Foster Wheeler Reports Very Solid Results for Third Quarter of 2009

03/11/2009


  • $0.71 fully diluted earnings per share
  • $90.0 million net income
  • $128.2 million consolidated EBITDA
  • Nearly $1 billion total cash and cash equivalents

ZUG, Switzerland--(BUSINESS WIRE)--Nov. 4, 2009-- Foster Wheeler AG (Nasdaq: FWLT) today reported net income for the third quarter of 2009 of $90.0 million, or $0.71 per diluted share, compared with $127.9 million, or $0.88 per diluted share, in the third 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 third quarter of 2009 was $91.7 million, or $0.72 per diluted share, compared with $129.6 million, or $0.89 per diluted share, in the third quarter of 2008.

Third-quarter 2009 consolidated EBITDA (earnings before interest expense, income taxes, depreciation and amortization) was $128.2 million, compared with $165.2 million in the third 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 third quarter of 2009 was $129.9 million, compared with $167.0 million in the third quarter of 2008.

For the first nine months of 2009, net income was $285.1 million, or $2.24 per diluted share, compared with $426.7 million, or $2.94 per diluted share, for the first nine months of 2008. Consolidated EBITDA for the first nine months of 2009 was $395.7 million, compared with $581.0 million for the first nine months of 2008. The nine-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)   Q3 2009   Qtrly Avg. 2009   Q3 2008   Qtrly Avg. 2008
Net income   $90   $95   $128   $132
Net income, as adjusted   $92   $97   $130   $133
Consolidated EBITDA   $128   $132   $165   $172
Consolidated EBITDA, as adjusted   $130   $134   $167   $173

Several items in the third quarter of 2009 unfavorably impacted pre-tax income by approximately $25 million relative to the average quarter of 2008. In particular, compared to the average quarter of 2008: the impact of unfavorable currency translation in the third quarter of 2009 – mainly in the Global Engineering and Construction (E&C) Group -- was approximately $11 million; interest income in the third quarter of 2009 was $8.5 million lower; pension expense in the third quarter of 2009 was $5.0 million higher. In addition, a higher effective tax rate in the third quarter of 2009 versus the effective rate for the average quarter of 2008 reduced net income by approximately $4 million.

Foster Wheeler’s Chairman and Chief Executive Officer, Raymond J. Milchovich, said, -The company reported very solid performance for the third quarter of 2009. Major positives in the quarter included a large booking in our Global E&C Group for the remaining front-end engineering work on a petrochemical project in the Middle East. In addition, in a very challenging power market, our Global Power Group booked a new boiler order during the quarter, and the Group’s commercial and operating performance continued to be excellent despite the market-related decline in revenue. The company’s cash position continued its sequential-quarter build, and reached nearly $1 billion at the end of the third quarter of 2009.”

Global Engineering and Construction (E&C) Group

               
(in millions)   Q3 2009   Qtrly Avg. 2009   Q3 2008   Qtrly Avg. 2008
New orders booked (FW Scope)   $355   $527   $664   $526
Operating revenues (FW Scope)   $499   $474   $637   $558
Segment EBITDA   $114   $109   $123   $134
EBITDA Margin (FW Scope)   22.9%   22.9%   19.3%   24.0%
  • EBITDA in the third quarter of 2009 was unfavorably impacted by approximately $10 million of currency translation, relative to the average quarter of 2008, mainly related to the value of the British pound versus the U.S. dollar. Nonetheless, operating results were solid, and EBITDA margin on scope revenue remained strong.
  • New orders booked in Foster Wheeler scope included the full release of remaining front-end engineering work on a petrochemical project in the Middle East. Quarterly variability in new orders reflects timing of client decisions.
  • Scope operating revenues were below the average quarter of 2008 due to currency translation impact of approximately $34 million and a slightly lower volume of work executed.

Global Power Group (GPG)

               
(in millions)   Q3 2009   Qtrly Avg. 2009   Q3 2008   Qtrly Avg. 2008
New orders booked (FW Scope)   $209   $129   $432   $334
Operating revenues (FW Scope)   $204   $263   $428   $424
Segment EBITDA   $40   $47   $65   $60
EBITDA Margin (FW Scope)   19.4%   18.0%   15.1%   14.1%
  • EBITDA in the third quarter of 2009 was below the average quarter of 2008 due primarily to lower volumes of work. EBITDA margin on scope revenue was above the average quarter of 2008, aided by the capture of profit enhancement opportunities.
  • New orders in Foster Wheeler scope increased to the highest level since the third quarter of 2008 due in part to the value of a boiler order in Poland. Nonetheless, new orders were below the average quarter of 2008 due to continued weakness in global demand for solid-fuel boilers.
  • Scope operating revenues were below the average quarter of 2008 due primarily to lower volumes of work executed.

In commenting on the market outlook for the company’s two business units, Milchovich said, -Regarding our E&C business, while the overall market is not as robust as it was in 2007 and early 2008, Foster Wheeler has a very robust list of prospects, and we have been very pleased with our booking success so far in 2009. In GPG, global demand for solid fuel boilers remains weak. However, we continue to enjoy a very high capture rate when CFB boiler projects proceed.”

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 third 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, November 4, at 10:00 a.m. (Eastern) to discuss its financial results for the quarter ended September 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 719-457-2633 (conference I.D. No. 4957768) 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.comH.

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 4957768 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. 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,

2009

September 26,

2008

September 30,

2009

 

September 26,

2008

 
 
Operating revenues $ 1,216,379 $ 1,718,355 $ 3,789,703 $ 5,215,101
Cost of operating revenues   1,022,542     1,489,095     3,213,155     4,522,654  
Contract profit 193,837 229,260 576,548 692,447
 
Selling, general and administrative expenses 75,881 74,831 214,153 218,771
Other income, net (10,508 ) (3,364 ) (30,201 ) (35,035 )
Other deductions, net 6,722 13,528 19,707 25,120
Interest income (2,701 ) (12,457 ) (7,799 ) (35,155 )
Interest expense 4,648 5,193 10,117 16,204
Net asbestos-related provision/(gain)   1,745     1,725     5,251     (30,738 )
Income before income taxes 118,050 149,804 365,320 533,280
Provision for income taxes   22,061     21,050     67,625     104,683  
Net income 95,989 128,754 297,695 428,597
Less: Net income attributable to noncontrolling interests   5,991     834     12,630     1,859  
Net income attributable to Foster Wheeler AG $ 89,998   $ 127,920   $ 285,065   $ 426,738  
 
 
Shares Outstanding:
Weighted-average number of shares

outstanding for basic earnings per share

126,459,865 144,030,570 126,355,686 143,980,815
 
Weighted-average number of shares

outstanding for diluted earnings per share

127,399,854 145,199,596 127,069,653 145,349,931
 
 
 
 
Earnings per share:
Basic $ 0.71   $ 0.89   $ 2.26   $ 2.96  
Diluted $ 0.71   $ 0.88   $ 2.24   $ 2.94  
 

Foster Wheeler AG and Subsidiaries

Consolidated Balance Sheet

(in thousands of dollars)

(unaudited)

 
  September 30,   December 26,
  2009     2008  
ASSETS
Current Assets:
Cash and cash equivalents $ 962,133 $ 773,163
Short-term investments 3,645 2,448
Accounts and notes receivable, net:
Trade 548,879 608,994
Other 100,289 95,633
Contracts in process 276,011 241,135
Prepaid, deferred and refundable income taxes 31,514 31,667
Other current assets   34,830     37,146  
Total current assets   1,957,301     1,790,186  
Land, buildings and equipment, net 400,295 383,209
Restricted cash 22,427 22,737
Notes and accounts receivable – long-term 1,578 1,788
Investments in and advances to unconsolidated affiliates 219,253 210,776
Goodwill 72,310 62,165
Other intangible assets, net 59,155 59,874
Asbestos-related insurance recovery receivable 259,553 281,540
Other assets 76,046 82,223
Deferred income taxes   104,939     116,756  
TOTAL ASSETS $ 3,172,857   $ 3,011,254  
 
LIABILITIES, TEMPORARY EQUITY AND EQUITY
Current Liabilities:
Current installments on long-term debt $ 23,226 $ 24,375
Accounts payable 290,553 365,347
Accrued expenses 281,483 303,813
Billings in excess of costs and estimated earnings on uncompleted contracts 680,579 750,233
Income taxes payable   58,733     44,846  
Total current liabilities   1,334,574     1,488,614  
 
Long-term debt 194,801 192,989
Deferred income taxes 61,292 66,114
Pension, postretirement and other employee benefits 308,034 320,959
Asbestos-related liability 325,401 355,779
Other long-term liabilities 162,174 157,933
Commitments and contingencies    
TOTAL LIABILITIES   2,386,276     2,582,388  
 
Temporary Equity:
Non-vested share-based compensation awards subject to redemption   9,294     7,586  
TOTAL TEMPORARY EQUITY   9,294     7,586  
 
Equity:
Preferred shares - -
Common shares - 1,262
Registered shares 327,991 -
Paid-in capital 604,239 914,063
Retained earnings/(accumulated deficit) 257,090 (27,975 )
Accumulated other comprehensive loss   (452,416 )   (494,788 )
TOTAL FOSTER WHEELER AG SHAREHOLDERS’ EQUITY   736,904     392,562  
Noncontrolling Interests   40,383     28,718  
TOTAL EQUITY   777,287     421,280  
TOTAL LIABILITIES, TEMPORARY EQUITY AND EQUITY $ 3,172,857   $ 3,011,254  
 

Foster Wheeler AG and Subsidiaries

Business Segments

(in thousands of dollars)

(unaudited)

       
Fiscal Quarters Ended Fiscal Nine Months Ended
September 30,

2009

September 26,

2008

September 30,

2009

September 26,

2008

Global Engineering & Construction Group

Backlog - in future revenues $ 4,008,500 $ 5,810,600 $ 4,008,500 $ 5,810,600
New orders booked - in future revenues 688,800 955,200 2,346,000 2,308,800
Operating revenues 1,009,352 1,287,405 2,992,235 3,928,136
EBITDA 114,134 122,828 326,044 412,976
 
Foster Wheeler Scope (1):
Backlog - in Foster Wheeler Scope 1,583,100 1,754,700 1,583,100 1,754,700
New orders booked - in Foster Wheeler Scope 355,400 664,300 1,580,200 1,814,800
Operating revenues - in Foster Wheeler Scope 499,140 637,424 1,421,683 1,699,445
 

Global Power Group

Backlog - in future revenues 624,600 1,451,600 624,600 1,451,600
New orders booked - in future revenues 212,100 435,100 394,700 1,165,700
Operating revenues 207,027 430,950 797,468 1,286,965
EBITDA 39,589 64,753 142,152 197,547
 
Foster Wheeler Scope (1):
Backlog - in Foster Wheeler Scope 611,900 1,438,700 611,900 1,438,700
New orders booked - in Foster Wheeler Scope 209,000 432,200 385,700 1,156,900
Operating revenues - in Foster Wheeler Scope 203,982 428,006 788,532 1,278,106
 

Corporate & Finance Group (2)

EBITDA (25,553 ) (22,338 ) (72,480 ) (29,532 )
 

Consolidated

Backlog - in future revenues 4,633,100 7,262,200 4,633,100 7,262,200
New orders booked - in future revenues 900,900 1,390,300 2,740,700 3,474,500
Operating revenues 1,216,379 1,718,355 3,789,703 5,215,101
EBITDA 128,170 165,243 395,716 580,991
 
Foster Wheeler Scope (1):
Backlog - in Foster Wheeler Scope 2,195,000 3,193,400 2,195,000 3,193,400
New orders booked - in Foster Wheeler Scope 564,400 1,096,500 1,965,900 2,971,700
Operating revenues - in Foster Wheeler Scope 703,122 1,065,430 2,210,215 2,977,551
     
   
(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 Nine Months Ended Fiscal Twelve Months Ended
September 30,

2009

September 26,

2008

September 30,

2009

September 26,

2008

December 26,

2008

Reconciliation of EBITDA to Net Income*

EBITDA:

Global Engineering & Construction $ 114,134 $ 122,828 $ 326,044 $ 412,976 $ 535,602
Global Power Group 39,589 64,753 142,152 197,547 239,508
Corporate & Finance Group   (25,553 )   (22,338 )   (72,480 )   (29,532 )   (89,043 )
Consolidated EBITDA 128,170 165,243 395,716 580,991 686,067
Less: Interest expense 4,648 5,193 10,117 16,204 17,621
Less: Depreciation/amortization (1) 11,463 11,080 32,909 33,366 44,798
Less: Provision for income taxes   22,061     21,050     67,625     104,683     97,028  
Net income* $ 89,998   $ 127,920   $ 285,065   $ 426,738   $ 526,620  
 

Reconciliation of Foster Wheeler Scope Operating

Revenues to Operating Revenues

 

Global Engineering & Construction Group

 
Foster Wheeler Scope operating revenues $ 499,140 $ 637,424 $ 1,421,683 $ 1,699,445 $ 2,233,125
Flow-through revenues   510,212     649,981     1,570,552     2,228,691     2,914,102  
Operating revenues   1,009,352     1,287,405     2,992,235     3,928,136     5,147,227  
 

Global Power Group

Foster Wheeler Scope operating revenues 203,982 428,006 788,532 1,278,106 1,695,209
Flow-through revenues   3,045     2,944     8,936     8,859     11,854  
Operating revenues   207,027     430,950     797,468     1,286,965     1,707,063  
 

Consolidated

Foster Wheeler Scope operating revenues 703,122 1,065,430 2,210,215 2,977,551 3,928,334
Flow-through revenues   513,257     652,925     1,579,488     2,237,550     2,925,956  
Operating revenues $ 1,216,379   $ 1,718,355   $ 3,789,703   $ 5,215,101   $ 6,854,290  
 
 
(1)The depreciation / amortization by business segment:
Fiscal Quarters Ended Fiscal Nine Months Ended Fiscal Twelve Months Ended
September 30,

2009

September 26,

2008

September 30,

2009

September 26,

2008

December 26,

2008

Global Engineering & Construction Group $ 5,804 $ 5,523 $ 16,314 $ 16,523 $ 22,530
Global Power Group 5,279 5,190 15,469 15,787 20,846
Corporate & Finance Group   380     367     1,126     1,056     1,422  
Total depreciation / amortization $ 11,463   $ 11,080   $ 32,909   $ 33,366   $ 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
September 30, 2009 September 26, 2008
 
Diluted Earnings Diluted Earnings
EBITDA Net Income*   Per Share EBITDA Net Income*   Per Share
As adjusted $ 129,915 $ 91,743 $ 0.72 $ 166,968 $ 129,645 $ 0.89
 
Adjustments:
Net asbestos-related (provision)/gain (1,745 ) (1,745 ) (0.01 ) (1,725 ) (1,725 ) (0.01 )
           
As reported $ 128,170   $ 89,998   $ 0.71   $ 165,243   $ 127,920   $ 0.88  
 
 
Fiscal Nine Months Ended
September 30, 2009 September 26, 2008
 
Diluted Earnings Diluted Earnings
EBITDA Net Income* Per Share EBITDA Net Income* Per Share
As adjusted $ 400,967 $ 290,316 $ 2.28 $ 550,253 $ 396,000 $ 2.73
 
Adjustments:
Net asbestos-related (provision)/gain (5,251 ) (5,251 ) (0.04 ) 30,738 30,738 0.21
           
As reported $ 395,716   $ 285,065   $ 2.24   $ 580,991   $ 426,738   $ 2.94  
 
 
Fiscal Twelve Months Ended
December 26, 2008
 
Diluted Earnings
EBITDA Net Income* 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 Nine

Months Ended

September 30,

2009

2009

Quarterly

Average

Amount **

 

Consolidated

Net income *** $ 526,620 $ 131,655 $ 285,065 $ 95,022
Adjusted net income *** 533,227 133,307 290,316 96,772
Consolidated EBITDA 686,067 171,517 395,716 131,905
Consolidated EBITDA, as adjusted 692,674 173,169 400,967 133,656
 
 

Global Engineering & Construction Group

New orders booked - in Foster Wheeler Scope $ 2,102,900 $ 525,725 $ 1,580,200 $ 526,733
Operating revenues - in Foster Wheeler Scope 2,233,125 558,281 1,421,683 473,894
Segment EBITDA 535,602 133,901 326,044 108,681
EBITDA margin 24.0 % 24.0 % 22.9 % 22.9 %
 
 

Global Power Group

New orders booked - in Foster Wheeler Scope $ 1,336,800 $ 334,200 $ 385,700 $ 128,567
Operating revenues - in Foster Wheeler Scope 1,695,209 423,802 788,532 262,844
Segment EBITDA 239,508 59,877 142,152 47,384
EBITDA margin 14.1 % 14.1 % 18.0 % 18.0 %
 
 
* 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.

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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