Home / Knowledge / News / Textiles / Foster Wheeler slips into losses for Q4'13
Foster Wheeler slips into losses for Q4'13
01
Mar '14
Foster Wheeler AG reported a loss from continuing operations for the fourth quarter of 2013 of $37.2 million, or $0.38 per diluted share, compared with income from continuing operations of $18.6 million, or $0.18 per diluted share, in the fourth quarter of 2012.
 
Highlights: 
-26% increase in Q4 2013 scope revenues in Global E&C Group versus average quarter of 2012
-Second consecutive quarter of record-level scope backlog in Global E&C Group
-59% increase in Q4 2013 scope new orders in Global Power Group versus average quarter of 2012
-Q4 2013 results from continuing operations impacted by discrete items
 
Income/loss from continuing operations in both quarterly periods was impacted by net asbestos-related provisions, as detailed in an attached table. Excluding such items from both quarterly periods, the adjusted income from continuing operations in the fourth quarter of 2013 was $2.8 million, or $0.03 per diluted share, compared with $41.3 million, or $0.39 per diluted share, in the year-ago quarter.
 
Three additional items had an unfavorable non-cash impact on adjusted income from continuing operations in the fourth quarter of 2013: a pretax impairment charge of $22.4 million, or $0.22 per diluted share, associated with a partially owned waste-to-energy facility in the company’s Global Engineering and Construction Group; a pretax charge of $15.1 million, or $0.11 per diluted share, for a restructuring in the Global Power Group associated with an organizational realignment designed to drive further efficiencies and strengthen the Group’s focus on environmental and industrial products; and a $10.7 million, or $0.11 per diluted share, provision associated with a tax audit in a non-U.S. jurisdiction. 
 
Excluding the impact of the these three items and asbestos, income from continuing operations in the fourth quarter of 2013 was $47.3 million, or $0.47 per diluted share, compared with $44.8 million, or $0.42 per diluted share, in the average quarter of 2012.
 
For the full-year 2013, income from continuing operations was $96.9 million, or $0.96 per diluted share, compared with $149.2 million, or $1.39 per diluted share, for 2012. Excluding the asbestos provisions from both years, adjusted income from continuing operations for 2013 was $127.1 million, or $1.25 per diluted share, compared with $179.1 million, or $1.66 per diluted share, in 2012.
 
 
Click here to view full results
 

Foster Wheeler


Must ReadView All

GMAC urges Cambodia to push fabric-forward rule in RCEP

Apparel/Garments | On 17th Oct 2017

GMAC urges Cambodia to push fabric-forward rule in RCEP

Representatives from the Garment Manufacturers Association of...

Alibaba to invest $15 billion in DAMO Academy for research

Textiles | On 17th Oct 2017

Alibaba to invest $15 billion in DAMO Academy for research

Alibaba will invest $15 billion over the next several years in its...

Pressure on  Indian textiles exporters to ease by Q3: ICRA

Textiles | On 17th Oct 2017

Pressure on Indian textiles exporters to ease by Q3: ICRA

Pressures on the profit and debt levels of textiles exporters is...

Interviews View All

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
76.9%
No
13.8%
Skip
9.2%

Total Votes: 65

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.5%
No
27.7%
Skip
10.8%

Total Votes: 65

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
84.6%
No
10.8%
Skip
4.6%

Total Votes: 65

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
73.8%
No
12.3%
Skip
13.8%

Total Votes: 65


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search