Product category:
Design and Development Consultancy
News Release from: Foster Wheeler
Edited by the Engineeringtalk Editorial
Team on 13 November 2006
Net earnings record is broken again
Foster Wheeler has announced third-quarter results for the period ended 29th September 2006.
Foster Wheeler has announced third-quarter results for the period ended 29th September 2006 Net income was $54.6 million, or $0.77 per diluted share, excluding a gain of $36.1 million arising from asbestos insurance settlements and a successful appeal relating to the company's subsidiaries' asbestos insurance coverage litigation, and a charge of $14.8 million arising from the voluntary termination of the company's former credit agreement
This article was originally published on Engineeringtalk on 2 Feb 2001 at 8.00am (UK)
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Including these items, net income for the quarter was $75.8 million, or $1.07 per diluted share.
For the first nine months of 2006, net income was $110.5 million or $1.57 per diluted share, excluding a gain of $115.7 million arising from asbestos insurance settlements and a successful appeal relating to the company's subsidiaries' asbestos insurance coverage litigation, a charge of $14.8 million arising from the voluntary termination of the Company's former credit agreement, a $12.5 million charge incurred in connection with certain debt reduction initiatives, and for EPS calculations only, the fair value of additional shares issued in January 2006 as part of certain warrant offers, which has the effect of reducing net income per diluted share by $0.28.
Including these items, net income was $198.9 million or $2.55 per diluted share.
"I am delighted that we have delivered a second successive record-breaking net earnings quarter and I am particularly pleased with the performance of our Global Engineering and Construction (E and C) Group, which continues to drive our record earnings", said Raymond J Milchovich, Chairman, President and Chief Executive Officer.
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