Last $31.76 USD
Change Today +0.22 / 0.70%
Volume 494.7K
FWLT On Other Exchanges
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Exchange
Berlin
NASDAQ GS
As of 8:10 PM 09/19/14 All times are local (Market data is delayed by at least 15 minutes).

foster wheeler ag (FWLT) Key Developments

Foster Wheeler AG Enters into Collaboration Agreement with ZeoGas LLC on US Gulf Coast Gas-to-Gasoline Plant

Foster Wheeler AG announced that a subsidiary of its Global Engineering and Construction Group has entered into a Collaboration Agreement with ZeoGas LLC. In the first instance, Foster Wheeler will support ZeoGas's final site selection and project planning towards the development of ZeoGas' first fuels manufacturing plant, to be located on the US Gulf Coast. The terms of the agreement were not disclosed, and the contract value for an initial release of work related to the development of a cost estimate and assistance in final site selection and due diligence will be included in the company's third-quarter 2014 bookings.

Foster Wheeler AG Enters into Technical Services Agreement with Plaxica Limited

Foster Wheeler AG announced that a UK subsidiary of its Global Engineering and Construction Group has been selected as a preferred engineering partner by Plaxica Limited. Foster Wheeler has signed a technical services agreement with Plaxica under which Foster Wheeler will provide engineering services for the global implementation of Plaxica's low-cost lactic acid technology. A booking was made in the company's second-quarter 2014 bookings against a work order issued by Plaxica for the provision of process package engineering services. Subsequent bookings will be made against work orders released by Plaxica.

Foster Wheeler AG Receives Engineering, Procurement, Construction Contract from Sasol Petroleum in Mozambique

Foster Wheeler AG announced subsidiary of its Global Engineering and Construction Group has been awarded an engineering, procurement and construction management services contract by Sasol Petroleum Temane Limitada in Mozambique. The contract is for an electrical expansion and fuel gas super heater project at Sasol's Temane gas processing facility in Mozambique.

Foster Wheeler AG Receives Contract for Heat Recovery Steam Generators in Saudi Arabia

Foster Wheeler AG announced that a subsidiary of its Global Power Group has been awarded a contract by Al-Toukhi Company for the design and supply of four heat recovery steam generators (HRSGs). The units will be installed at Saudi Electricity Company's (SEC) Hail Power Plant in the central region of the Kingdom of Saudi Arabia. Foster Wheeler has received a full notice to proceed on this contract. The contract value will be included in the company's third-quarter 2014 bookings. Foster Wheeler will design and supply the vertical design HRSGs and provide advisory services for erection and start-up of the units. The Hail 2 project includes the conversion to combined cycle of four existing Siemens SGT-2000 combustion turbines, firing Arabian light oil, by adding one steam turbine and four HRSGs. With this conversion the power output of the plant will be increased by 147 MW, without increasing the fuel consumption.

Foster Wheeler AG Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

Foster Wheeler AG announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported operating revenues of $851,767,000 compared to $863,407,000 a year ago. Income from continuing operations before income taxes was $92,929,000 compared to $82,646,000 a year ago. Income from continuing operations was $86,574,000 compared to $69,327,000 a year ago. Net income attributable the company was $85,594,000 or $0.85 per diluted share compared to $70,699,000 or $0.68 per diluted share a year ago. Net income attributable the company from continuing operations was $85,594,000 or $0.85 per diluted share compared to $68,316,000 or $0.68 per diluted share a year ago. EBITDA from continuing operations was $104,926,000 compared to $99,005,000 a year ago. Adjusted EBITDA from continuing operations was $106,135,000 compared to $85,255,000 a year ago. Adjusted net income was $86,803,000 or $0.86 per diluted share compared to $54,566,000 or $0.54 per diluted share a year ago. Results for the second quarter of 2014 include the impact of three additional items: a favorable $32.5 million, or $0.32 per diluted share, settlement in connection with the terms related to the expiration of a steam generator technology license; the benefit of $22.3 million, or $0.22 per diluted share, from the reversal of interest, penalties and tax provision as a result of settlements with non-U.S. tax authorities; and $3.9 million, or $0.03 per share, of third-party transaction costs in connection with the previously announced acquisition of Foster Wheeler by AMEC plc. Excluding the impact of these three items and the asbestos provision, income from continuing operations in the second quarter of 2014 was $35.9 million, or $0.35 per diluted share. For the six months, the company reported operating revenues of $1,585,466,000 compared to $1,653,551,000 a year ago. Income from continuing operations before income taxes was $117,587,000 compared to $107,989,000 a year ago. Income from continuing operations was $101,514,000 compared to $89,510,000 a year ago. Net income attributable the company was $102,661,000 or $1.02 per diluted share compared to $83,725,000 or $0.82 per diluted share a year ago. Net income attributable the company from continuing operations was $102,661,000 or $1.02 per diluted share compared to $85,220,000 or $0.83 per diluted share a year ago. EBITDA from continuing operations was $149,688,000 compared to $139,083,000 a year ago. Adjusted EBITDA from continuing operations was $152,905,000 compared to $127,333,000 a year ago. Adjusted net income was $105,878,000 or $1.05 per diluted share compared to $73,470,000 or $0.72 per diluted share a year ago.

 

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FWLT

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Price/Earnings 27.9x
Price/Sales 1.0x
Price/Book 3.8x
Price/Cash Flow 27.4x
TEV/Sales 0.8x
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