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| Foster Wheeler reports results for first quarter of 2011 Foster Wheeler AG reported net income for the first quarter of 2011 of $23.0 million, or $0.18 per diluted share, compared with $72.1 million, or $0.56 per diluted share, in the first quarter of 2010. 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 first quarter of 2011 was $23.4 million, or $0.19 per diluted share, compared with $71.3 million, or $0.56 per diluted share, in the year-ago quarter. EBITDA in the first quarter of 2011 was lower than the average quarter of 2010 due primarily to lower realized margin and lower volume of work executed. In addition, EBITDA reflected a negligible level of profit enhancement opportunities. New orders booked in Foster Wheeler scope were below the average quarter of 2010 due in part to delays in the timing of client decisions regarding the award of certain contracts. Scope operating revenues were below the average quarter of 2010, primarily due to a lower volume of work executed. write your comments about the article :: © 2011 Construction News :: home page |