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Foster Wheeler Q1 income from continuing operation up 1.2%
07
May '14
Foster Wheeler AG reported income from continuing operations for the first quarter of 2014 of $17.1 million, or $0.17 per diluted share, compared with $16.9 million, or $0.16 per diluted share, in the first quarter of 2013.
 
Income 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, adjusted income from continuing operations in the first quarter of 2014 was $19.1 million, or $0.19 per diluted share, compared with $18.9 million, or $0.18 per diluted share, in the year-ago quarter.
 
The following tables present quarterly and average quarterly data, both as reported and as adjusted to exclude asbestos-related provisions. The company believes that quarterly averages provide meaningful comparative relevance for certain key metrics in light of the significant quarter-to-quarter variability that is inherent in the company’s financial results.
 
Foster Wheeler’s Chief Executive Officer, Kent Masters, said, “Our adjusted income for the first quarter of 2014 was below the average quarter of 2013 due to a 17% decline in operating EBITDA from continuing operations and a higher effective tax rate. 
 
Nevertheless, we were encouraged to see a sharp rebound in the first quarter of 2014 in scope new orders in the Global Power Group, as compared to the average quarter of 2013. In addition, we reported an 8% reduction in SG&A expenses versus the average quarter of 2013, reflecting our efforts to improve cost effectiveness across the company.”
 
Masters said, “In accordance with our previous guidance, the company’s first-quarter adjusted income was well below what we would expect to see as a quarterly run rate in 2014, a year in which we anticipate that the company’s performance will be driven by sequential-year growth in scope revenues in both of our business groups. We expect the increased volume to support favorable utilization rates for the balance of the year.”
 
Click here to view full results.
 

Foster Wheeler

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