Foster Wheeler AG has reported net income of $72.9m for the first quarter of 2009, considerably lower than the same period last year and impacted by ‘unfavourable’ economic conditions.
Indicative of the difficult financial environment we find ourselves in, Foster Wheeler remains relatively realistic about the Q1 results and draws comfort from a large contract in India, received during Q1 but not ‘materially’ effective in these latest results.
Q1 net income of $72.9m, or $0.57 per diluted share, compared with $138.1m, or $0.95 per diluted share, in Q1 2008.
First-quarter 2009 consolidated EBITDA (earnings before interest expense, income taxes, depreciation and amortization) stood at $105.6m, compared with $195.3m in the first quarter of 2008.
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