Foster Wheeler AG today reported net income for the first quarter of 2012 of $40.6m, or $0.38 per diluted share, compared with $23m, or $0.18 per diluted share, in the first quarter of 2011. Net income in both quarterly periods was impacted by asbestos-related provisions.
Excluding such items from both quarterly periods, net income in the first quarter of 2012 was $42.6 million, or $0.40 per diluted share, compared with $23.4 million, or $0.19 per diluted share, in the first quarter for last year.
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 commenting on the company’s results, Foster Wheeler’s Chief Executive Officer, Kent Masters, said, “Our net income for the first quarter of 2012 was comparable to the average quarter of 2011, as increased EBITDA in our Global Power Group offset a decline in the EBITDA generated by our Global Engineering and Construction Group.”