Foster Wheeler AG today reported net income for the second quarter of 2011 of $63.3 million, or $0.52 per diluted share, compared with $58.9 million, or $0.46 per diluted share, in the second quarter of 2010.
Net income in both quarterly periods was impacted by asbestos-related provisions. Excluding such items from both quarterly periods, net income in the second quarter of 2011 was $65.3 million, or $0.53 per diluted share, compared with $61.2 million, or $0.48 per diluted share, in the year-ago quarter.
For the first six months of 2011, net income was $86.3 million, or $0.70 per diluted share, compared with $130.9 million, or $1.02 per diluted share, for the first six months of 2010.
The company believes that quarterly averages provide meaningful comparative relevance for certain key metrics in light of the significant quarter-to-quarter variability that is inherent in the company’s financial results.
Foster Wheeler’s Interim Chief Executive Officer, Umberto della Sala , said, “ The company reported a 17% increase in net income in the second quarter of 2011, relative to the average quarter of 2010. The results were attributable to the very strong performance of the company’s Global Power Group, which reported sharp increases in scope revenue and scope EBITDA relative to the average quarter of 2010. ”
In addition, net income for the second quarter of 2011 was aided by the continued benefit of a favorable effective tax rate.
[mappress]
Source: Foster Wheeler, August 2, 2011;