Foster Wheeler Q3 net income increases

Foster Wheeler AG has reported net income attributable to the company of $58.22 million, or $0.54 per diluted share, for the third quarter ended September 30, 2012, compared to $36.86 million, or $0.31 per diluted share, for the same quarter ended September 30, 2011.

Operating revenues for the third quarter ended September 30, 2012 were $803.23 million, compared to $1.13 billion for the same quarter ended September 30, 2011.

Net income attributable to the company for the nine months ended September 30, 2012 was $129.73 million, or $1.2 per diluted share, compared to $123.14 million, or $1.01 per diluted share, for the same period ended September 30, 2011.

Operating revenues for the nine months ended September 30, 2012 were $2.68 billion, compared to $3.35 billion for the same period ended September 30, 2011.

Foster Wheeler's CEO, Kent Masters, said, "The company's net income increased 43% in the third quarter of 2012 as compared with the average quarter of 2011 due largely to the performance of our Global Power Group, which reported a sharp increase in EBITDA and very strong margins. Additionally, our Global Engineering and Construction Group booked a record-level of scope new orders, which generated a 31% sequential-quarter increase in scope backlog to more than $1.7 billion."