Foster Wheeler (FWLT) Posts Q1 Adj-EPS of $0.19

Foster Wheeler (NASDAQ: FWLT) reported Q1 EPS of $0.19, versus the analyst estimate of $0.38. Revenue for the quarter came in at $733.7 million versus the consensus estimate of $885.63 million.

Foster Wheeler’s Chief Executive Officer, Kent Masters, said, “Our adjusted income for the first quarter of 2014 was below the average quarter of 2013 due to a 17% decline in operating EBITDA from continuing operations and a higher effective tax rate. Nevertheless, we were encouraged to see a sharp rebound in the first quarter of 2014 in scope new orders in the Global Power Group, as compared to the average quarter of 2013. In addition, we reported an 8% reduction in SG&A expenses versus the average quarter of 2013, reflecting our efforts to improve cost effectiveness across the company.”

Masters said, “In accordance with our previous guidance, the company’s first-quarter adjusted income was well below what we would expect to see as a quarterly run rate in 2014, a year in which we anticipate that the company’s performance will be driven by sequential-year growth in scope revenues in both of our business groups. We expect the increased volume to support favorable utilization rates for the balance of the year.”

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

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