Foster Wheeler Ltd. has reported record net income for the second quarter of 2008 of $160.8 million, or $1.11 per diluted share, compared with $71.9 million, or $0.50 per diluted share, in the second quarter of 2007. Net income in the second quarter of 2008 included a net asbestos-related gain of $18.3 million, or $0.13 per share. Excluding this item, net income in the second quarter of 2008 was a record $142.5 million, or $0.98 per diluted share.
Second-quarter 2008 consolidated EBITDA (earnings before interest expense, income taxes, depreciation and amortization) was a record $220.4 million, compared with $118.6 million in the second quarter of 2007. Excluding the net asbestos-related gain cited above, consolidated EBITDA in the second quarter of 2008 was $202.2 million.
For the first six months of 2008, net income was $298.8 million, or $2.06 per diluted share, compared with $186.7 million, or $1.30 per diluted share, for the first six months of 2007. Consolidated EBITDA for the first six months of 2008 was $415.7 million, compared with $280.9 million for the first six months of 2007. The six-month period of 2008 included a net asbestos-related gain of $32.5 million.
Commenting on the company's quarterly results, Foster Wheeler's Chairman and CEO, Raymond J. Milchovich, said, "The record-level of EBITDA in both of our business groups was the result of continued strong demand and excellent execution and commercial practices in all of our operating units. In accordance with our previous guidance, the company's Global Power Group has continued to generate EBITDA well above the levels of a year ago, due to robust market activity as well as the systemic improvements in commercial and operational practices that this group has achieved over the past two years. Also notable is the fact that our Engineering and Construction Group posted exceptional results without reliance on project incentives or bonuses, which were immaterial during the quarter."
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