Income growth for Foster Wheeler
By Sarah McCay10 August 2014
Foster Wheeler continued to enjoy improved fortunes in 2014, as the US contractor posted operating income for the second quarter of 2014 of US$ 85.6 million compared with US$ 68.3 million in the second quarter of 2013.
This followed a growth in income in the first quarter of the year over 2013 figures.
Net asbestos-related gains and provisions impacted operating income in both quarterly periods. Excluding this, adjusted income from continuing operations in the second quarter of 2014 was US$ 86.8 million compared with US$ 54.6 million in the same quarter a year ago.
For the first six months of 2014, income from continuing operations was US$ 102.7 million compared with US$ 85.2 million for the first six months of 2013.
Foster Wheeler’s CEO, Kent Masters, said, “Our adjusted income from continuing operations in the second quarter of 2014 was more than double the average quarter of 2013. Operationally, our Global Engineering & Construction (E&C) Group reported a sharp increase in scope revenues and EBITDA as compared to the average quarter of 2013, a very solid level of new orders and nearly $3 billion in scope backlog.”
Foster Wheeler’s Global E&C group reported new orders worth US$ 545 million for the first quarter of 2014, compared with US$ 537 million for the same period in 2013.
Global E&C operating revenue achieved US$ 522 million for the second quarter 2014, up from US$ 443 million in the second quarter of 2013.