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Analyst Blog

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Foster Wheeler Misses in Q2

by Zacks Equity Research

July 31, 2012 | Comments : 0 Recommended this article: (0)

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Foster Wheeler AG ( FWLT - Analyst Report ) reported earnings per share of $0.29 in the second quarter of 2012, missing the Zacks Consensus Estimate of $0.43 per share. The quarter's results was also below the year-ago quarter's earnings of $0.52 per share.

Including an asbestos-related provision, earnings per share in the quarter came in at $0.32, down from $0.53 in the year-ago quarter.
Total Revenue
Consolidated operating revenue in the quarter was $943.0 million, down 20.3% year over year.
Segment Results
Global Engineering and Construction (E&C) Group’s operating revenue (FW scope) was $417 million, up 14.3% compared with $365.0 million in the prior-year period. In the reported quarter, orders which are generally of small and medium sizes, increased to $392.0 million from $381.0 million in the year-ago quarter.
Global Power Group (GPG) operating revenue (FW Scope) decreased to $275.0 million, down 4.8% from $289.0 million in the year-ago quarter. New order in the segment declined significantly to $114.0 million compared with $574 million in the prior-year period.
Income & Expenses
Contract profit in the quarter was $139.6 million, down 9.1% from the prior-year quarter. SG&A expense was $85.5 million, up 6.2% compared with $80.4 million in the year-ago quarter.
E&C EBTDA margin was 9.6% in the quarter, down from 15.0% in the year-ago quarter. GPG EBITDA margin was 15.9% in the quarter, down from 23.4% in the year-ago quarter.
Balance Sheet
Cash and cash equivalents at the end of June 2012 were $767.3 million, up from $648.9 million at the end of the prior quarter. Long-term debt was $127.6 million, down from $138.3 million at the end of the previous quarter. Shareholders’ equity was $751.9 million, up from $736.5 million at the end the previous quarter.
During the reported quarter, the company did not repurchase any shares and still has $500 million remaining under its authorized share repurchase program.
Outlook
Based on client feedback, the company stated that selected prospects in the Global E&C Group appear to be gaining momentum. On the same note, Global Power Group also has received a fair number of award letters for projects, which should progress further once clients finalize their closing requirements.
Nevertheless, Foster Wheeler raised its full-year 2012 EBITDA margin guidance in the Global power Group to the range of 17% to 19% compared with the previous guidance of 12% – 14%. However, revenues are expected to be essentially flat in 2012 compared to 2011.
Management lowered its EBITDA margin guidance in the Global E&C segment to 11% – 13%, from the previous guidance of 12% – 14%. Revenues are expected to be come in higher than 2011.
Further, Foster Wheeler expects its earnings per share to increase significantly in 2012 versus 2011 due to reduced share count and higher earnings.

Read the full Analyst Report on FWLT

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