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Foster Wheeler Reports Results for Fourth Quarter of 2012



  Foster Wheeler Reports Results for Fourth Quarter of 2012

  * Record levels of quarterly and annual scope new orders in Global E&C Group
  * Record level of scope backlog in Global E&C Group
  * Global Power Group reports second-highest level of annual EBITDA in its
    history

Business Wire

ZUG, Switzerland -- March 1, 2013

Foster Wheeler AG (Nasdaq: FWLT) today reported net income for the fourth
quarter of 2012 of $6.3 million, or $0.06 per diluted share, compared with
$39.2 million, or $0.34 per diluted share, in the fourth quarter of 2011.

Net income in both quarterly periods was impacted by net asbestos-related
provisions as detailed in an attached table. Excluding such items from both
quarterly periods, net income in the fourth quarter of 2012 was $28.9 million,
or $0.27 per diluted share, compared with $44.8 million, or $0.39 per diluted
share, in the year-ago quarter. For the full year 2012, net income was $136.0
million, or $1.27 per diluted share, compared with $162.4 million, or $1.35
per diluted share, for 2011. Excluding the net asbestos-related provisions
from both years, net income for 2012 was $165.9 million, or $1.54 per diluted
share, as compared with $172.3 million, or $1.43 per diluted share, in 2011.

The fourth quarter of 2012 also included a non-cash after-tax impairment
charge of $11.5 million, or $0.11 per diluted share, on a non-core asset.

The following tables present quarterly and average quarterly data, both as
reported and as adjusted (as detailed in an attached table). 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.

(in millions)           Q4 2012     Qtrly Avg.        Q4 2011     Qtrly Avg.
                                    2012                          2011
Net income              $6          $34               $39         $41
Net income, as          $29         $41               $45         $43
adjusted
EBITDA                  $55         $70               $70         $71
EBITDA, as adjusted     $78         $77               $75         $73

Foster Wheeler’s Chief Executive Officer, Kent Masters, said, “Both of our
business groups reported solid operating results. In addition, our Global E&C
Group reported several record-level numbers in connection with scope new
orders and scope backlog. However, adjusted fully diluted earnings per share
of $0.27 were $0.09 below the average quarter of 2011 due largely to the
impairment charge on a non-core asset, which in turn contributed to a higher
effective tax rate during the quarter.”

Global Engineering and Construction (E&C) Group

(dollars in millions)        Q4 2012     Qtrly Avg.     Q4 2011     Qtrly Avg.
                                         2012                       2011
New orders booked (FW        $866        $599           $376        $362
Scope)
Operating revenues (FW       $424        $397           $453        $399
Scope)
Segment EBITDA               $53         $48            $55         $53
EBITDA Margin (FW Scope)     12.6%       12.1%          12.2%       13.2%

  * Scope new orders in the fourth quarter of 2012 reached a record level due
    in part to the booking of a large PMC (project management consultancy)
    contract for a clean fuels project in Kuwait. The robust level of new
    orders contributed to a record level of scope backlog of $2.2 billion at
    the end of the quarter.
  * Scope operating revenues in the fourth quarter of 2012 were above the
    average quarter of 2011 due to an increased volume of work executed.
  * EBITDA in the fourth quarter of 2012 was in line with the average quarter
    of 2011.

Global Power Group (GPG)

(dollars in millions)        Q4 2012     Qtrly Avg.     Q4 2011     Qtrly Avg.
                                         2012                       2011
New orders booked (FW        $122        $145           $460        $313
Scope)
Operating revenues (FW       $228        $246           $281        $257
Scope)
Segment EBITDA               $47         $52            $55         $46
EBITDA Margin (FW Scope)     20.5%       21.1%          19.5%       17.9%

  * Scope new orders in the fourth quarter of 2012 were below the average
    quarter of 2011, as slippage of award dates for committed key prospects
    resulted in a lack of boiler orders.
  * Scope operating revenues in the fourth quarter of 2012 were below the
    average quarter of 2011, primarily as a result of lower volume of boiler
    work executed.
  * EBITDA in the fourth quarter of 2012 was in line with the average quarter
    of 2011.

Outlook/Guidance

Masters said, “As we look ahead to the balance of 2013, we anticipate a
continuation of a mild economic recovery globally. In such an environment, we
expect adjusted diluted earnings per share in 2013 to be flat to moderately
down as compared to 2012 adjusted diluted earnings per share excluding the
impairment charge. We expect an increase in EBITDA in the Global E&C Group in
2013. In addition, we expect a decline in EBITDA in the Global Power Group in
2013, reflecting the lower level of new orders in 2012. EBITDA margins on
scope revenues in both business groups are likely to be noticeably weaker in
the first half of 2013 than in the second half of the year.”

In commenting on the company’s Global E&C Group, Masters said, “We expect
scope revenues in 2013 to be up materially as compared with 2012, and we
expect the full-year 2013 EBITDA margin on scope revenues in this business to
be in the range of 10% to 12%.”

Masters said, “In our Global Power Group, we expect full-year scope revenues
in 2013 to be flat to modestly down as compared with 2012, and we expect the
full-year 2013 EBITDA margin on scope revenues to be in the range of 15% to
17%.”

Masters added, “Taking a longer-term view of the company’s prospects, we
believe Foster Wheeler is poised for significant earnings growth in the years
ahead, aided by the strategic actions we have taken – and are taking – to
strengthen and expand each of our business groups, for example the 2012
reorganization of our E&C Group, our continued focus on business line
diversification and the penetration of our products and services into new
geographies.”

Share Repurchase Program

The company repurchased 1,751,119 shares during the fourth quarter of 2012 for
approximately $40 million. As of December 31, 2012, the company had
approximately $420 million remaining under its authorized share repurchase
program.

Conference Call Information

Foster Wheeler AG plans to hold a conference call today, Friday, March 1, at
2:00 p.m. Central European Time (8:00 a.m. Eastern Standard Time in the U.S.)
to discuss its financial results for the fourth quarter ended December 31,
2012. The call will be accessible to the public by telephone or webcast, and
the company will post an accompanying slide presentation in the investor
relations section of its website (www.fwc.com). To listen to the call by
telephone, dial 973-935-8752 (conference I.D. No. 81934805) approximately ten
minutes before the call. The conference call will also be available over the
Internet at www.fwc.com or through StreetEvents at www.streetevents.com. A
replay of the call will be available on the company's web site for four weeks
following the call.

Net Income

All references to net income in this news release refer to “Net income
attributable to Foster Wheeler AG” as reported in our consolidated financial
statements.

Calculation of EBITDA

EBITDA is a supplemental financial measure not defined in generally accepted
accounting principles, or GAAP. The company defines EBITDA as net income
attributable to Foster Wheeler AG before interest expense, income taxes,
depreciation and amortization. The company has presented EBITDA because it
believes it is an important supplemental measure of operating performance.
Certain covenants under our senior unsecured credit agreement use an adjusted
form of EBITDA such that in the covenant calculations the EBITDA as presented
herein is adjusted for certain unusual and infrequent items specifically
excluded in the terms of our senior unsecured credit agreement. The company
believes that the line item on its consolidated statement of operations
entitled "net income attributable to Foster Wheeler AG" is the most directly
comparable GAAP financial measure to EBITDA. Since EBITDA is not a measure of
performance calculated in accordance with GAAP, it should not be considered in
isolation of, or as a substitute for, net income attributable to Foster
Wheeler AG as an indicator of operating performance or any other GAAP
financial measure.

EBITDA, as calculated by the company, may not be comparable to similarly
titled measures employed by other companies. In addition, this measure does
not necessarily represent funds available for discretionary use, and is not
necessarily a measure of the company's ability to fund its cash needs. As
EBITDA excludes certain financial information that is included in net income
attributable to Foster Wheeler AG, users of this financial information should
consider the type of events and transactions that are excluded.

The company's non-GAAP performance measure, EBITDA, has certain material
limitations as follows:

• It does not include interest expense. Because the company has borrowed money
to finance some of its operations, interest is a necessary and ongoing part of
its costs and has assisted the company in generating revenue. Therefore, any
measure that excludes interest expense has material limitations;

• It does not include taxes. Because the payment of taxes is a necessary and
ongoing part of the company's operations, any measure that excludes taxes has
material limitations; and

• It does not include depreciation and amortization. Because the company must
utilize property, plant and equipment and intangible assets in order to
generate revenues in its operations, depreciation and amortization are
necessary and ongoing costs of its operations. Therefore, any measure that
excludes depreciation and amortization has material limitations.

Calculation of EBITDA Margin

Segment EBITDA margin is calculated by dividing business unit operating
revenues in Foster Wheeler Scope into business unit EBITDA.

Foster Wheeler Scope

Foster Wheeler Scope represents that portion of backlog, new orders booked and
operating revenues on which profit can be earned. Foster Wheeler Scope
excludes revenues relating to third-party costs incurred by the company as
agent or principal on a reimbursable basis.

Foster Wheeler AG is a global engineering and construction company and power
equipment supplier delivering technically advanced, reliable facilities and
equipment. The company employs approximately 13,000 talented professionals
with specialized expertise dedicated to serving its clients through one of its
two primary business groups. The company’s Global Engineering and Construction
Group designs and constructs leading-edge processing facilities for the
upstream oil and gas, LNG and gas-to-liquids, refining, chemicals and
petrochemicals, power, mining and metals, environmental, pharmaceuticals,
biotechnology and healthcare industries. The company’s Global Power Group is a
world leader in combustion and steam generation technology that designs,
manufactures and erects steam generating and auxiliary equipment for power
stations and industrial facilities and also provides a wide range of
aftermarket services. The company is based in Zug, Switzerland, and its
operational headquarters office is in Reading, United Kingdom. For more
information about Foster Wheeler, please visit our Web site at www.fwc.com.

Safe Harbor Statement

Foster Wheeler AG news releases may contain forward-looking statements that
are based on management’s assumptions, expectations and projections about the
Company and the various industries within which the Company operates. These
include statements regarding the Company’s expectations about revenues
(including as expressed by its backlog), its liquidity, the outcome of
litigation and legal proceedings and recoveries from customers for claims and
the costs of current and future asbestos claims and the amount and timing of
related insurance recoveries. Such forward-looking statements by their nature
involve a degree of risk and uncertainty. The Company cautions that a variety
of factors, including but not limited to the factors described in the
Company’s most recent Annual Report on Form 10-K, which was filed with the
U.S. Securities and Exchange Commission, and the following, could cause the
Company’s business conditions and results to differ materially from what is
contained in forward-looking statements: benefits, effects or results of the
Company’s redomestication to Switzerland, benefits, effects or results of the
Company’s strategic renewal initiative, further deterioration in global
economic conditions, changes in investment by the oil and gas, oil refining,
chemical/petrochemical and power generation industries, changes in the
financial condition of its customers, changes in regulatory environments,
changes in project design or schedules, contract cancellations, the changes in
estimates made by the Company of costs to complete projects, changes in trade,
monetary and fiscal policies worldwide, compliance with laws and regulations
relating to the Company’s global operations, currency fluctuations, war,
terrorist attacks and/or natural disasters affecting facilities either owned
by the Company or where equipment or services are or may be provided by the
Company, interruptions to shipping lanes or other methods of transit, outcomes
of pending and future litigation, including litigation regarding the Company’s
liability for damages and insurance coverage for asbestos exposure, protection
and validity of the Company’s patents and other intellectual property rights,
increasing global competition, compliance with its debt covenants,
recoverability of claims against the Company’s customers and others by the
Company and claims by third parties against the Company, and changes in
estimates used in its critical accounting policies. Other factors and
assumptions not identified above were also involved in the formation of these
forward-looking statements and the failure of such other assumptions to be
realized, as well as other factors, may also cause actual results to differ
materially from those projected. Most of these factors are difficult to
predict accurately and are generally beyond the Company’s control. You should
consider the areas of risk described above in connection with any
forward-looking statements that may be made by the Company. The Company
undertakes no obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or otherwise. You are
advised, however, to consult any additional disclosures the Company makes in
proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K
and current reports on Form 8-K filed or furnished with to the Securities and
Exchange Commission.

Foster Wheeler AG and Subsidiaries
Consolidated Statement of Operations
(in thousands of dollars, except share data and per share amounts)
(unaudited)
                                                                       
                   Quarter Ended December 31,         Twelve Months Ended December 31,
                     2012              2011             2012              2011         
                                                                         
Operating          $ 735,281         $ 1,128,743      $ 3,414,635       $ 4,480,729
revenues
Cost of
operating            590,709           976,219          2,837,317         3,939,274    
revenues
Contract profit      144,572           152,524          577,318           541,455
                                                                         
Selling, general
and                  88,278            80,666           334,617           309,996
administrative
expenses
Other income,        (4,540      )     (9,293      )    (37,683     )     (51,607     )
net
Other                9,564             22,192           34,726            43,969
deductions, net
Interest income      (2,219      )     (5,657      )    (10,807     )     (18,922     )
Interest expense     2,935             2,491            13,797            12,876
Net
asbestos-related     22,795            5,514            30,505            9,901        
provision
Income before        27,759            56,611           212,163           235,242
income taxes
Provision for        18,302            15,685           62,267            58,514       
income taxes
Net income           9,457             40,926           149,896           176,728
Less: Net income
attributable to      3,162             1,681            13,874            14,345       
noncontrolling
interests
Net income
attributable to    $ 6,295           $ 39,245         $ 136,022         $ 162,383      
Foster Wheeler
AG
                                                                         
                                                                         
Shares
Outstanding:
Weighted-average
number of shares
                     105,552,630       114,843,970      107,054,284       120,085,704
outstanding for
basic earnings
per share
Weighted-average
number of shares
                     105,970,858       114,940,513      107,313,539       120,504,483
outstanding for
diluted earnings
per share
                                                                         
                                                                         
                                                                         
                                                                         
Earnings per
share:
     Basic         $ 0.06            $ 0.34           $ 1.27            $ 1.35         
     Diluted       $ 0.06            $ 0.34           $ 1.27            $ 1.35         

Foster Wheeler AG and Subsidiaries
Consolidated Balance Sheet
(in thousands of dollars)
(unaudited)
                                               December 31,      December 31,
                                               2012              2011
           ASSETS
Current Assets:
  Cash and cash equivalents                    $ 582,322         $ 718,049
  Short-term investments                         -                 1,294
  Accounts and notes receivable, net:
           Trade                                 610,695           427,984
           Other                                 86,981            97,495
  Contracts in process                           228,979           166,648
  Prepaid, deferred and refundable income        57,404            62,616
  taxes
  Other current assets                           47,161            49,101     
           Total current assets                  1,613,542         1,523,187  
Land, buildings and equipment, net               334,141           341,987
Restricted cash                                  63,029            44,094
Notes and accounts receivable – long-term        14,119            6,210
Investments in and advances to                   205,476           211,109
unconsolidated affiliates
Goodwill                                         133,518           112,120
Other intangible assets, net                     105,100           74,386
Asbestos-related insurance recovery              132,438           157,127
receivable
Other assets                                     90,509            118,178
Deferred tax assets                              42,052            25,482     
           TOTAL ASSETS                        $ 2,733,924       $ 2,613,880  
  LIABILITIES, TEMPORARY EQUITY AND EQUITY
Current Liabilities:
  Current installments on long-term debt       $ 13,672          $ 12,683
  Accounts payable                               300,225           250,821
  Accrued expenses                               232,197           237,089
  Billings in excess of costs and estimated      565,101           550,746
  earnings on uncompleted contracts
  Income taxes payable                           64,992            39,645     
           Total current liabilities             1,176,187         1,090,984  
Long-term debt                                   124,034           136,428
Deferred tax liabilities                         40,889            44,622
Pension, postretirement and other employee       177,345           171,065
benefits
Asbestos-related liability                       259,350           269,520
Other long-term liabilities                      190,132           160,596
Commitments and contingencies                                     
           TOTAL LIABILITIES                     1,967,937         1,873,215  
Temporary Equity:
Non-vested share-based compensation awards       8,594             4,993      
subject to redemption
           TOTAL TEMPORARY EQUITY                8,594             4,993      
Equity:
Registered shares                                269,633           321,181
Paid-in capital                                  266,943           606,053
Retained earnings                                835,993           699,971
Accumulated other comprehensive loss             (567,603  )       (530,068  )
Treasury shares                                  (90,976   )       (409,390  )
           TOTAL FOSTER WHEELER AG               713,990           687,747    
           SHAREHOLDERS’ EQUITY
Noncontrolling interests                         43,403            47,925     
           TOTAL EQUITY                          757,393           735,672    
           TOTAL LIABILITIES, TEMPORARY        $ 2,733,924       $ 2,613,880  
           EQUITY AND EQUITY

Foster Wheeler AG and Subsidiaries
Business Segments
(in thousands of dollars)
(unaudited)
                                                                      
                       Quarter Ended December 31,      Twelve Months Ended December
                                                       31,
                         2012            2011            2012            2011       
Global Engineering &
Construction Group
           Backlog -
           in future   $ 2,884,700     $ 2,420,200     $ 2,884,700     $ 2,420,200
           revenues
           New
           orders
           booked -      852,900         1,052,100       2,860,400       3,024,900
           in future
           revenues
           Operating     504,240         845,193         2,419,327       3,443,079
           revenues
           EBITDA        53,399          55,416          192,208         210,541
                                                                        
           Foster
           Wheeler
           Scope
           ^(1):
           Backlog -
           in Foster     2,196,700       1,365,900       2,196,700       1,365,900
           Wheeler
           Scope
           New
           orders
           booked -      866,500         375,800         2,397,600       1,447,200
           in Foster
           Wheeler
           Scope
           Operating
           revenues
           - in        $ 423,870       $ 453,052       $ 1,586,198     $ 1,594,992
           Foster
           Wheeler
           Scope
                                                                        
Global Power Group
           Backlog -
           in future   $ 763,300       $ 1,205,900     $ 763,300       $ 1,205,900
           revenues
           New
           orders
           booked -      125,300         462,200         589,100         1,260,900
           in future
           revenues
           Operating     231,041         283,550         995,308         1,037,650
           revenues
           EBITDA        46,548          54,956          207,862         184,467
                                                                        
           Foster
           Wheeler
           Scope
           ^(1):
           Backlog -
           in Foster     753,500         1,196,400       753,500         1,196,400
           Wheeler
           Scope
           New
           orders
           booked -      121,500         460,300         579,000         1,251,800
           in Foster
           Wheeler
           Scope
           Operating
           revenues
           - in        $ 227,586       $ 281,301       $ 985,488       $ 1,028,176
           Foster
           Wheeler
           Scope
                                                                        
Corporate & Finance
Group ^(2)
           EBITDA      $ (45,055   )   $ (40,893   )   $ (121,453  )   $ (111,779  )
                                                                        
Consolidated
           Backlog -
           in future   $ 3,648,000     $ 3,626,100     $ 3,648,000     $ 3,626,100
           revenues
           New
           orders
           booked -      978,200         1,514,300       3,449,500       4,285,800
           in future
           revenues
           Operating     735,281         1,128,743       3,414,635       4,480,729
           revenues
           EBITDA        54,892          69,479          278,617         283,229
                                                                        
           Foster
           Wheeler
           Scope
           ^(1):
           Backlog -
           in Foster     2,950,200       2,562,300       2,950,200       2,562,300
           Wheeler
           Scope
           New
           orders
           booked -      988,000         836,100         2,976,600       2,699,000
           in Foster
           Wheeler
           Scope
           Operating
           revenues
           - in        $ 651,456       $ 734,353       $ 2,571,686     $ 2,623,168
           Foster
           Wheeler
           Scope
                                                                        
____________________
 
           Foster Wheeler Scope represents the portion of backlog, new orders booked
           and operating revenues on which profit can be earned.
(1)
           Foster Wheeler Scope excludes revenues relating to third-party costs
           incurred by the company as agent or principal on a reimbursable basis.
 
(2)        Includes intersegment eliminations.

Foster Wheeler AG and Subsidiaries
Reconciliations of EBITDA and Foster Wheeler Scope
(in thousands of dollars)
(unaudited)
                                                                          
                              Quarter Ended December 31,   Twelve Months Ended December
                                                           31,
                                2012          2011           2012            2011       
Reconciliation of EBITDA to
Net Income ^(1)
  EBITDA:
            Global
            Engineering &     $ 53,399      $ 55,416       $ 192,208       $ 210,541
            Construction
            Group
            Global Power        46,548        54,956         207,862         184,467
            Group
            Corporate &         (45,055 )     (40,893   )    (121,453  )     (111,779  )
            Finance Group
  Consolidated EBITDA           54,892        69,479         278,617         283,229
  Less: Interest expense        2,935         2,491          13,797          12,876
  Less:
  Depreciation/amortization     27,360        12,058         66,531          49,456
  ^(2)
  Less: Provision for           18,302        15,685         62,267          58,514     
  income taxes
  Net income ^(1)             $ 6,295       $ 39,245       $ 136,022       $ 162,383    
                                                                            
Reconciliation of Foster
Wheeler Scope Operating
  Revenues to Operating
  Revenues
                                                                            
Global Engineering &
Construction Group
            Foster Wheeler
            Scope operating   $ 423,870     $ 453,052      $ 1,586,198     $ 1,594,992
            revenues
            Flow-through        80,370        392,141        833,129         1,848,087  
            revenues
            Operating         $ 504,240     $ 845,193      $ 2,419,327     $ 3,443,079  
            revenues
                                                                            
Global Power Group
            Foster Wheeler
            Scope operating   $ 227,586     $ 281,301      $ 985,488       $ 1,028,176
            revenues
            Flow-through        3,455         2,249          9,820           9,474      
            revenues
            Operating         $ 231,041     $ 283,550      $ 995,308       $ 1,037,650  
            revenues
                                                                            
Consolidated
            Foster Wheeler
            Scope operating   $ 651,456     $ 734,353      $ 2,571,686     $ 2,623,168
            revenues
            Flow-through        83,825        394,390        842,949         1,857,561  
            revenues
            Operating         $ 735,281     $ 1,128,743    $ 3,414,635     $ 4,480,729  
            revenues
                                                                            
____________________
^(1) Net income attributable to Foster Wheeler AG.
^(2) The depreciation / amortization by business segment:
                              Quarter Ended December 31,   Twelve Months Ended December
                                                           31,
                                2012          2011           2012            2011       
  Global Engineering &        $ 6,363       $ 5,861        $ 23,115        $ 24,867
  Construction Group
            Global Power        18,466        5,569          38,934          22,116
            Group
            Corporate &         2,531         628            4,482           2,473      
            Finance Group
            Total
            depreciation /    $ 27,360      $ 12,058       $ 66,531        $ 49,456     
            amortization

Foster Wheeler AG and Subsidiaries
EBITDA, Net Income* and Diluted Earnings Per Share Reconciliation
(in thousands of dollars, except per share amounts)
(unaudited)
                                                                             
                                                                               
                         Quarter Ended December 31,
                         2012                             2011
                                                                               
                                               Diluted                        Diluted

                         EBITDA     Net        Earnings   EBITDA    Net       Earnings
                                    Income*                         Income*
                                               Per                            Per
                                               Share                          Share
  As adjusted            $ 77,687   $ 28,944   $ 0.27     $         $         $ 0.39
                                                          74,993    44,759
  Adjustments:
  Net asbestos-related
                         (22,795)   (22,649)   (0.21)     (5,514)   (5,514)   (0.05)
  provision
                                                                               
  As reported            $ 54,892   $ 6,295    $ 0.06     $         $         $ 0.34
                                                          69,479    39,245
                                                                               
                                                                               
                         Twelve Months Ended December 31,
                         2012                             2011
                                               Diluted                        Diluted

                         EBITDA     Net        Earnings   EBITDA    Net       Earnings
                                    Income*                         Income*
                                               Per                            Per
                                               Share                          Share
                                                                               
  As adjusted            $          $          $ 1.54     $         $         $ 1.43
                         309,122    165,944               293,130   172,284
  Adjustments:
  Net asbestos-related
                         (30,505)   (29,922)   (0.27)     (9,901)   (9,901)   (0.08)
  provision
                                                                               
  As reported            $          $          $ 1.27     $         $         $ 1.35
                         278,617    136,022               283,229   162,383
                                                                               
  ____________________
  *Net income attributable to Foster Wheeler AG.

Foster Wheeler AG and Subsidiaries
Average Calculations
(in thousands of dollars, except per share amounts)
(unaudited)
                                                                  
                                       2011                        2012
                         2011                        2012
                                       Quarterly                   Quarterly
                         Full Year                   Full Year
                                       Average^(1)                 Average^(1)
Consolidated
Operating revenues -     $                           $
in Foster Wheeler        2,623,168     $ 655,792     2,571,686     $ 642,922
Scope
Net income ^(2)          $ 162,383     $ 40,596      $ 136,022     $ 34,006
Adjusted net income      $ 172,284     $ 43,071      $ 165,944     $ 41,486
^(2)
Consolidated EBITDA      $ 283,229     $ 70,807      $ 278,617     $ 69,654
Consolidated EBITDA,     $ 293,130     $ 73,283      $ 309,122     $ 77,281
as adjusted
Adjusted diluted         $ 1.43        $ 0.36        $ 1.54        $ 0.38
earnings per share
                                                                    
                                                                    
Global Engineering &
Construction Group
New orders booked -      $                           $
in Foster Wheeler        1,447,200     $ 361,800     2,397,600     $ 599,400
Scope
Operating revenues -     $                           $
in Foster Wheeler        1,594,992     $ 398,748     1,586,198     $ 396,550
Scope
Segment EBITDA           $ 210,541     $ 52,635      $ 192,208     $ 48,052
EBITDA margin            13.2%         13.2%         12.1%         12.1%
                                                                    
                                                                    
Global Power Group
New orders booked -      $
in Foster Wheeler        1,251,800     $ 312,950     $ 579,000     $ 144,750
Scope
Operating revenues -     $
in Foster Wheeler        1,028,176     $ 257,044     $ 985,488     $ 246,372
Scope
Segment EBITDA           $ 184,467     $ 46,117      $ 207,862     $ 51,966
EBITDA margin            17.9%         17.9%         21.1%         21.1%
____________________
^(1) To calculate the quarterly average dollar amounts, the company divided
reported annual figures by four.
^(2) Net income attributable to Foster Wheeler AG.

Contact:

Foster Wheeler AG
Media
Julie Stanisz
908-730-4047
julie_stanisz@fwc.com
or
Investor Relations
Scott Lamb
908-730-4155
scott_lamb@fwc.com
or
Other Inquiries
908-730-4000
fw@fwc.com
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