Foster Wheeler AG, the Swiss global engineering, construction contractor and power equipment supplier has revealed a decline in quarterly fiscal results for 2011.
Foster Wheeler reported $39.2m net income for the fourth quarter of 2011, or $0.04 per diluted share, compared with $32.8m, or $0.26 per diluted share, in the corresponding quarter of 2010.
CEO, Kent Masters commented on the depreciation, “Net income for the fourth quarter of 2011 was down relative to the average quarter of 2010, due primarily to lower EBITDA in the company’s Global Engineering and Construction Group.”
We expect both our Global E&C Group and our Global Power Group to generate increased scope revenues in 2012 as compared to 2011.
Kent Masters, CEO Foster Wheeler AG
For the full year 2011 net income was $162.4m, or $1.35 per diluted share, compared with $215.4 million, or $1.70 per diluted share, for the full year 2010.
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