Foster Wheeler Q3 Profit Falls - Quick Facts

(RTTNews) - Foster Wheeler AG (FWLT) reported that its third-quarter net income attributable to the company fell to $25.44 million or $0.25 per share from $50.61 million or $0.51 per share in the previous year.

Income from continuing operations for the third quarter was $25.4 million, or $0.25 per share, compared with $48.9 million, or $0.50 per share, in the third quarter of 2013. Income from continuing operations in both quarterly periods was impacted by net asbestos-related gains and provisions.

Excluding such items from both quarterly periods, adjusted income from continuing operations in the third quarter of 2014 was $27.4 million, or $0.27 per share, compared with $50.9 million, or $0.52 per share, in the year-ago quarter.

Results for the third quarter of 2014 include the impact of $3.5 million, or $0.04 per share, of third-party transaction costs in connection with the previously announced acquisition of Foster Wheeler by AMEC plc. Excluding the impact of this item and the asbestos provision, income from continuing operations in the third quarter of 2014 was $30.9 million, or $0.31 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.49 per share for the quarter. Analysts' estimates typically exclude special items.

But, quarterly operating revenues grew to $859.72 million from $801.83 million in the prior year. Wall Street expected revenues of $929.88 million.

Chief Executive Officer, Kent Masters, said, "Both business groups continue to operate very well in a challenging environment. We continue to expect a material increase in scope revenues for E&C in full-year 2014 relative to full-year 2013, with a modest decline in full-year 2014 scope revenues compared to the previous year for GPG due to timing and mix of new orders."