Foster Wheeler marks another record quarter

Wednesday, 09 May 2007

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.