Foster Wheeler Reports Excellent Results for Second Quarter of 2009

04/08/2009


  • $0.96 fully diluted earnings per share
  • $122 million net income
  • $162 million consolidated EBITDA
  • Record level of scope backlog in E&C Group, excluding impact of currency translation
  • 15.2 million man-hours in E&C Group backlog, second highest-ever quarter

ZUG, Switzerland--(BUSINESS WIRE)--Aug. 5, 2009-- Foster Wheeler AG (Nasdaq: FWLT) today reported net income for the second quarter of 2009 of $122.2 million, or $0.96 per diluted share, compared with $160.8 million, or $1.11 per diluted share, in the second quarter of 2008. 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 second quarter of 2009 was $124.0 million, or $0.98 per diluted share, compared with $142.5 million, or $0.98 per diluted share, in the second quarter of 2008.

Second-quarter 2009 consolidated EBITDA (earnings before interest expense, income taxes, depreciation and amortization) was $162.0 million, compared with $220.4 million in the second quarter of 2008. 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 second quarter of 2009 was $163.7 million, compared with $202.2 million in the second quarter of 2008.

For the first six months of 2009, net income was $195.1 million, or $1.54 per diluted share, compared with $298.8 million, or $2.06 per diluted share, for the first six months of 2008. Consolidated EBITDA for the first six months of 2009 was $267.5 million, compared with $415.7 million for the first six months of 2008. The six-month periods of 2009 and 2008 included items as outlined in the table accompanying this press release.

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)       Q2 2009     Qtrly Avg. 2009     Q2 2008     Qtrly Avg. 2008
Net income       $122     $98     $161     $132
Net income, as adjusted       $124     $99     $142     $133
Consolidated EBITDA       $162     $134     $220     $172
Consolidated EBITDA, as adjusted       $164     $136     $202     $173
                 

Foster Wheeler’s Chairman and Chief Executive Officer, Raymond J. Milchovich, said, -The company’s net income in the second quarter of 2009 was driven by very strong EBITDA generation. Specifically, the company reported an increase in consolidated EBITDA in the second quarter of 2009 as compared to the average quarter of 2008, excluding the impact of approximately $17 million of unfavorable currency translation. The increase was due to outstanding commercial and operational performance in both of our business groups. In addition, the strong performance of our Global Engineering and Construction Group was bolstered by its ability to capture available profit enhancement opportunities during the quarter. Also, our Global Power Group’s performance benefited from the actions it has taken over the past several years in the pursuit of commercial and operational excellence.”

Global Engineering and Construction (E&C) Group

                                 
(in millions)       Q2 2009     Qtrly Avg. 2009     Q2 2008     Qtrly Avg. 2008
New orders booked (FW Scope)       $512     $612     $538     $526
Operating revenues (FW Scope)       $481     $461     $515     $558
Segment EBITDA       $131     $106     $156     $134
EBITDA Margin (FW Scope)       27.1%     23.0%     30.2%     24.0%
                 
  • EBITDA in the second quarter of 2009 was $145 million, excluding the impact of approximately $14 million of unfavorable currency translation (reported Q2 2009 EBITDA calculated at average 2008 exchange rates). EBITDA was driven by outstanding commercial and operational performance and the capture of available profit enhancement opportunities.
  • Despite the lack of any new -mega” contract booked during the period, new orders booked in Foster Wheeler scope remained at a very strong level. New orders contributed to an all-time record level of scope backlog of $1.98 billion in the second quarter of 2009, excluding the impact of approximately $218 million of unfavorable currency translation (reported Q2 2009 scope backlog calculated at the exchange rates in effect at the end of Q2 2008, when the company had reported record scope backlog). Man-hours in backlog at the end of the second quarter of 2009 amounted to 15.2 million, the second-highest in the company’s history.
  • Scope operating revenues were below the average quarter of 2008, primarily due to a modestly lower volume of work executed combined with approximately $52 million of unfavorable currency translation (as compared to average 2008 exchange rates).

Global Power Group (GPG)

                                 
(in millions)       Q2 2009     Qtrly Avg. 2009     Q2 2008     Qtrly Avg. 2008
New orders booked (FW Scope)       $83     $88     $191     $334
Operating revenues (FW Scope)       $276     $292     $448     $424
Segment EBITDA       $54     $51     $68     $60
EBITDA Margin (FW Scope)       19.5%     17.5%     15.2%     14.1%
                 
  • EBITDA was modestly below the average quarter of 2008 due to lower revenues and an unfavorable currency translation impact of approximately $3 million, when comparing Q2 2009 exchange rates to 2008 average exchange rates. Nonetheless, EBITDA margin on scope revenue was above the average of 2008, reflecting outstanding commercial and operational performance.
  • Scope new orders and operating revenues were below the average quarter of 2008 due to continued weakness in global demand for solid fuel boilers.

In commenting on the market outlook for the company’s two business units, Milchovich said, -The competitive pressure in our E&C Group is somewhat more pronounced than it was at this time last year. However, as we have consistently reported, we have an extensive prospect list that offers numerous examples of clients who are planning to proceed with projects. After posting a record level of currency-adjusted scope backlog in E&C – and with a near-record 15.2 million man-hours in backlog – we believe we are demonstrating our ability to win targeted projects in a competitive environment. In our Global Power Group, demand for solid fuel boilers has been very weak. Nevertheless, we believe several clients are likely to make award decisions in the second half of 2009 and, given our global leadership position in circulating fluidized-bed boilers, we expect a very high win rate, assuming the projects go forward. As an example, last week we received an award for a 55-megawatt CFB in Poland. Even with such wins, we anticipate that business conditions will remain challenging for our power business.”

Share Repurchase Program

On September 12, 2008, the company announced that its board of directors had authorized a $750 million share repurchase program. The company purchased no shares under the program during the second quarter of 2009. To date, the company has purchased 18.1 million common shares and has approximately $265 million remaining under the existing authorization.

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 (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 current and prior senior credit agreements 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 current and prior senior credit agreements. 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, Wednesday, August 5, at 10:00 a.m. (Eastern) to discuss its financial results for the quarter ended June 30, 2009.

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 web site (www.fwc.com). To listen to the call by telephone, dial 719-325-4745 (conference I.D. No. 1903141) 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 as well as by telephone. The replay can be accessed on the company's web site for four weeks following the call. The replay will be available by telephone for two weeks following the call and can be accessed by dialing 719-457-0820 (replay passcode 1903141 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 over 14,000 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 are in Clinton, New Jersey, USA. 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, 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 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. domestic 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 Six Months Ended

June 30,

2009

June 27,

2008

June 30,

2009

June 27,

2008

 
Operating revenues $ 1,308,801 $ 1,701,022 $ 2,573,324 $ 3,496,746
Cost of operating revenues   1,088,842     1,454,806     2,190,613     3,033,559  
Contract profit 219,959 246,216 382,711 463,187
 
Selling, general and administrative expenses 69,024 79,044 138,272 143,940
Other income, net (11,490 ) (17,643 ) (19,693 ) (31,671 )
Other deductions, net 6,898 5,207 12,985 11,592
Interest income (2,426 ) (12,167 ) (5,098 ) (22,698 )
Interest expense 1,302 4,860 5,469 11,011
Net asbestos-related provision/(gain)   1,756     (18,275 )   3,506     (32,463 )
Income before income taxes 154,895 205,190 247,270 383,476
Provision for income taxes   27,561     43,883     45,564     83,633  
Net income 127,334 161,307 201,706 299,843
Less: net income attributable to noncontrolling interests   5,130     552     6,639     1,025  
Net income attributable to Foster Wheeler AG $ 122,204   $ 160,755   $ 195,067   $ 298,818  
 
Shares Outstanding:

Weighted-average number of shares
  outstanding for basic earnings per share

126,344,093 143,994,084 126,304,157 143,955,937
 

Weighted-average number of shares
  outstanding for diluted earnings per share

127,055,178 145,421,350 126,867,282 145,385,086
 
 
Earnings per share:
Basic $ 0.97   $ 1.12   $ 1.54   $ 2.08  
Diluted $ 0.96   $ 1.11   $ 1.54   $ 2.06  
 
 
 

Foster Wheeler AG and Subsidiaries

Consolidated Balance Sheet

(in thousands of dollars)

(unaudited)

   
June 30, December 26,
2009 2008
ASSETS
Current Assets:
Cash and cash equivalents $ 848,985 $ 773,163
Short-term investments 3,777 2,448
Accounts and notes receivable, net:
Trade 543,548 608,994
Other 88,793 95,633
Contracts in process 261,668 241,135
Prepaid, deferred and refundable income taxes 30,573 31,667
Other current assets   43,496     37,146  
Total current assets   1,820,840     1,790,186  
Land, buildings and equipment, net 396,165 383,209
Restricted cash 25,500 22,737
Notes and accounts receivable – long-term 1,537 1,788
Investments in and advances to unconsolidated affiliates 211,819 210,776
Goodwill 69,840 62,165
Other intangible assets, net 59,968 59,874
Asbestos-related insurance recovery receivable 276,060 281,540
Other assets 79,323 82,223
Deferred income taxes   113,625     116,756  
TOTAL ASSETS $ 3,054,677   $ 3,011,254  
 
LIABILITIES, TEMPORARY EQUITY AND EQUITY
Current Liabilities:
Current installments on long-term debt $ 23,020 $ 24,375
Accounts payable 298,641 365,347
Accrued expenses 261,424 303,813
Billings in excess of costs and estimated earnings on uncompleted contracts 660,998 750,233
Income taxes payable   63,611     44,846  

Total current liabilities

  1,307,694     1,488,614  
 
Long-term debt 191,528 192,989
Deferred income taxes 59,970 66,114
Pension, postretirement and other employee benefits 331,149 320,959
Asbestos-related liability 336,556 355,779
Other long-term liabilities 159,152 157,933
Commitments and contingencies    
TOTAL LIABILITIES   2,386,049     2,582,388  
 
Temporary Equity:
Non-vested share-based compensation awards subject to redemption   8,590     7,586  
TOTAL TEMPORARY EQUITY   8,590     7,586  
 
Equity:
Preferred shares - -
Common shares - 1,262
Registered shares 326,489 -
Paid-in capital 598,767 914,063
Retained earnings/(accumulated deficit) 167,092 (27,975 )
Accumulated other comprehensive loss   (468,033 )   (494,788 )
TOTAL FOSTER WHEELER AG SHAREHOLDERS’ EQUITY   624,315     392,562  
Noncontrolling Interests   35,723     28,718  
TOTAL EQUITY   660,038     421,280  
TOTAL LIABILITIES, TEMPORARY EQUITY AND EQUITY $ 3,054,677   $ 3,011,254  
 
 

Foster Wheeler AG and Subsidiaries

Business Segments

(in thousands of dollars)

(unaudited)

               
Fiscal Quarters Ended Fiscal Six Months Ended
June 30,

2009

June 27,

2008

June 30,

2009

June 27,

2008

Global Engineering & Construction Group

Backlog - in future revenues $ 4,262,000 $ 6,654,600 $ 4,262,000 $ 6,654,600
New orders booked - in future revenues 847,700 646,300 1,657,200 1,353,600
Operating revenues 1,030,471 1,249,730 1,982,883 2,640,731
EBITDA 130,628 155,688 211,910 290,148
 
Foster Wheeler Scope (1):
Backlog - in Foster Wheeler Scope 1,758,300 1,817,900 1,758,300 1,817,900
New orders booked - in Foster Wheeler Scope 512,000 538,000 1,224,800 1,150,500
Operating revenues - in Foster Wheeler Scope 481,352 514,813 922,543 1,062,021
 

Global Power Group

Backlog - in future revenues 628,500 1,518,200 628,500 1,518,200
New orders booked - in future revenues 86,100 194,200 182,600 730,600
Operating revenues 278,330 451,292 590,441 856,015
EBITDA 53,780 68,378 102,563 132,794
 
Foster Wheeler Scope (1):
Backlog - in Foster Wheeler Scope 615,800 1,505,400 615,800 1,505,400
New orders booked - in Foster Wheeler Scope 83,300 191,400 176,700 724,700
Operating revenues - in Foster Wheeler Scope 275,520 448,437 584,550 850,100
 

Corporate & Finance Group (2)

EBITDA (22,446 ) (3,638 ) (46,927 ) (7,194 )
 

Consolidated

Backlog - in future revenues 4,890,500 8,172,800 4,890,500 8,172,800
New orders booked - in future revenues 933,800 840,500 1,839,800 2,084,200
Operating revenues 1,308,801 1,701,022 2,573,324 3,496,746
EBITDA 161,962 220,428 267,546 415,748
 
Foster Wheeler Scope (1):
Backlog - in Foster Wheeler Scope 2,374,100 3,323,300 2,374,100 3,323,300
New orders booked - in Foster Wheeler Scope 595,300 729,400 1,401,500 1,875,200
Operating revenues - in Foster Wheeler Scope 756,872 963,250 1,507,093 1,912,121
 

_________________________________________________

(1)   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.
 
(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 Six Months Ended

Fiscal Twelve
Months Ended

June 30,

2009

June 27,

2008

June 30,

2009

June 27,

2008

December 26,
2008

Reconciliation of EBITDA to Net Income*

EBITDA:

Global Engineering & Construction $ 130,628 $ 155,688 $ 211,910 $ 290,148 $ 535,602
Global Power Group 53,780 68,378 102,563 132,794 239,508
Corporate & Finance Group   (22,446 )   (3,638 )   (46,927 )   (7,194 )   (89,043 )
Consolidated EBITDA 161,962 220,428 267,546 415,748 686,067
Less: Interest expense 1,302 4,860 5,469 11,011 17,621
Less: Depreciation/amortization (1) 10,895 10,930 21,446 22,286 44,798
Less: Provision for income taxes   27,561     43,883     45,564     83,633     97,028  
Net income* $ 122,204   $ 160,755   $ 195,067   $ 298,818   $ 526,620  
 

Reconciliation of Foster Wheeler Scope Operating

Revenues to Operating Revenues

 

Global Engineering & Construction Group

Foster Wheeler Scope operating revenues $ 481,352 $ 514,813 $ 922,543 $ 1,062,021 $ 2,233,125
Flow-through revenues   549,119     734,917     1,060,340     1,578,710     2,914,102  
Operating revenues   1,030,471     1,249,730     1,982,883     2,640,731     5,147,227  
 

Global Power Group

Foster Wheeler Scope operating revenues 275,520 448,437 584,550 850,100 1,695,209
Flow-through revenues   2,810     2,855     5,891     5,915     11,854  
Operating revenues   278,330     451,292     590,441     856,015     1,707,063  
 

Consolidated

Foster Wheeler Scope operating revenues 756,872 963,250 1,507,093 1,912,121 3,928,334
Flow-through revenues   551,929     737,772     1,066,231     1,584,625     2,925,956  
Operating revenues $ 1,308,801   $ 1,701,022   $ 2,573,324   $ 3,496,746   $ 6,854,290  
 
 
(1)The depreciation / amortization by business segment:
 
Fiscal Quarters Ended Fiscal Six Months Ended

Fiscal Twelve
Months Ended

June 30,

2009

June 27,

2008

June 30,

2009

June 27,

2008

December 26,
2008

Global Engineering & Construction Group $ 5,368 $ 5,365 $ 10,510 $ 11,000 $ 22,530
Global Power Group 5,151 5,219 10,190 10,597 20,846
Corporate & Finance Group   376     346     746     689     1,422  
Total depreciation / amortization $ 10,895   $ 10,930   $ 21,446   $ 22,286   $ 44,798  
 
* 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
June 30, 2009 June 27, 2008
EBITDA Net Income*

Diluted Earnings

Per Share

EBITDA Net Income*

Diluted Earnings

Per Share

As adjusted $ 163,718 $ 123,960 $ 0.98 $ 202,153 $ 142,480 $ 0.98
 
Adjustments:
Net asbestos-related (provision)/gain (1,756 ) (1,756 ) (0.02 ) 18,275 18,275 0.13
           
As reported $ 161,962   $ 122,204   $ 0.96   $ 220,428   $ 160,755   $ 1.11  
 
 
Fiscal Six Months Ended
June 30, 2009 June 27, 2008
EBITDA Net Income*

Diluted Earnings

Per Share

EBITDA Net Income*

Diluted Earnings

Per Share

As adjusted $ 271,052 $ 198,573 $ 1.57 $ 383,285 $ 266,355 $ 1.83
 
Adjustments:
Net asbestos-related (provision)/gain (3,506 ) (3,506 ) (0.03 ) 32,463 32,463 0.23
           
As reported $ 267,546   $ 195,067   $ 1.54   $ 415,748   $ 298,818   $ 2.06  
 
 
Fiscal Twelve Months Ended
December 26, 2008
EBITDA Net Income*

Diluted Earnings

Per Share

As adjusted $ 692,674 $ 533,227 $ 3.73
 
Adjustments:
Net asbestos-related provision (6,607 ) (6,607 ) (0.05 )
     
As reported $ 686,067   $ 526,620   $ 3.68  
 
*Net income attributable to Foster Wheeler AG.
 
 
 

Foster Wheeler AG and Subsidiaries

Average Calculations

(in thousands of dollars)

(unaudited)

         

2008

Full Year

Amount

2008

Quarterly

Average

Amount *

Fiscal Six

Months

Ended June

30, 2009

2009

Quarterly

Average

Amount **

 

Consolidated

Net income *** $ 526,620 $ 131,655 $ 195,067 $ 97,534
Adjusted net income *** 533,227 133,307 198,573 99,287
Consolidated EBITDA 686,067 171,517 267,546 133,773
Consolidated EBITDA, as adjusted 692,674 173,169 271,052 135,526
 
 

Global Engineering & Construction Group

New orders booked - in Foster Wheeler Scope $ 2,102,900 $ 525,725 $ 1,224,800 $ 612,400
Operating revenues - in Foster Wheeler Scope 2,233,125 558,281 922,543 461,272
Segment EBITDA 535,602 133,901 211,910 105,955
EBITDA margin 24.0 % 24.0 % 23.0 % 23.0 %
 
 

Global Power Group

New orders booked - in Foster Wheeler Scope $ 1,336,800 $ 334,200 $ 176,700 $ 88,350
Operating revenues - in Foster Wheeler Scope 1,695,209 423,802 584,550 292,275
Segment EBITDA 239,508 59,877 102,563 51,282
EBITDA margin 14.1 % 14.1 % 17.5 % 17.5 %
 
 

* 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 six-month figures by two.

*** Net income attributable to Foster Wheeler AG.

Source: Foster Wheeler AG

Foster Wheeler AG
Media
Maureen Bingert, 908-730-4444
maureen_bingert@fwc.com
or
Investor Relations
Scott Lamb, 908-730-4155
scott_lamb@fwc.com
or
Other Inquiries, 908-730-4000
fw@fwc.com

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