Product category:
Design and Development Consultancy
News Release from: Foster Wheeler
Edited by the Engineeringtalk Editorial
Team on 14 August 2006
Chairman is delighted with performance
Foster Wheeler has reported net income for the three months ended 30th June 2006 of $43.1 million, or $0.61 per diluted share.
Foster Wheeler has reported net income for the three months ended 30th June 2006 of $43.1 million, or $0.61 per diluted share, excluding a net gain of $79.6 million from an asbestos insurance settlement, a $12.3 million charge relating to debt reduction initiatives completed in May 2006, and stock option expenses of $2.0 million Including these items, net income for the quarter was $108.4 million, or $1.53 per diluted share
This article was originally published on Engineeringtalk on 2 Feb 2001 at 8.00am (UK)
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For the first six months of 2006, net income was $59.7 million or $0.85 per diluted share, excluding the second-quarter items described above, as well as $1.8 million of first-quarter 2006 stock option expenses and, for EPS calculations only, the fair value of additional shares issued in January 2006 as part of the warrant offers.
First-half 2006 net income including these items was $123.0 million, or $1.48 per diluted share.
"I am delighted with our performance this quarter", said Raymond J Milchovich, Chairman, President and Chief Executive Officer.
"In particular, our Global Engineering and Construction (E and C) Group has once again delivered an outstanding operational performance and has continued to build high quality backlog".
"Compared with the year-ago quarter, E and C EBITDA increased by 67%".
"Measured in Foster Wheeler scope, which excludes flowthrough costs, E and C revenues increased by 20%, new orders booked increased by 54% and backlog increased by 67%".
"The E and C markets we serve remain extremely strong and we have continued to add capacity in our Global E and C Group".
"We have increased this group's capacity by an additional 8% during the second quarter of 2006 and will continue to expand its capacity intelligently and as quickly as possible, to meet the needs of our clients".
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