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

L-R Manish Singhai, COO, Peter England; Vinai Kumar Saxena, chairman, KVIC; Ashish Dikshit, business head, ABFRL and Anshu Sinha, CEO, KVIC while signing agreement. Courtesy: ABFRL

Textiles | On 24th May 2017

Aditya Birla & KVIC enter into a strategic partnership

Aditya Birla Fashion and Retail Ltd (ABFRL) and Khadi and Village...

Courtesy: Jabong

Apparel/Garments | On 24th May 2017

Jabong Mood Store redefines online shopping in India

Jabong, India's leading online fashion retailer, has launched the...

Apparel/Garments | On 24th May 2017

G-III Apparel enters into license agreement with PVH

G-III Apparel Group has entered into a multi-year license agreement...

Interviews View All

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Rupa Sood and Sharan Apparao
Nayaab

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

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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

news category


Related Categories:
May 2017

May 2017

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

SUBSCRIBE


Browse Our Archives

GO


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