Foster Wheeler reported net income for the second quarter of 2009 of $122.2 million, or $0.96 per diluted share, compared with $160.8 million, or $1.11 per diluted share, in the second quarter of 2008. Net income in the second quarter of 2009 was $124.0 million, or $0.98 per diluted share, compared with $142.5 million, or $0.98 per diluted share, in the second quarter of 2008.
Second-quarter 2009 consolidated EBITDA (earnings before interest expense, income taxes, depreciation and amortization) was $162.0 million, compared with $220.4 million in the second quarter of 2008. Consolidated EBITDA in the second quarter of 2009 was $163.7 million, compared with $202.2 million in the second quarter of 2008.
For the first six months of 2009, net income was $195.1 million, or $1.54 per diluted share, compared with $298.8 million, or $2.06 per diluted share, for the first six months of 2008. Consolidated EBITDA for the first six months of 2009 was $267.5 million, compared with $415.7 million for the first six months of 2008.
Foster Wheeler's Chairman and Chief Executive Officer, Raymond J. Milchovich, said, "The company's net income in the second quarter of 2009 was driven by very strong EBITDA generation. Specifically, the company reported an increase in consolidated EBITDA in the second quarter of 2009 as compared to the average quarter of 2008, excluding the impact of approximately $17 million of unfavorable currency translation. The increase was due to outstanding commercial and operational performance in both of our business groups. In addition, the strong performance of our Global Engineering and Construction Group was bolstered by its ability to capture available profit enhancement opportunities during the quarter. Also, our Global Power Group's performance benefited from the actions it has taken over the past several years in the pursuit of commercial and operational excellence."
Global Engineering and Construction (E&C) Group
Share Repurchase Program
On September 12, 2008, the company announced that its board of directors had authorized a $750 million share repurchase program. The company purchased no shares under the program during the second quarter of 2009. To date, the company has purchased 18.1 million common shares and has approximately $265 million remaining under the existing authorization.
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