Foster Wheeler 4th-qtr net up; sees '09 challenges
By Robert Daniel
Last update: 7:10 a.m. EST Feb. 24, 2009
TEL AVIV (MarketWatch) -- Foster Wheeler AG, (FWLT:
foster wheeler ag com
News , chart , profile , more
Last: 19.20-1.10-5.42%
4:34pm 02/23/2009
Delayed quote data
Add to portfolio
Analyst
Create alert
Insider
Discuss
Financials
Sponsored by:
FWLT 19.20, -1.10, -5.4%) the Zug, Switzerland, construction and engineering firm, reported that fourth-quarter net income rose 28% from a year earlier, with both periods hurt by asbestos-related items. Earnings reached $99.9 million, or 75 cents a share, from $78.1 million, or 54 cents, in the year-earlier quarter. Excluding the special items, adjusted earnings were $1.03 against 56 cents. Revenue rose 12% to $1.64 billion from $1.47 billion. For 2009, the company said the power business will come up short of its 2008 performance "due to significant weakness in most of the global markets we serve, North America in particular." In engineering and construction, "the outlook for 2009 is much more favorable than it is for our power business, but it is not without challenges," and the division's earnings before interest, taxes, depreciation and amortization will decline from 2008
