Foster Wheeler (FWLT) Misses Q3 EPS by 18c

Foster Wheeler (NASDAQ: FWLT) reported Q3 EPS of $0.31, $0.18 worse than the analyst estimate of $0.49. Revenue for the quarter came in at $859.7 million versus the consensus estimate of $929.9 million.

Foster Wheeler’s 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.”

Masters said, “Both business groups continue to operate very well in a challenging environment. We continue to expect a material increase in scope revenues for E&C in full-year 2014 relative to full-year 2013, with a modest decline in full-year 2014 scope revenues compared to the previous year for GPG due to timing and mix of new orders.”

For earnings history and earnings-related data on Foster Wheeler (FWLT) click here.

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