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| Foster Wheeler announces record quarterly net income Foster Wheeler reported net income for the three months ended June 30, 2006, of $43.1 million, 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. For the first six months of 2006, net income was $59.7 million. Consolidated second-quarter 2006 EBITDA increased by 37 percent to $87.2 million compared with $63.5 million for the second quarter of 2005. New orders booked in the second quarter of 2006, measured in scope, increased to $908.7 million, up 66 percent from $547.7 million in the year-ago quarter. For the first six months of 2006, bookings measured in scope increased significantly to $1.74 billion, up 77 percent from $986.4 million for the same period last year. Operating revenues in the second quarter of 2006 increased by 32 percent to $623.5 million, up from $470.8 million in the second quarter of 2005. Backlog has continued to grow very strongly, increasing to $2.84 billion at the end of the second quarter of 2006, an increase of 83 percent compared with backlog of $1.56 billion at the end of the second quarter of 2005. write your comments about the article :: © 2006 Construction News :: home page |