Foster Wheeler reported net income for the first quarter in 2010 of $72.1 m, or $0.56 per diluted share, compared with $72.9 m, or $0.57 per diluted share, during the first quarter of 2009.
Similarly, first-quarter 2010 consolidated EBITDA (earnings before interest expense, income taxes, depreciation and amortization) was $111.3 m, compared with $105.6 m in the first quarter of 2009.
Foster Wheeler attributed both quarter figures to asbestos-related gains and provisions. Consequently, the company released results excluding these factors; net income in Q1 of 2010 at $71.3 m, or $0.56 per diluted share, compared to $74.6 m, or $0.59 per diluted share during Q1 of 2009. Meanwhile adjusted results showed consolidated EBITDA in Q1 of 2010, at $110.5 m, compared with $107.3 m during the previous year’s first quarter.
Foster Wheeler's Chairman and CEO, Raymond J. Milchovich, said, $quot;Net income in the first quarter of 2010 was below the average quarter of 2009 due mainly to lower revenues, reflecting the weaker market conditions that we began to experience in the middle of 2008. Still, in this environment, both of our business groups demonstrated commercial and operating excellence during the quarter.”
Milchovich continued, $quot;In particular, our Global Power Group reported a sharp improvement in booking and backlog figures, posting its highest scope booking quarter since the first quarter of 2008 and its highest scope backlog level since the fourth quarter of 2008. The Group also reported a very strong EBITDA margin.$quot;