 $129 $133
In commenting on the company’s results for the fourth quarter of
2010, Foster Wheeler’s Interim Chief Executive Officer, Umberto
della Sala, said, “Both of the company’s business groups continued
to deliver excellent operating and commercial performance. However,
the company’s adjusted net income was below the average quarter of
2009 due in part to lower volumes and margins in the Global
Engineering and Construction Group and a higher effective tax
rate.” The higher effective tax rate for the quarter resulted, to
some extent, from certain expenses which are not tax-effected.
“We ended 2010 on a very strong note, with robust levels of
scope backlog and fourth-quarter scope new orders in both business
groups,” said Mr. della Sala. “Specifically, our Global Power Group
reported fourth-quarter scope backlog and scope new orders that
were nearly double the levels of the same period of 2009. The
backlog figure for our E&C Group is especially impressive,
considering the challenging market conditions experienced in 2010
and the fact that the company removed from backlog $123 million of
scope value and a material number of man-hours in the fourth
quarter of 2010 in connection with a contract where Foster Wheeler
and the client agreed to change the execution strategy for the
project.”
Global Engineering and Construction
(E&C) Group
(in
millions)
Q4 2010 Qtrly Avg. 2010
Q4 2009 Qtrly Avg. 2009 New orders
booked (FW Scope) $562 $485 $395 $494
Operating revenues (FW Scope) $419 $421 $489
$478 Segment EBITDA $42 $74 $95
$105 EBITDA Margin (FW Scope) 9.9% 17.6% 19.4%
22.0%
- EBITDA in the fourth quarter of 2010
was lower than the average quarter of 2009 due primarily to lower
realized margins and lower volumes of work executed and a $13.2
million (both before and after-tax) impairment charge on partially
owned Italian power projects.
- New orders booked in Foster Wheeler
scope were above the average quarter of 2009 due in part to receipt
of a large contract for front-end engineering design of two
refineries in Brazil.
- 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)
Q4 2010 Qtrly Avg.
2010 Q4 2009 Qtrly Avg. 2009 New
orders booked (FW Scope) $420 $298 $214
$150 Operating revenues (FW Scope) $234 $178
$216 $251 Segment EBITDA $67 $41 $52
$49 EBITDA Margin (FW Scope) 28.6% 23.0%
24.1% 19.3%
- EBITDA in the fourth quarter of 2010
was well above the average quarter of 2009, aided by the favorable
impact of a $22 million debt payment by a third party on a
company-owned power plant in the U.S.
- Scope new orders in the fourth quarter
of 2010 were sharply above the average quarter of 2009 due in part
to receipt of orders for boilers in Asia and Eastern Europe.
- Scope operating revenues in the fourth
quarter of 2010 were below the average quarter of 2009 but reached
their highest level since the second quarter of 2009, as demand
continued to recover.
In commenting on the 2011 outlook for the company’s two business
groups, Mr. della Sala said, “As we have previously indicated, we
expect Foster Wheeler’s consolidated financial results in 2011 to
reflect the lagging impact of the weak market conditions we
experienced in 2009 and 2010, although we are clearly seeing
encouraging signs of market recovery in each of our business
groups. We see 2011 as a transition year that will likely reflect
increased scope revenues in both the Global E&C Group and the
Global Power Group as the year progresses, although the magnitude
of the increase will be different in the two business groups and
will depend to some extent on the timing of client decisions.”
Mr. della Sala continued, “In our Global E&C Group, scope
revenue in 2011 is likely to be above the level of 2010. We expect
the full-year 2011 EBITDA margin on scope revenue to be in the
range of 13-15%, which would be down from the reported margin of
2010 due largely to competitive pressure. We were encouraged to see
a sharp increase in our E&C bidding activity during the fourth
quarter for study and FEED prospects, which can be a precursor to
increased client spending over the next several years.”
Mr. della Sala added, “In our Global Power Group, we expect
scope revenue to be up sharply in 2011 versus 2010, reflecting the
increased volume of boiler orders that we have won over the past 12
to 18 months. We expect the EBITDA margin on scope revenue in 2011
to be in the range of 14%-16%.”
Strategic Renewal Initiative
Mr. della Sala also commented on the company’s strategic renewal
initiative, which was initiated in June 2010. “We have recently
completed the work on our strategic renewal initiative, which was
focused primarily on our Global E&C Group. As a result of this
work, we have identified four broad areas of targeted activity
outlined below.”
- Further optimizing the performance of
the company’s core E&C business with specific focus on a
continued strengthening of our global capability to execute EPC
(engineering, procurement and construction) contracts;
- Geographical expansion of E&C
operations to respond to increasing demand for localization of the
company’s services and to broaden the way in which we address
markets in high-growth economies; the company is especially well
positioned to do this because its business model is already based
on global decentralization;
- Expansion into new business lines that
offer synergies with the company’s core E&C business;
- Further leveraging and expanding the
company’s technology portfolio.
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 the third quarter of 2010, the company had
approximately $165 million remaining under that authorization. In
November 2010, the company’s board of directors proposed an
increase of $335 million to our share repurchase program and the
designation of repurchased shares for cancellation, which was
approved by shareholders at an extraordinary general meeting today.
When combined with the remaining authorization of $165 million, the
November action as approved by shareholders gave the company as of
today a total authorization of approximately $500 million available
for share repurchase.
The company did not repurchase any shares in the fourth quarter
of 2010.
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 group
operating revenues in Foster Wheeler Scope into business group
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.
Conference Call Information
Foster Wheeler AG plans to hold a conference call today,
Thursday, February 24, at 4:00 p.m. Central European Time (10:00
a.m. Eastern Standard Time in the U.S.) to discuss its financial
results for the fourth quarter and full year ended December 31,
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. 35940039) 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 35940039 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 12,000 talented professionals with specialized
expertise dedicated to serving its 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, mining and metals,
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 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 our principal
executive offices to Geneva, Switzerland; the search for a
permanent Chief Executive Officer; the benefits, effects or results
of our strategic renewal initiative; further deterioration in
global economic conditions, 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
global competition, 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
SubsidiariesConsolidated Statement of
Operations
(in thousands of dollars, except share data and per share
amounts)(unaudited) Fiscal
Quarters Ended Fiscal Twelve Months Ended
December 31,2010
December 31,2009
December 31,2010
December 31,2009
Operating revenues $ 1,211,941 $
1,266,631 $ 4,067,719 $
5,056,334 Cost of operating revenues
1,073,017 1,084,532
3,468,933 4,297,687 Contract
profit 138,924 182,099 598,786
758,647 Selling, general and administrative
expenses 89,888 80,754 303,330
294,907 Other income, net (24,496 )
(22,062 ) (60,444 ) (52,263
) Other deductions, net 14,090 11,224
41,221 30,931 Interest income (3,657
) (2,736 ) (11,581 )
(10,535 ) Interest expense 2,685
4,005 15,610 14,122 Net asbestos-related
provision 5,478 21,114
5,410 26,365
Income before income taxes 54,936 89,800
305,240 455,120 Provision for income taxes
18,819 26,137
74,531 93,762 Net income
36,117 63,663 230,709 361,358 Less:
Net income attributable to noncontrolling interests
3,348 (1,428 )
15,302 11,202 Net income
attributable to Foster Wheeler AG $ 32,769
$ 65,091 $ 215,407
$ 350,156 Shares
Outstanding:
Weighted-average number of shares
outstanding for basic earnings per share
123,721,667 127,104,838 126,032,130
126,541,962
Weighted-average number of shares
outstanding for diluted earnings per share
124,399,275 127,902,133 126,576,855
127,174,611 Earnings per share:
Basic $ 0.26 $ 0.51
$ 1.71 $ 2.77
Diluted $ 0.26 $ 0.51
$ 1.70 $ 2.75
Foster Wheeler AG
and SubsidiariesConsolidated Balance Sheet(in
thousands of dollars)(unaudited)
December 31,2010
December 31,2009 ASSETS Current Assets:
Cash and cash equivalents $ 1,057,163 $
997,158 Accounts and notes receivable, net:
Trade 577,400 526,525 Other
96,758 117,718 Contracts in process
165,389 219,774 Prepaid, deferred and refundable
income taxes 51,660 46,478 Other current
assets 37,813 33,902
Total current assets 1,986,183
1,941,555 Land, buildings and equipment, net
362,087 398,132 Restricted cash 27,502
34,905 Notes and accounts receivable – long-term
2,648 1,571 Investments in and advances to
unconsolidated affiliates 217,071 228,030
Goodwill 88,917 88,702 Other intangible
assets, net 66,070 73,029 Asbestos-related
insurance recovery receivable 194,570 244,265
Other assets 84,078 87,781 Deferred tax
assets 54,413 89,768
TOTAL ASSETS $ 3,083,539 $
3,187,738 LIABILITIES, TEMPORARY EQUITY AND
EQUITY Current Liabilities: Current installments on
long-term debt $ 11,996 $ 36,930
Accounts payable 239,071 303,436 Accrued
expenses 240,894 280,861 Billings in excess of
costs and estimated earnings on uncompleted contracts
684,090 600,725 Income taxes payable
34,623 60,052 Total current
liabilities 1,210,674
1,282,004 Long-term debt 152,574
175,510 Deferred tax liabilities 65,241
62,956 Pension, postretirement and other employee
benefits 166,362 270,269 Asbestos-related
liability 307,619 352,537 Other long-term
liabilities 160,785 171,405 Commitments and
contingencies TOTAL LIABILITIES
2,063,255 2,314,681
Temporary Equity: Non-vested share-based compensation
awards subject to redemption 4,935
2,570 TOTAL TEMPORARY EQUITY
4,935 2,570
Equity: Registered shares 334,052
329,402 Paid-in capital 659,739 617,938
Retained earnings 537,588 322,181
Accumulated other comprehensive loss (464,504
) (438,004 ) Treasury shares
(99,182 ) - TOTAL FOSTER
WHEELER AG SHAREHOLDERS’ EQUITY 967,693
831,517 Noncontrolling Interests
47,656 38,970 TOTAL
EQUITY 1,015,349 870,487
TOTAL LIABILITIES, TEMPORARY EQUITY AND EQUITY
$ 3,083,539 $ 3,187,738
Foster Wheeler AG and
SubsidiariesBusiness
Segments(in thousands of
dollars)(unaudited)
Fiscal Quarters Ended Fiscal
Twelve Months Ended
December 31,2010
December 31,2009
December 31,2010
December 31,2009
Global
Engineering & Construction Group
Backlog - in future revenues $ 2,937,700
$ 3,512,700 $ 2,937,700 $
3,512,700 New orders booked - in future revenues
896,600 524,700 2,902,100 2,870,700
Operating revenues 974,656 1,047,847
3,346,050 4,040,082 EBITDA 41,508
95,142 296,240 421,186 Foster
Wheeler Scope (1): Backlog - in Foster Wheeler
Scope 1,611,300 1,480,100 1,611,300
1,480,100 New orders booked - in Foster Wheeler Scope
561,500 395,000 1,939,100 1,975,200
Operating revenues - in Foster Wheeler Scope 418,839
489,314 1,685,778 1,910,997
Global Power
Group
Backlog - in future revenues
1,041,800 600,100 1,041,800 600,100
New orders booked - in future revenues 422,600
216,300 1,203,700 611,000 Operating
revenues 237,285 218,784 721,669
1,016,252 EBITDA 67,116 51,875
163,825 194,027 Foster Wheeler Scope
(1): Backlog - in Foster Wheeler Scope
1,031,900 588,500 1,031,900 588,500
New orders booked - in Foster Wheeler Scope 419,800
214,200 1,192,900 599,900 Operating
revenues - in Foster Wheeler Scope 234,452
215,591 710,827 1,004,123
Corporate &
Finance Group (2)
EBITDA
(37,590 ) (38,934 ) (100,362
) (111,414 )
Consolidated
Backlog - in future revenues 3,979,500
4,112,800 3,979,500 4,112,800 New orders
booked - in future revenues 1,319,200 741,000
4,105,800 3,481,700 Operating revenues
1,211,941 1,266,631 4,067,719 5,056,334
EBITDA 71,034 108,083 359,703
503,799 Foster Wheeler Scope
(1): Backlog - in Foster Wheeler Scope
2,643,200 2,068,600 2,643,200 2,068,600
New orders booked - in Foster Wheeler Scope 981,300
609,200 3,132,000 2,575,100 Operating
revenues - in Foster Wheeler Scope 653,291
704,905 2,396,605 2,915,120 (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 SubsidiariesReconciliations of EBITDA and Foster Wheeler
Scope(in thousands of
dollars)(unaudited)
Fiscal Quarters Ended Fiscal
Twelve Months Ended
December 31,2010
December 31,2009
December 31,2010
December 31,2009
Reconciliation of
EBITDA to Net Income*
EBITDA:
Global Engineering & Construction Group $
41,508 $ 95,142 $ 296,240
$ 421,186 Global Power Group 67,116
51,875 163,825 194,027 Corporate &
Finance Group (37,590 )
(38,934 ) (100,362 )
(111,414 ) Consolidated EBITDA 71,034
108,083 359,703 503,799 Less: Interest
expense 2,685 4,005 15,610 14,122
Less: Depreciation/amortization (1) 16,761
12,850 54,155 45,759 Less: Provision for
income taxes 18,819 26,137
74,531 93,762
Net income* $ 32,769 $
65,091 $ 215,407 $
350,156
Reconciliation of
Foster Wheeler Scope Operating Revenues to Operating Revenues
Global
Engineering & Construction Group
Foster Wheeler Scope operating revenues $
418,839 $ 489,314 $ 1,685,778
$ 1,910,997 Flow-through revenues
555,817 558,533
1,660,272 2,129,085 Operating
revenues 974,656 1,047,847
3,346,050 4,040,082
Global Power
Group
Foster Wheeler Scope operating revenues 234,452
215,591 710,827 1,004,123 Flow-through
revenues 2,833 3,193
10,842 12,129
Operating revenues 237,285
218,784 721,669
1,016,252
Consolidated
Foster Wheeler Scope operating revenues 653,291
704,905 2,396,605 2,915,120 Flow-through
revenues 558,650 561,726
1,671,114 2,141,214
Operating revenues $ 1,211,941
$ 1,266,631 $ 4,067,719
$ 5,056,334 (1)The
depreciation / amortization by business segment: Fiscal
Quarters Ended Fiscal Twelve Months Ended
December 31,2010
December 31,2009
December 31,2010
December 31,2009
Global Engineering & Construction Group $
10,375 $ 7,063 $ 30,523 $
23,377 Global Power Group 5,414 5,376
21,273 20,845 Corporate & Finance Group
972 411
2,359 1,537 Total
depreciation / amortization $ 16,761
$ 12,850 $ 54,155
$ 45,759 * Net income attributable
to Foster Wheeler AG.
Foster Wheeler AG
and SubsidiariesEBITDA, Net Income* and Diluted Earnings Per
Share Reconciliation(in thousands of dollars, except per
share amounts)(unaudited)
Fiscal Quarters
Ended December 31, 2010 December 31, 2009
EBITDA Net Income* Diluted EarningsPer
Share EBITDA Net Income*
Diluted EarningsPer
Share
As adjusted $ 76,512 $ 38,247
$ 0.31 $ 129,197 $ 86,205
$ 0.67 Adjustments:
Net
asbestos-related gain/(provision)
(5,478 ) (5,478 ) (0.05 )
(21,114 ) (21,114 ) (0.16
) As
reported $ 71,034 $ 32,769
$ 0.26 $ 108,083
$ 65,091 $ 0.51
Fiscal Twelve Months Ended December 31, 2010
December 31, 2009 EBITDA Net Income*
Diluted EarningsPer Share EBITDA Net
Income* Diluted EarningsPer Share As
adjusted $ 365,113 $ 220,817
$ 1.74 $ 530,164 $
376,521 $ 2.96 Adjustments:
Net
asbestos-related gain/(provision)
(5,410 ) (5,410 ) (0.04 )
(26,365 ) (26,365 ) (0.21
) As
reported $ 359,703 $ 215,407
$ 1.70 $ 503,799
$ 350,156 $ 2.75
*Net income attributable to Foster Wheeler AG.
Foster Wheeler AG
and SubsidiariesAverage Calculations(in thousands of
dollars)(unaudited)
2009Full
YearAmount
2009QuarterlyAverageAmount *
2010Full
YearAmount
2010QuarterlyAverageAmount *
Consolidated
Net income ** $ 350,156 $ 87,539
$ 215,407 $ 53,852 Adjusted net
income ** 376,521 94,130 220,817
55,204 Consolidated EBITDA 503,799
125,950 359,703 89,926 Consolidated EBITDA,
as adjusted 530,164 132,541 365,113
91,278
Global
Engineering & Construction Group
New orders booked - in Foster Wheeler Scope $
1,975,200 $ 493,800 $ 1,939,100
$ 484,775 Operating revenues - in Foster Wheeler
Scope 1,910,997 477,749 1,685,778
421,445 Segment EBITDA 421,186 105,297
296,240 74,060 EBITDA margin 22.0
% 22.0 % 17.6 % 17.6
%
Global Power
Group
New orders booked - in Foster Wheeler Scope $
599,900 $ 149,975 $ 1,192,900
$ 298,225 Operating revenues - in Foster Wheeler
Scope 1,004,123 251,031 710,827
177,707 Segment EBITDA 194,027 48,507
163,825 40,956 EBITDA margin 19.3
% 19.3 % 23.0 % 23.0
% * To calculate the quarterly average dollar
amounts, the company divided reported annual figures by four.
** Net income attributable to Foster Wheeler AG.
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