Foster Wheeler has announced Q1 2006 results for the period ended 31 March 2006.
Net earnings increased to $14.6m for the first quarter of 2006, compared with $1.2m in the first quarter of 2005. The Q1 net earnings include pre- and after-tax expenses of $1.8m, or three cents per basic share, as a result of the company’s adoption of SFAS No. 123R.
For the first quarter of 2006, operating revenues increased by 24 per cent to $645.8m, up from $523.1m a year ago. First-quarter 2006 EBITDA (earnings before income taxes, interest expense, depreciation and amortization) increased by 47 per cent to $45.9m, up from $31.2m in the first quarter of 2005.
New orders increased this quarter by 232 per cent to $1.53bn, up from $460m a year ago. The company continued to build backlog, which increased to $4.55bn at the end of the first quarter of 2006, up 23 per cent from $3.69bn at the end of the fourth quarter of 2005, and up 138 per cent from $1.91bn a year ago.
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