Foster Wheeler Reports Results for Third Quarter of 2010

03/11/2010


  • $51.7 million net income, or $0.41 per diluted share
  • Strong backlog in both business groups
  • $1.1 billion total cash position
  • Repurchased 4.3 million shares during the quarter

ZUG, Switzerland, Nov 04, 2010 (BUSINESS WIRE) -- Foster Wheeler AG (Nasdaq: FWLT) today reported net income for the third quarter of 2010 of $51.7 million, or $0.41 per diluted share, compared with $90.0 million, or $0.71 per diluted share, in the third quarter of 2009. Net income in both quarterly periods was impacted by items as detailed in the attached table. Excluding such items from both quarterly periods, net income in the third quarter of 2010 was $50.1 million, or $0.40 per diluted share, compared with $91.7 million, or $0.72 per diluted share, in the year-ago quarter.

Third-quarter 2010 consolidated EBITDA (earnings before interest expense, income taxes, depreciation and amortization) was $87.2 million, compared with $128.2 million in the third quarter of 2009. Consolidated EBITDA in both quarterly periods was also impacted by items as detailed in the attached table. Excluding such items from both quarterly periods, consolidated EBITDA in the third quarter of 2010 was $85.5 million, compared with $129.9 million in the third quarter of 2009.

For the first nine months of 2010, net income was $182.6 million, or $1.44 per diluted share, compared with $285.1 million, or $2.24 per diluted share, for the first nine months of 2009. Consolidated EBITDA for the first nine months of 2010 was $288.7 million, compared with $395.7 million for the first nine months of 2009. The nine-month periods of 2010 and 2009 included items as detailed in the attached table.

The following tables present quarterly and average quarterly data, both as reported and as adjusted. The company believes that quarterly averages provide meaningful comparative relevance for certain key metrics in light of the significant quarter-to-quarter variability that is inherent in the company's financial results.

(in millions) Q3 2010 Qtrly Avg. 2010 Q3 2009 Qtrly Avg. 2009
Net income $52 $61 $90 $87
Net income, as adjusted $50 $61 $92 $94
Consolidated EBITDA $87 $96 $128 $126
Consolidated EBITDA, as adjusted $86 $96 $130 $133

Foster Wheeler's Chief Executive Officer, Umberto della Sala, said, "Both of our business units are operating extremely well, but the company's net income in the third quarter of 2010 was below the average quarter of 2009 due primarily to weaker market conditions, specifically lower volumes of work executed in each of the two operating groups -- and a lower realized EBITDA margin in our Global Engineering and Construction (E&C) Group."

Global Engineering and Construction (E&C) Group

(in millions) Q3 2010 Qtrly Avg. 2010 Q3 2009 Qtrly Avg. 2009
New orders booked (FW Scope) $472 $459 $355 $494
Operating revenues (FW Scope) $399 $422 $499 $478
Segment EBITDA $69 $85 $114 $105
EBITDA Margin (FW Scope) 17.4% 20.1% 22.9% 22.0%

  • EBITDA in the third quarter of 2010 was lower than the average quarter of 2009 due primarily to lower volumes of work executed and lower margins on scope revenues, partially offset by the $10.9 million favorable impact of a settlement fee resulting from a third-party decision not to proceed with a power plant development project and the related prospective EPC contract.
  • New orders booked in Foster Wheeler scope were modestly below the average quarter of 2009 but remained robust, consisting primarily of numerous mid-size and smaller contract awards.
  • Scope operating revenues were below the average quarter of 2009, primarily due to a lower volume of work executed.

Global Power Group (GPG)

(in millions) Q3 2010 Qtrly Avg. 2010 Q3 2009 Qtrly Avg. 2009
New orders booked (FW Scope) $151 $258 $209 $150
Operating revenues (FW Scope) $153 $159 $204 $251
Segment EBITDA $40 $32 $40 $49
EBITDA Margin (FW Scope) 26.5% 20.3% 19.4% 19.3%

  • EBITDA in the third quarter of 2010 was below the average quarter of 2009 due primarily to lower volumes of work executed, partially offset by the recognition of business interruption insurance associated with our equity interest in a power plant in Chile that was disabled by an earthquake in February 2010.
  • Scope new orders were comparable to the average quarter of 2009. The tone of the market has improved considerably since 2009, but the timing of new orders continues to be lumpy.
  • Scope operating revenues were below the average quarter of 2009, reflecting in part the lagging impact of a reduced level of boiler orders in 2009.

In commenting on the margin outlook for 2010, Mr. della Sala said, "In our E&C Group, we expect full-year 2010 EBITDA margin on scope revenue to be in the range of 18-20%. In our Global Power Group, we expect the full-year 2010 EBITDA margin on scope revenue to be in the range of 19-21%."

In commenting on the broader market outlook for the company's two business units, Mr. della Sala said, "We are encouraged by recent improvements in the market. The amount of activity regarding proposals and client inquiries in a number of regions around the world has returned to levels that we had not consistently seen since markets turned down. Although we clearly felt the impact of competitive pressure in the third quarter, the increase in proposal activity confirms our view that markets have bottomed and that demand has improved."

Mr. della Sala added, "This activity has resulted in two very large and strategically important contract awards early in the fourth quarter - one in our E&C Group and one in our Global Power Group (GPG). In the Global E&C Group, we have been selected to execute a major front-end engineering design contract for a very large downstream project in South America, and we expect to sign the contract imminently. In GPG, we won a contract for a sizable boiler order in Vietnam."

In commenting on the preliminary outlook for 2011, Mr. della Sala said, "Due to the lagging impact of the competitive conditions under which contracts have been awarded in 2010, it is likely that EBITDA margins in both of our operating groups will be lower in 2011 than 2010. However, if proposal activities and client inquiry levels continue to remain high, we could very well see an increase in scope revenues in 2011 as compared to 2010."

Share Repurchase Program

On September 12, 2008, the company announced that its board of directors had authorized a $750 million share repurchase program. As of the end of 2008, the company had purchased 18.1 million shares and had approximately $264 million remaining under the existing authorization. The company did not purchase any additional shares in 2009 or the first six months of 2010.

In the third quarter of 2010, the company purchased 4.3 million shares for approximately $99.2 million under the existing share repurchase program. At the end of the third quarter of 2010, the company had approximately $165 million remaining under the existing authorization.

Today, the company's board of directors authorized additional share repurchases of up to $335 million. When combined with the remaining authorization of $165 million, today's action gives the company total authorizations of $500 million. Repurchases under the additional $335 million authorization in excess of approximately 12.7 million shares will require (under Swiss law) prior shareholder approval, which we intend to seek at our next shareholder meeting.

Net Income Attributable to Foster Wheeler AG

All references to net income in this news release indicate net income attributable to Foster Wheeler AG.

Calculation of EBITDA

EBITDA is a supplemental financial measure not defined in generally accepted accounting principles, or GAAP. The company defines EBITDA as net income attributable to Foster Wheeler AG before interest expense, income taxes, depreciation and amortization. The company has presented EBITDA because it believes it is an important supplemental measure of operating performance. Certain covenants under our U.S. senior secured credit agreement use an adjusted form of EBITDA such that in the covenant calculations the EBITDA as presented herein is adjusted for certain unusual and infrequent items specifically excluded in the terms of our U.S. senior secured credit agreement. The company believes that the line item on its consolidated statement of operations entitled "net income attributable to Foster Wheeler AG" is the most directly comparable GAAP financial measure to EBITDA. Since EBITDA is not a measure of performance calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, net income attributable to Foster Wheeler AG as an indicator of operating performance or any other GAAP financial measure.

EBITDA, as calculated by the company, may not be comparable to similarly titled measures employed by other companies. In addition, this measure does not necessarily represent funds available for discretionary use, and is not necessarily a measure of the company's ability to fund its cash needs. As EBITDA excludes certain financial information that is included in net income attributable to Foster Wheeler AG, users of this financial information should consider the type of events and transactions that are excluded.

The company's non-GAAP performance measure, EBITDA, has certain material limitations as follows:

- It does not include interest expense. Because the company has borrowed money to finance some of its operations, interest is a necessary and ongoing part of its costs and has assisted the company in generating revenue. Therefore, any measure that excludes interest expense has material limitations;

- It does not include taxes. Because the payment of taxes is a necessary and ongoing part of the company's operations, any measure that excludes taxes has material limitations; and

- It does not include depreciation and amortization. Because the company must utilize property, plant and equipment and intangible assets in order to generate revenues in its operations, depreciation and amortization are necessary and ongoing costs of its operations. Therefore, any measure that excludes depreciation and amortization has material limitations.

Calculation of EBITDA Margin

Segment EBITDA margin is calculated by dividing business unit operating revenues in Foster Wheeler Scope into business unit EBITDA.

Foster Wheeler Scope

Foster Wheeler Scope represents that portion of unfilled orders, new orders booked and operating revenues on which profit can be earned. Foster Wheeler Scope excludes revenues relating to third-party costs incurred by the company as agent or principal on a reimbursable basis. The company began comprehensively reporting Foster Wheeler Scope as of 2005.

Conference Call Information

Foster Wheeler AG plans to hold a conference call today, Thursday, November 4, at 4:00 p.m. Central European Time (11:00 a.m. Eastern Daylight Time in the U.S.) to discuss its financial results for the third quarter ended September 30, 2010. The call will be accessible to the public by telephone or webcast, and the company will post an accompanying slide presentation in the investor relations section of its website (http://www.fwc.com). To listen to the call by telephone, dial 973-935-8752 (conference I.D. No. 11908944) approximately ten minutes before the call. The conference call will also be available over the Internet at http://www.fwc.com or through StreetEvents at http://www.streetevents.com. A replay of the call will be available on the company's website as well as by telephone. The replay can be accessed on the company's website for four weeks following the call. The replay will be available by telephone for one week following the call and can be accessed by dialing 706-645-9291 (replay passcode 11908944 required).

Foster Wheeler AG is a global engineering and construction contractor and power equipment supplier delivering technically advanced, reliable facilities and equipment. The company employs approximately 13,000 talented professionals with specialized expertise dedicated to serving clients through one of its two primary business groups. The company's Global Engineering and Construction Group designs and constructs leading-edge processing facilities for the upstream oil and gas, LNG and gas-to-liquids, refining, chemicals and petrochemicals, power, environmental, pharmaceuticals, biotechnology and healthcare industries. The company's Global Power Group is a world leader in combustion and steam generation technology that designs, manufactures and erects steam generating and auxiliary equipment for power stations and industrial facilities and also provides a wide range of aftermarket services. The company is based in Zug, Switzerland, and its operational headquarters office is in Geneva, Switzerland. For more information about Foster Wheeler, please visit our Web site at http://www.fwc.com.

Safe Harbor Statement

Foster Wheeler AG news releases may contain forward-looking statements that are based on management's assumptions, expectations and projections about the company and the various industries within which the company operates. These include statements regarding the company's expectations about revenues (including as expressed by its backlog), its liquidity, the outcome of litigation and legal proceedings and recoveries from customers for claims and the costs of current and future asbestos claims and the amount and timing of related insurance recoveries. Such forward-looking statements by their nature involve a degree of risk and uncertainty. The company cautions that a variety of factors, including but not limited to the factors described in the company's most recent Annual Report on Form 10-K, which was filed with the U.S. Securities and Exchange Commission on February 25, 2010 and the following, could cause the company's business conditions and results to differ materially from what is contained in forward-looking statements: benefits, effects or results of the company's redomestication or the relocation of the company's principal executive offices to Geneva, Switzerland; the search for a permanent Chief Executive Officer; further deterioration in the economic conditions in the United States and other major international economies, changes in investment by the oil and gas, oil refining, chemical/petrochemical and power generation industries, changes in the financial condition of its customers, changes in regulatory environments, changes in project design or schedules, contract cancellations, changes in estimates made by the company of costs to complete projects, changes in trade, monetary and fiscal policies worldwide, compliance with laws and regulations relating to its global operations, currency fluctuations, war and/or terrorist attacks on facilities either owned by the company or where equipment or services are or may be provided by the company, interruptions to shipping lanes or other methods of transit, outcomes of pending and future litigation, including litigation regarding the company's liability for damages and insurance coverage for asbestos exposure, protection and validity of its patents and other intellectual property rights, increasing competition by non-U.S. and U.S. companies, compliance with its debt covenants, recoverability of claims against its customers and others by the company and claims by third parties against the company, and changes in estimates used in its critical accounting policies. Other factors and assumptions not identified above were also involved in the formation of these forward-looking statements and the failure of such other assumptions to be realized, as well as other factors, may also cause actual results to differ materially from those projected. Most of these factors are difficult to predict accurately and are generally beyond the company's control. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by the company. The company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any additional disclosures the company makes in proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K and current reports on Form 8-K filed with the Securities and Exchange Commission.

Foster Wheeler AG and Subsidiaries

Consolidated Statement of Operations

(in thousands of dollars, except share data and per share amounts)

(unaudited)

Fiscal Quarters Ended Fiscal Nine Months Ended
September 30,

2010

September 30,

2009

September 30,

2010

September 30,

2009

Operating revenues $ 904,709 $ 1,216,379 $ 2,855,778 $ 3,789,703
Cost of operating revenues 764,789 1,022,542 2,395,916 3,213,155
Contract profit 139,920 193,837 459,862 576,548
Selling, general and administrative expenses 73,622 75,881 213,442 214,153
Other income, net (16,197 ) (10,508 ) (35,948 ) (30,201 )
Other deductions, net 7,394 6,722 27,131 19,707
Interest income (2,835 ) (2,701 ) (7,924 ) (7,799 )
Interest expense 4,330 4,648 12,925 10,117
Net asbestos-related (gain)/provision (1,665 ) 1,745 (68 ) 5,251
Income before income taxes 75,271 118,050 250,304 365,320
Provision for income taxes 18,693 22,061 55,712 67,625
Net income 56,578 95,989 194,592 297,695
Less: Net income attributable to noncontrolling interests 4,858 5,991 11,954 12,630
Net income attributable to Foster Wheeler AG $ 51,720 $ 89,998 $ 182,638 $ 285,065
Shares Outstanding:

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

125,459,735 126,459,865 126,810,748 126,355,686

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

125,711,232 127,399,854 127,163,049 127,069,653
Earnings per share:

Basic

$ 0.41 $ 0.71 $ 1.44 $ 2.26

Diluted

$ 0.41 $ 0.71 $ 1.44 $ 2.24

Foster Wheeler AG and Subsidiaries

Consolidated Balance Sheet

(in thousands of dollars)

(unaudited)

September 30, December 31,
2010 2009
ASSETS
Current Assets:
Cash and cash equivalents $ 1,040,153 $ 997,158
Short-term investments 268 -
Accounts and notes receivable, net:
Trade 493,213 526,525
Other 118,865 117,718
Contracts in process 197,748 219,774
Prepaid, deferred and refundable income taxes 51,384 46,478
Other current assets 37,199 33,902
Total current assets 1,938,830 1,941,555
Land, buildings and equipment, net 371,883 398,132
Restricted cash 32,866 34,905
Notes and accounts receivable - long-term 1,397 1,571
Investments in and advances to unconsolidated affiliates 225,162 228,030
Goodwill 87,883 88,702
Other intangible assets, net 67,541 73,029
Asbestos-related insurance recovery receivable 216,393 244,265
Other assets 85,668 87,781
Deferred tax assets 70,127 89,768
TOTAL ASSETS $ 3,097,750 $ 3,187,738
LIABILITIES, TEMPORARY EQUITY AND EQUITY
Current Liabilities:
Current installments on long-term debt $ 35,627 $ 36,930
Accounts payable 262,694 303,436
Accrued expenses 225,504 280,861
Billings in excess of costs and estimated earnings on uncompleted contracts 633,050 600,725
Income taxes payable 33,227 60,052
Total current liabilities 1,190,102 1,282,004
Long-term debt 159,339 175,510
Deferred tax liabilities 68,013 62,956
Pension, postretirement and other employee benefits 234,215 270,269
Asbestos-related liability 317,191 352,537
Other long-term liabilities 176,433 171,405
Commitments and contingencies
TOTAL LIABILITIES 2,145,293 2,314,681
Temporary Equity:
Non-vested share-based compensation awards subject to redemption 10,291 2,570
TOTAL TEMPORARY EQUITY 10,291 2,570
Equity:
Registered shares 329,641 329,402
Paid-in capital 626,948 617,938
Retained earnings 504,819 322,181
Accumulated other comprehensive loss (463,941 ) (438,004 )
Treasury shares (99,182 ) -
TOTAL FOSTER WHEELER AG SHAREHOLDERS' EQUITY 898,285 831,517
Noncontrolling Interests 43,881 38,970
TOTAL EQUITY 942,166 870,487
TOTAL LIABILITIES, TEMPORARY EQUITY AND EQUITY $ 3,097,750 $ 3,187,738

Foster Wheeler AG and Subsidiaries

Business Segments

(in thousands of dollars)

(unaudited)

Fiscal Quarters Ended Fiscal Nine Months Ended
September 30,

2010

September 30,

2009

September 30,

2010

September 30,

2009

Global Engineering & Construction Group

Backlog - in future revenues $ 3,105,800 $ 4,008,500 $ 3,105,800 $ 4,008,500
New orders booked - in future revenues 758,400 688,800 2,005,500 2,346,000
Operating revenues 749,249 1,009,352 2,371,394 2,992,235
EBITDA 69,339 114,134 254,732 326,044
Foster Wheeler Scope (1):
Backlog - in Foster Wheeler Scope 1,591,600 1,583,100 1,591,600 1,583,100
New orders booked - in Foster Wheeler Scope 471,800 355,400 1,377,600 1,580,200
Operating revenues - in Foster Wheeler Scope 398,725 499,140 1,266,939 1,421,683

Global Power Group

Backlog - in future revenues 866,200 624,600 866,200 624,600
New orders booked - in future revenues 154,100 212,100 781,100 394,700
Operating revenues 155,460 207,027 484,384 797,468
EBITDA 40,430 39,589 96,709 142,152
Foster Wheeler Scope (1):
Backlog - in Foster Wheeler Scope 854,600 611,900 854,600 611,900
New orders booked - in Foster Wheeler Scope 151,400 209,000 773,100 385,700
Operating revenues - in Foster Wheeler Scope 152,805 203,982 476,375 788,532

Corporate & Finance Group (2)

EBITDA (22,619 ) (25,553 ) (62,772 ) (72,480 )

Consolidated

Backlog - in future revenues 3,972,000 4,633,100 3,972,000 4,633,100
New orders booked - in future revenues 912,500 900,900 2,786,600 2,740,700
Operating revenues 904,709 1,216,379 2,855,778 3,789,703
EBITDA 87,150 128,170 288,669 395,716

Foster Wheeler Scope (1):

Backlog - in Foster Wheeler Scope 2,446,200 2,195,000 2,446,200 2,195,000
New orders booked - in Foster Wheeler Scope 623,200 564,400 2,150,700 1,965,900
Operating revenues - in Foster Wheeler Scope 551,530 703,122 1,743,314 2,210,215

(1) Foster Wheeler Scope represents the portion of backlog, new orders booked and operating revenues on which profit

can be earned. Foster Wheeler Scope excludes revenues relating to third-party costs incurred by the company as

agent or principal on a reimbursable basis.

(2) Includes intersegment eliminations.

Foster Wheeler AG and Subsidiaries

Reconciliations of EBITDA and Foster Wheeler Scope

(in thousands of dollars)

(unaudited)

Fiscal Quarters Ended Fiscal Nine Months Ended
September 30,

2010

September 30,

2009

September 30,

2010

September 30,

2009

Reconciliation of EBITDA to Net Income*

EBITDA:

Global Engineering & Construction Group $ 69,339 $ 114,134 $ 254,732 $ 326,044
Global Power Group 40,430 39,589 96,709 142,152
Corporate & Finance Group (22,619 ) (25,553 ) (62,772 ) (72,480 )
Consolidated EBITDA 87,150 128,170 288,669 395,716
Less: Interest expense 4,330 4,648 12,925 10,117

Less: Depreciation/amortization (1)

12,407 11,463 37,394 32,909
Less: Provision for income taxes 18,693 22,061 55,712 67,625
Net income* $ 51,720 $ 89,998 $ 182,638 $ 285,065

Reconciliation of Foster Wheeler Scope Operating

Revenues to Operating Revenues

Global Engineering & Construction Group

Foster Wheeler Scope operating revenues $ 398,725 $ 499,140 $ 1,266,939 $ 1,421,683
Flow-through revenues 350,524 510,212 1,104,455 1,570,552
Operating revenues 749,249 1,009,352 2,371,394 2,992,235

Global Power Group

Foster Wheeler Scope operating revenues 152,805 203,982 476,375 788,532
Flow-through revenues 2,655 3,045 8,009 8,936
Operating revenues 155,460 207,027 484,384 797,468

Consolidated

Foster Wheeler Scope operating revenues 551,530 703,122 1,743,314 2,210,215
Flow-through revenues 353,179 513,257 1,112,464 1,579,488
Operating revenues $ 904,709 $ 1,216,379 $ 2,855,778 $ 3,789,703

(1) The depreciation / amortization by business segment:

Fiscal Quarters Ended Fiscal Nine Months Ended
September 30,

2010

September 30,

2009

September 30,

2010

September 30,

2009

Global Engineering & Construction Group $ 6,547 $ 5,804 $ 20,148 $ 16,314
Global Power Group 5,355 5,279 15,859 15,469
Corporate & Finance Group 505 380 1,387 1,126
Total depreciation / amortization $ 12,407 $ 11,463 $ 37,394 $ 32,909
* Net income attributable to Foster Wheeler AG.

Foster Wheeler AG and Subsidiaries

EBITDA, Net Income* and Diluted Earnings Per Share Reconciliation

(in thousands of dollars, except per share amounts)

(unaudited)

Fiscal Quarters Ended
September 30, 2010 September 30, 2009
EBITDA Net Income*

Diluted Earnings
Per Share

EBITDA Net Income*

Diluted Earnings
Per Share

As adjusted $ 85,485 $ 50,055 $ 0.40 $ 129,915 $ 91,743 $ 0.72
Adjustments:

Net asbestos-related
gain/(provision)

1,665 1,665 0.01 (1,745 ) (1,745 ) (0.01 )
As reported $ 87,150 $ 51,720 $ 0.41 $ 128,170 $ 89,998 $ 0.71
Fiscal Nine Months Ended
September 30, 2010 September 30, 2009
EBITDA Net Income*

Diluted Earnings
Per Share

EBITDA Net Income*

Diluted Earnings
Per Share

As adjusted $ 288,601 $ 182,570 $ 1.44 $ 400,967 $ 290,316 $ 2.28
Adjustments:

Net asbestos-related
gain/(provision)

68 68 0.00 (5,251 ) (5,251 ) (0.04 )
As reported $ 288,669 $ 182,638 $ 1.44 $ 395,716 $ 285,065 $ 2.24
Fiscal Twelve Months Ended
December 31, 2009
EBITDA Net Income*

Diluted Earnings
Per Share

As adjusted $ 530,164 $ 376,521 $ 2.96
Adjustments:

Net asbestos-related
provision

(26,365 ) (26,365 ) (0.21 )
As reported $ 503,799 $ 350,156 $ 2.75
*Net income attributable to Foster Wheeler AG.

Foster Wheeler AG and Subsidiaries

Average Calculations

(in thousands of dollars)

(unaudited)

2009

Full Year

Amount

2009

Quarterly

Average

Amount *

Fiscal Nine

Months Ended

September 30,
2010

2010

Quarterly

Average

Amount **

Consolidated

Net income *** $ 350,156 $ 87,539 $ 182,638 $ 60,880
Adjusted net income *** 376,521 94,130 182,570 60,857
Consolidated EBITDA 503,799 125,950 288,669 96,223
Consolidated EBITDA, as adjusted 530,164 132,541 288,601 96,200

Global Engineering & Construction Group

New orders booked - in Foster Wheeler Scope $ 1,975,200 $ 493,800 $ 1,377,600 $ 459,200
Operating revenues - in Foster Wheeler Scope 1,910,997 477,749 1,266,939 422,313
Segment EBITDA 421,186 105,297 254,732 84,911
EBITDA margin 22.0 % 22.0 % 20.1 % 20.1 %

Global Power Group

New orders booked - in Foster Wheeler Scope $ 599,900 $ 149,975 $ 773,100 $ 257,700
Operating revenues - in Foster Wheeler Scope 1,004,123 251,031 476,375 158,792
Segment EBITDA 194,027 48,507 96,709 32,236
EBITDA margin 19.3 % 19.3 % 20.3 % 20.3 %
* To calculate the quarterly average dollar amounts, the company divided reported annual figures by four.
** To calculate the quarterly average dollar amounts, the company divided reported nine-month figures by three.
*** Net income attributable to Foster Wheeler AG.

SOURCE: Foster Wheeler AG

Foster Wheeler AG
Media:
Julie Stanisz, 908-730-4047
julie_stanisz@fwc.com
or
Investor Relations:
Scott Lamb, 908-730-4155
scott_lamb@fwc.com

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