Foster Wheeler AG Earnings: Here’s Why Shares are Up Now
Foster Wheeler AG (NASDAQ:FWLT) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 4.27%.
Foster Wheeler AG Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 68.75% to $0.54 in the quarter versus EPS of $0.32 in the year-earlier quarter.
Revenue: Decreased 8.44% to $863.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Foster Wheeler AG reported adjusted EPS income of $0.54 per share. By that measure, the company beat the mean analyst estimate of $0.34. It missed the average revenue estimate of $881.96 million.
Quoting Management: Foster Wheeler’s Chief Executive Officer, Kent Masters, said, “Our adjusted income from continuing operations in the second quarter of 2013 was 22% above the average quarter of 2012, due largely to the strong performance of our Global Engineering and Construction (E&C) Group, which reported a 29% increase in EBITDA and a 12% increase in scope revenues. The E&C Group also reported a broad range of very favorable performance metrics, including robust bookings, an improved EBITDA margin and a near-record level of backlog in scope revenue.”
Key Stats (on next page)…