Foster Wheeler AG Misses Q3 Revenue, Earnings

Foster Wheeler AG FWLT reported income from continuing operations Monday for the third quarter of 2014.

Revenues totaled $859.72 million, below estimates of $929.88 million and above the $801.82 million reported for the same period in 2013.

Income from continuing operations was impacted by net asbestos-related gains and provisions. Excluding such items, adjusted income from continuing operations in the third quarter of 2014 was $27.4 million, or $0.27 per diluted share, below the average estimate of $0.49 per share and below the $50.9 million, or $0.52 per diluted share, reported in the year-ago quarter.

Foster Wheeler Chief Executive Officer Kent Masters said, "We experienced a moderate reduction in adjusted income from continuing operations in the third quarter of 2014 compared to the average quarter of 2013, due to increased costs incurred on the AMEC transaction and a higher tax rate. EBITDA from operations in the third quarter of 2014 was comparable to the average quarter of 2013, with higher EBITDA in our Global Engineering and Construction Group (E&C) driven by increased level of activity, offset by lower EBITDA in our Global Power Group (GPG) due to timing of new orders, mix of work executed and reduced margins."

Foster Wheeler AG closed at $31.03 Friday, up 1.07 percent.