Foster Wheeler has reported a record setting full year 2008 financial performance, and strong operating performance for the fourth quarter of 2008.
Leading international engineering, construction and project management contractor and power equipment supplier, Foster Wheeler, has reported a record net income and consolidated EBITDA, for the third consecutive year.
The company has reported net income, for the fourth quarter of 2008, of $99.9 million, or $0.75 per diluted share, compared with $78.1 million, or $0.54 per diluted share, in the fourth quarter of 2007.
Fourth quarter 2008 consolidated EBITDA was $105.1 million, compared with $132.0 million in the fourth quarter of 2007.
For the full year 2008, net income was a record $526.6 million, or $3.68 per diluted share, compared with $393.9 million, or $2.72 per diluted share, in 2007. For the full year 2008, consolidated EBITDA was a record $686.1 million, compared with $591.9 million for 2007.
The report published by the company noted that the figures were all impacted on by asbestos-related items, and in the fourth quarter 2008 pretex results, a charge of $6.7 million for the favourable resolution of a previously disclosed legacy power project in Ireland, and a charge of $9.0 million for a restructuring program that the company has begun to implement in its Global Power Group, have both affected the results.
Commenting on the company’s full-year 2008 results, Chairman and Chief Executive
Officer of Foster Wheeler, Raymond J. Milchovich said, “As expected, the company’s net income in 2008 reached an all-time high, based largely on the record-setting level of EBITDA generated by both of our operating groups: our Global Engineering and Construction (E&C) Group and our Global Power Group (GPG).”
“As we look at 2009, it is clear that our power business will not equal its 2008 performance, due to significant weakness in most of the global markets we serve, North America in particular.”
“In our E&C Group, the outlook for 2009 is much more favorable than it is for our power business, but it is not without challenges.”