Earnings per diluted share for the first quarter of 2007 were $1.60, compared with a net loss per diluted share of $0.08 for the first quarter of 2006, the company said in its earnings statement.The first-quarter 2006 net loss per diluted share included the $0.29 per diluted share allocation of earnings to shares issued to warrant holders who participated in the company's January 2006 warrant inducement offers.
I would like to congratulate all Foster Wheeler employees worldwide for producing a fourth consecutive record-breaking earnings quarter, said Raymond J. Milchovich, chairman and chief executive officer.Our consistent pursuit of commercial and operational excellence is clearly re-inventing the earning capability of our 116-year-old company. Both of our business groups delivered performance breakthroughs from the year-ago quarter, the most notable of which are summarized below, he added.
First-quarter 2007 consolidated EBITDA (earnings before interest expense, income taxes, depreciation and amortization) increased by 254 percent to $162.3M, up from $45.9M in the first quarter of 2006.Foster Wheeler delivered another strong bookings quarter with consolidated new orders measured in Foster Wheeler scope, which excludes flow-through costs, increasing by 29 percent to $1.07 billion in the first quarter, compared with $833.9M in the first quarter of 2006.
Consolidated operating revenues measured in Foster Wheeler scope increased by 65 percent to $854.5M, from $518.0 million for the year-ago quarter.Consolidated scope backlog increased to $2.74Bln at the end of the first quarter from $2.53Bln at the end of the fourth quarter of 2006, and increased by 10 percent from the $2.49Bln scope backlog at the end of the year-ago quarter.
At the end of the first quarter, Foster Wheeler said it had nearly 13,000 employees worldwide.During the first quarter of 2007, the Global E&C Group, the LNG project division, increased its direct manpower by 9 percent, taking its total increase in direct manpower to 60 percent since year-end 2005.