- Income from continuing operations of
$0.50 per diluted share
- 25% increase in EBITDA in Global
E&C Group versus average quarter of 2012
- New quarterly record of $1.3 billion of
scope new orders in Global E&C Group
- Record-level of $2.9 billion of scope
backlog in Global E&C Group
Foster Wheeler AG (Nasdaq:FWLT) today reported income from
continuing operations for the third quarter of 2013 of $48.9
million, or $0.50 per diluted share, compared with $58.7 million,
or $0.55 per diluted share, in the third quarter of 2012.
Income from continuing operations in both quarterly periods was
impacted by net asbestos-related provisions, as detailed in an
attached table. Excluding such items from both quarterly periods,
adjusted income from continuing operations in the third quarter of
2013 was $50.9 million, or $0.52 per diluted share, compared with
$60.7 million, or $0.57 per diluted share, in the year-ago
quarter.
For the first nine months of 2013, income from continuing
operations was $134.1 million, or $1.32 per diluted share, compared
with $130.6 million, or $1.21 per diluted share, for the first nine
months of 2012.
The following tables present quarterly and average quarterly
data for continuing operations, both as reported and as adjusted to
exclude asbestos-related gains and provisions (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.
(dollars in millions, from continuing operations)
Q3 2013 Qtrly Avg. 2013
Q3 2012 Qtrly Avg. 2012 Income
$49 $45 $59 $37 Adjusted income
$51 $41 $61 $45 Consolidated
revenues (FW Scope) $625 $631
$598 $637
Foster Wheeler’s Chief Executive Officer, Kent Masters, said,
“Our adjusted income from continuing operations in the third
quarter of 2013 was above the average quarter of 2012 due largely
to an increase in EBITDA in our Global Engineering and Construction
(E&C) Group, partially offset by an EBITDA decline in the
Global Power Group.”
Masters said, “In addition to its strong operating performance,
our Global E&C Group set new quarterly records for scope
backlog and scope new orders.”
The company’s income from continuing operations in the third
quarter of 2013 included a net $5.4 million after-tax benefit from
mark-to-market currency fluctuations, which were primarily related
to the reversal of mark-to-market currency losses that had been
reported in the first quarter of 2013.
Global Engineering and Construction
(E&C) Group
(dollars in millions)
Q3
2013 Qtrly Avg. 2013 Q3 2012
Qtrly Avg. 2012 New orders booked (FW Scope)
$1,304 $725 $769 $599 Operating
revenues (FW Scope) $441 $436
$380 $397 Segment EBITDA
$60 $52 $52 $48 EBITDA Margin (FW Scope)
13.6% 12.0% 13.7%
12.1%
- Scope new orders in the third quarter
of 2013 reached a record level, driven by the booking of a large
EPC contract for a grassroots petrochemical plant in Texas. The
exceptionally strong orders resulted in a record-level scope
backlog of $2.9 billion.
- Scope operating revenues in the third
quarter of 2013 were 11% above the average quarter of 2012 due to
an increase in the volume of work.
- EBITDA in the third quarter of 2013 was
25% above the average quarter of 2012. In addition to the
contribution from recent acquisitions, EBITDA reflected improved
utilization and higher profit enhancement opportunities. EBITDA in
the third quarter of 2013 also included a $5.8 million pretax
benefit from mark-to-market currency fluctuations, which were
primarily related to the reversal of mark-to-market losses reported
in the first quarter of 2013.
Global Power Group (GPG)
(dollars in millions, EBITDA and revenues from continuing
operations)
Q3 2013 Qtrly Avg
2013 Q3 2012 Qtrly Avg. 2012 New
orders booked (FW Scope) $176 $153
$184 $145 Operating revenues (FW Scope)
$185 $194 $217 $241 Segment EBITDA
$45 $39 $64 $51 EBITDA
Margin (FW Scope) 24.6% 19.8%
29.7% 21.3%
- Scope new orders in the third quarter
of 2013 were above the average quarter of 2012, although the
company continued to see delays in prospective orders for large
utility-sized boilers.
- Scope operating revenues in the third
quarter of 2013 were well below the average quarter of 2012,
reflecting a lower volume of boiler work during the quarter.
- EBITDA in the third quarter of 2013 was
below the average quarter of 2012 due primarily to the lower volume
of boiler work, partially offset by the favorable impact of robust
profit enhancement opportunities.
Outlook/Guidance
Masters said, “Our full-year 2013 guidance is unchanged for
earnings per share. We expect our adjusted diluted earnings per
share from continuing operations to be down sequentially in the
fourth quarter of this year but still moderately above $1.54 for
the full year.”
Masters said, “In our Global E&C Group, we are modestly
increasing our margin guidance. We now expect full-year EBITDA
margin on scope revenues to be in the range of 11% to 13%, as
compared to the previous guidance of 10% to 12%. We still expect
scope revenues in 2013 to be up materially as compared with
2012.”
Masters said, “In our Global Power Group, we are maintaining our
previous guidance. We expect full-year EBITDA margin on scope
revenues to be in the range of 17% to 19% on a material decline in
sequential-year scope revenues.”
Share Repurchase Program
The company did not purchase any of its shares during the
quarter. As of September 30, 2013, the company had approximately
$270 million remaining under its authorized share repurchase
program.
Conference Call Information
Foster Wheeler AG plans to hold a conference call today,
Thursday, November 7, at 4:00 p.m. Central European Time (10:00
a.m. Eastern Time in the U.S.) to discuss its financial results for
the third quarter ended September 30, 2013. 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. number
73811172) 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 web site for four weeks
following the call.
Income from Continuing Operations
All references to income from continuing operations in this news
release refer to “Income from continuing operations attributable to
Foster Wheeler AG” as reported in our consolidated financial
statements.
Adjusted Income from Continuing Operations and Adjusted
Earnings per Share from Continuing Operations
The company believes that adjusted income from continuing
operations and adjusted earnings per share from continuing
operations are important measures of performance because such
adjusted figures exclude the variable impact of periodic
asbestos-related gains and provisions. The company believes that
the line item on its consolidated statement of operations entitled
"Net income attributable to Foster Wheeler AG" and “diluted
earnings per share attributable to Foster Wheeler AG” are the most
directly comparable GAAP financial measures to adjusted income from
continuing operations and adjusted earnings per share from
continuing operations.
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 senior unsecured credit agreement use
EBITDA, as defined in such agreement, in the covenant calculations,
which is different from EBITDA as presented herein. 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 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.
Foster Wheeler AG is a global engineering and construction
company 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 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, minerals 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 Reading,
United Kingdom. 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 and Quarterly Report on Form 10-Q for the quarter ended
March 31, 2013, which were 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 to Switzerland, benefits,
effects or results of the Company’s 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, the 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 the Company’s
global operations, currency fluctuations, war, terrorist attacks
and/or natural disasters affecting 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 the Company’s patents and other intellectual property rights,
increasing global competition, compliance with its debt covenants,
recoverability of claims against the Company’s 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 or furnished to 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)
Quarter Ended Nine Months Ended
September 30, September 30, 2013
2012 2013
2012 Operating revenues $
801,826 $ 797,296 $ 2,455,377
$ 2,661,348 Cost of operating revenues
648,360 643,076
2,028,858 2,228,112 Contract
profit 153,466 154,220 426,519
433,236 Selling, general and administrative
expenses 85,521 77,495 265,654
245,925 Other income, net (9,873 )
(14,342 ) (32,638 ) (32,995
) Other deductions, net 7,557 8,825
23,359 25,062 Interest income (1,307
) (2,469 ) (4,251 )
(8,583 ) Interest expense 3,388
3,197 9,976 10,862 Net asbestos-related
provision/(gain) 2,000 2,000
(9,750 ) 7,710
Income from continuing operations before income taxes
66,180 79,514 174,169 185,255
Provision for income taxes 17,794
16,790 36,273
43,965 Income from continuing operations
48,386 62,724
137,896 141,290 Discontinued
operations: Income/(loss) from discontinued operations
before income taxes 1,760 (445 )
265 (851 ) Provision for income taxes from
discontinued operations - -
- -
Income/(loss) from discontinued operations
1,760 (445 ) 265
(851 ) Net income 50,146
62,279 138,161 140,439 Less: Net
(loss)/income attributable to noncontrolling interests
(467 ) 4,057 3,823
10,712 Net income attributable to
Foster Wheeler AG $ 50,613 $
58,222 $ 134,338 $
129,727 Weighted–average number of
shares outstanding: Basic earnings per share
98,172,200 107,065,999 100,830,719
107,558,489 Diluted earnings per share
98,603,586 107,319,962 101,326,593
107,857,368 Amounts attributable to Foster Wheeler
AG: Income from continuing operations $
48,853 $ 58,667 $ 134,073
$ 130,578 Income/(loss) from discontinued
operations 1,760 (445
) 265 (851 )
Net income $ 50,613 $
58,222 $ 134,338 $
129,727 Basic earnings per share
attributable to Foster Wheeler AG: Income from continuing
operations $ 0.50 $ 0.55 $
1.33 $ 1.22 Income/(loss) from discontinued
operations 0.02 (0.01
) - (0.01 ) Net
income $ 0.52 $ 0.54
$ 1.33 $ 1.21
Diluted earnings per share attributable to Foster Wheeler
AG: Income from continuing operations $
0.50 $ 0.55 $ 1.32 $
1.21 Income/(loss) from discontinued operations
0.01 (0.01 )
- (0.01 ) Net income
$ 0.51 $ 0.54 $
1.32 $ 1.20
Foster Wheeler AG
and Subsidiaries
Consolidated
Balance Sheet
(in thousands of
dollars)
(unaudited)
September 30, December 31,
2013 2012 ASSETS
Current Assets: Cash and cash equivalents $
497,129 $ 582,322 Accounts and notes
receivable, net: Trade 619,717 609,213
Other 90,385 86,981 Contracts in
process 207,809 228,979 Prepaid, deferred and
refundable income taxes 62,521 57,404 Other
current assets 41,705 47,138 Current assets of
discontinued operations -
1,505 Total current assets
1,519,266 1,613,542 Land,
buildings and equipment, net 280,245 285,402
Restricted cash 54,602 62,189 Notes and
accounts receivable – long-term 14,111 14,119
Investments in and advances to unconsolidated affiliates
192,253 205,476 Goodwill 168,720
133,518 Other intangible assets, net 118,233
105,100 Asbestos-related insurance recovery
receivable 114,188 132,438 Long-term assets of
discontinued operations - 49,579 Other
assets 143,169 90,509 Deferred tax assets
44,147 42,052 TOTAL
ASSETS $ 2,648,934 $
2,733,924 LIABILITIES, TEMPORARY EQUITY AND
EQUITY Current Liabilities: Current installments on
long-term debt $ 13,783 $ 13,672
Accounts payable 277,627 298,411 Accrued
expenses 254,144 231,602 Billings in excess of
costs and estimated earnings on uncompleted contracts
527,642 564,356 Income taxes payable
39,771 64,992 Liabilities of discontinued
operations - 3,154
Total current liabilities 1,112,967
1,176,187 Long-term debt 117,113
124,034 Deferred tax liabilities 45,341
40,889 Pension, postretirement and other employee
benefits 169,196 177,345 Asbestos-related
liability 237,632 259,350 Other long-term
liabilities 202,793 190,132 Commitments and
contingencies TOTAL LIABILITIES
1,885,042 1,967,937 Temporary
Equity: Non-vested share-based compensation awards subject
to redemption 12,313 8,594
TOTAL TEMPORARY EQUITY 12,313
8,594 Equity: Registered shares
257,614 269,633 Paid-in capital 202,556
266,943 Retained earnings 970,331
835,993 Accumulated other comprehensive loss
(562,766 ) (567,603 ) Treasury
shares (150,131 ) (90,976
) TOTAL FOSTER WHEELER AG SHAREHOLDERS’ EQUITY
717,604 713,990
Noncontrolling interests 33,975
43,403 TOTAL EQUITY 751,579
757,393 TOTAL LIABILITIES, TEMPORARY
EQUITY AND EQUITY $ 2,648,934 $
2,733,924
Foster Wheeler AG
and Subsidiaries
Business
Segments
(in thousands of
dollars)
(unaudited)
Quarter Ended Nine Months Ended
September 30, September 30, 2013
2012 2013
2012
Global
Engineering & Construction Group
Backlog - in future revenues $ 3,355,000
$ 2,485,800 $ 3,355,000 $
2,485,800 New orders booked - in future revenues
1,498,400 838,000 2,627,100 2,007,500
Operating revenues 615,028 578,072
1,865,721 1,915,087 EBITDA 59,940
51,964 157,261 138,809 Foster
Wheeler Scope (1): Backlog - in Foster Wheeler
Scope 2,918,800 1,706,800 2,918,800
1,706,800 New orders booked - in Foster Wheeler Scope
1,303,800 768,600 2,176,300 1,531,100
Operating revenues - in Foster Wheeler Scope $
440,633 $ 380,482 $ 1,308,875
$ 1,162,328 EBITDA Margin (FW Scope)
13.6 % 13.7 % 12.0 %
11.9 %
Global Power
Group
Backlog - in future revenues (3) $
587,200 $ 917,800 $ 587,200
$ 917,800 New orders booked - in future
revenues (3) 177,900 185,900
467,100 463,800 Operating revenues (4)
186,798 219,224 589,656 746,261
EBITDA 45,428 64,396 115,699
158,535 Foster Wheeler Scope
(1): Backlog - in Foster Wheeler Scope
(3) 583,900 908,300 583,900
908,300 New orders booked - in Foster Wheeler Scope
(3) 175,500 183,800 460,200
457,500 Operating revenues - in Foster Wheeler Scope
(4) $ 184,741 $ 217,004 $
582,897 $ 739,896 EBITDA Margin (FW
Scope) 24.6 % 29.7 % 19.8
% 21.4 %
Corporate &
Finance Group (2)
EBITDA $ (21,301 ) $
(25,528 ) $ (49,810 ) $
(76,398 )
Consolidated
Backlog - in future revenues (3) $
3,942,200 $ 3,403,600 $
3,942,200 $ 3,403,600 New orders booked -
in future revenues (3) 1,676,300 1,023,900
3,094,200 2,471,300 Operating revenues
(4) 801,826 797,296 2,455,377
2,661,348 EBITDA from continuing operations
84,067 90,832 223,150 220,946
Foster Wheeler Scope (1): Backlog - in
Foster Wheeler Scope (3) 3,502,700
2,615,100 3,502,700 2,615,100 New orders
booked - in Foster Wheeler Scope (3) 1,479,300
952,400 2,636,500 1,988,600 Operating
revenues - in Foster Wheeler Scope (4) $
625,374 $ 597,486 $ 1,891,772
$ 1,902,224 ____________________
(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. (3)
The backlog and new orders booked balances above include
balances for discontinued operations for periods prior to
September 30, 2013, which were
insignificant based on our consolidated and business group
balances.
(4) The operating revenues balances above represent
balances from continuing operations.
Foster Wheeler AG
and Subsidiaries
Reconciliations
of Foster Wheeler Scope and EBITDA
(in thousands of
dollars)
(unaudited)
Twelve Months Quarter
Ended Nine Months Ended Ended
September 30, September 30, December 31,
2013 2012 2013 2012
2012
Reconciliation of
Foster Wheeler Scope Operating
Revenues to Operating Revenues (1)
Global
Engineering & Construction Group
Foster Wheeler Scope operating revenues $
440,633 $ 380,482 $ 1,308,875
$ 1,162,328 $ 1,586,198 Flow-through
revenues 174,395 197,590
556,846 752,759
833,129 Operating revenues $
615,028 $ 578,072 $
1,865,721 $ 1,915,087 $
2,419,327
Global Power
Group
Foster Wheeler Scope operating revenues $
184,741 $ 217,004 $ 582,897
$ 739,896 $ 962,247 Flow-through
revenues 2,057 2,220
6,759 6,365
9,820 Operating revenues $
186,798 $ 219,224 $
589,656 $ 746,261 $
972,067
Consolidated
Foster Wheeler Scope operating revenues $
625,374 $ 597,486 $ 1,891,772
$ 1,902,224 $ 2,548,445
Flow-through revenues
176,452 199,810
563,605 759,124
842,949 Operating revenues $
801,826 $ 797,296 $
2,455,377 $ 2,661,348 $
3,391,394
Reconciliation of
EBITDA from continuing operations to Net Income
(2)
EBITDA from
continuing operations:
Global Engineering & Construction Group $
59,940 $ 51,964 $ 157,261
$ 138,809 $ 192,208 Global Power
Group 45,428 64,396 115,699 158,535
204,758 Corporate & Finance Group
(21,301 ) (25,528 )
(49,810 ) (76,398 )
(121,453 ) EBITDA from continuing operations
84,067 90,832 223,150 220,946
275,513 Less: Interest expense 3,388
3,197 9,976 10,862 13,797 Less:
Depreciation and amortization (3) 14,032
12,178 42,828 35,541 50,234 Less:
Provision for income taxes 17,794
16,790 36,273
43,965 62,267 Income from
continuing operations (2) 48,853 58,667
134,073 130,578 149,215 Income/(loss) from
discontinued operations (2) 1,760
(445 ) 265
(851 ) (13,193 ) Net
income (2) $ 50,613 $
58,222 $ 134,338 $
129,727 $ 136,022
((1))
The operating revenues represent balances from continuing
operations. ((2))
Amounts attributable to Foster Wheeler
AG. ((3))
The depreciation and amortization by business
segment: Twelve Months Quarter Ended Nine
Months Ended Ended September 30, September
30, December 31, 2013 2012 2013
2012 2012
Global Engineering & Construction
Group
$ 8,376 $ 5,845 $ 24,170
$ 16,752 $ 23,115
Global Power
Group
5,176 5,677 15,591 16,838 22,637
Corporate & Finance
Group
480 656
3,067 1,951 4,482
Total depreciation and
amortization
$ 14,032 $ 12,178
$ 42,828 $ 35,541
$ 50,234
Foster Wheeler AG
and Subsidiaries
EBITDA, Net
Income* and Diluted Earnings Per Share
Reconciliation
(in thousands of
dollars, except per share amounts)
(unaudited)
Quarter Ended September 30, 2013
2012 EBITDA Net Income*
Diluted
Earnings
Per Share EBITDA Net Income*
Diluted
Earnings
Per Share As adjusted $ 86,067
$ 50,853 $ 0.52 $ 92,832
$ 60,667 $ 0.57 Adjustments:
Net asbestos-related provision (2,000 )
(2,000 ) (0.02 ) (2,000 )
(2,000 ) (0.02 )
As reported from continuing operations
$ 84,067 $ 48,853 $
0.50 $ 90,832 $ 58,667
$ 0.55 As reported from discontinued
operations 1,760 0.01
(445 ) (0.01 ) As
reported $ 50,613 $ 0.51
$ 58,222 $ 0.54
Nine Months Ended September 30, 2013 2013
2012 EBITDA Net Income* Diluted
Earnings
Per Share EBITDA Net Income*
Diluted
Earnings
Per Share As adjusted $ 213,400
$ 124,323 $ 1.23 $
228,656 $ 137,851 $ 1.28
Adjustments: Net asbestos-related gain/(provision)
9,750 9,750 0.09 (7,710 )
(7,273 ) (0.07 )
As reported from continuing operations
$ 223,150 $ 134,073 $
1.32 $ 220,946 $ 130,578
$ 1.21 As reported from discontinued
operations 265 -
(851 ) (0.01 ) As
reported $ 134,338 $ 1.32
$ 129,727 $ 1.20
Twelve Months Ended December 31, 2012 EBITDA
Net Income* Diluted
Earnings
Per Share As adjusted $ 306,018
$ 179,137 $ 1.66 Adjustments:
Net asbestos-related provision (30,505 )
(29,922 ) (0.27 )
As reported from continuing operations $
275,513 $ 149,215 $ 1.39
As reported from discontinued operations
(13,193 ) (0.12 ) As
reported $ 136,022 $ 1.27
_______________
* Net income attributable to
Foster Wheeler AG.
Foster Wheeler AG
and Subsidiaries
Average
Calculations
(in thousands of
dollars, except per share
amounts)
(unaudited)
2012
Full Year
2012
Quarterly
Average(1)
Nine Months
EndedSeptember 30,2013
2013
Quarterly
Average(2)
Consolidated
Operating revenues - in Foster Wheeler Scope (3)
$ 2,548,445 $ 637,111 $
1,891,772 $ 630,591 Income from continuing
operations (4) $ 149,215 $
37,304 $ 134,073 $ 44,691
Adjusted income from continuing operations (4)
$ 179,137 $ 44,784 $
124,323 $ 41,441 Consolidated EBITDA from
continuing operations $ 275,513 $
68,878 $ 223,150 $ 74,383
Consolidated EBITDA from continuing operations, as adjusted
$ 306,018 $ 76,505 $
213,400 $ 71,133 Adjusted diluted earnings
per share $ 1.66 $ 0.42 $
1.23 $ 0.41
Global
Engineering & Construction Group
New orders booked - in Foster Wheeler Scope $
2,397,600 $ 599,400 $ 2,176,300
$ 725,433 Operating revenues - in Foster Wheeler
Scope $ 1,586,198 $ 396,550
$ 1,308,875 $ 436,292 EBITDA
$ 192,208 $ 48,052 $
157,261 $ 52,420 EBITDA margin (FW
Scope) 12.1 % 12.1 % 12.0
% 12.0 %
Global Power
Group
New orders booked - in Foster Wheeler Scope (5)
$ 579,000 $ 144,750 $
460,200 $ 153,400 Operating revenues - in
Foster Wheeler Scope (3) $ 962,247
$ 240,562 $ 582,897 $
194,299 EBITDA $ 204,758 $
51,190 $ 115,699 $ 38,566
EBITDA margin (FW Scope) 21.3 % 21.3
% 19.8 % 19.8 %
____________________ (1) To calculate the
quarterly average dollar amounts, the company divided reported
annual figures by four. (2) To calculate the
quarterly average dollar amounts, the company divided reported
nine-months figures by three. (3) The operating
revenues represent balances from continuing operations.
(4) Amounts attributable to Foster Wheeler AG.
(5) New orders booked balances
above include balances for discontinued operations for periods
prior to September 30, 2013,
which were
insignificant based on our consolidated and business group
balances.
Foster Wheeler AGMediaPatti
Landsperger, 908-713-2944patti_landsperger@fwc.comorInvestor
RelationsScott
Lamb, 908-730-4155scott_lamb@fwc.comorOther
Inquiries908-730-4000fw@fwc.com
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