Businessweek

Foster Wheeler AG announced that its AGM held on May 2, 2013, the shareholder approved the creation of new authorized capital in the amount of CHF 156,662,382 with an expiration date of May 1, 2015, to partially replace expiring authorized capital, and an associated amendment to the company’s Articles of Association.

Foster Wheeler AG reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported operating revenues of $796.288 million compared to $933.096 million a year ago. Contract profit was $115.709 million compared to $139.332 million a year ago. Income before income taxes were $21.465 million compared to $57.927 million a year ago. Net income was $16.305 million compared to $43.043 million a year ago. Net income attributable to the company was $13.026 million compared to $40.646 million a year ago. Basic and diluted earnings per share were $0.12 compared to $0.38 a year ago. EBITDA was $40.119 million compared to $71.966 million a year ago. On Adjusted basis, EBITDA of $42.12 million, net income of $15.03 million or diluted earnings per share of $0.14 compared to EBITDA of $73.96 million, net income of $42.64 million or diluted earnings per share of $0.40 for the same period last year. The company expected full-year 2013 adjusted diluted earnings per share to be flat to moderately below the company's 2012 adjusted diluted earnings per share. The company expected the full-year 2013 EBITDA margin on scope revenues in this business to be in the range of 10% to 12%. The company continues to expect full-year scope revenues in 2013 to be flat to modestly down as compared with 2012, and expect the full-year 2013 EBITDA margin on scope revenues to be in the range of 15% to 17%.

Foster Wheeler AG reaffirmed earnings guidance for the year 2013. For the year, the company expects its 2013 full-year financial results to be unfavorably affected by two factors that, in aggregate, will likely impact the full-year diluted earnings per share by approximately $0.11. This impact will be reflected in the company's first-quarter 2013 diluted earnings per share, which are expected to be approximately $0.12, or $0.14 on an adjusted basis excluding asbestos-related provisions, which are expected to be $0.02 per diluted share. The company now expects its 2013 adjusted diluted earnings per share to be flat to moderately below the company's 2012 adjusted diluted earnings per share of $1.54. The company reaffirmed its previous full-year guidance regarding scope revenues, EBITDA margins on scope revenues and EBITDA for its two business groups. That guidance was issued on March 1, 2013.

AFC Energy announced that it is working with Foster Wheeler to develop and roll-out, commercially, fuel cell systems for industrial applications. Foster Wheeler will work closely with AFC Energy in the engineering and benchmarking of AFC Energy's fuel cell systems and scaling up deployment of these systems at commercial sites - including at Industrial Chemicals Ltd. (ICL). During an initial 12-month period, Foster Wheeler will focus on the review of critical design and fabrication milestones for AFC Energy's base-level multi-cartridge 250-kilowatt generation system that will form the building block of the ICL plant. Foster Wheeler will also chair independent safety and reliability reviews, including HAZOP and model reviews to evaluate engineering designs. AFC Energy and Foster Wheeler plan to develop their relationship to a stage where Foster Wheeler would be the selected contractor to design and install full-scale fuel systems based on AFC technology in a wide range of industrial and utility-scale applications.

Foster Wheeler AG announced has been awarded a contract by Pecket Energy to perform feasibility, conceptual and basic engineering studies, and develop an overall investment cost estimate for a substitute natural gas production facility which is planned to be built near Punta Arenas, Chile. The main objective of the project is to produce syngas that will be used as a clean feedstock for the production of SNG, which gas is intended to be distributed to the existing grid in the region of Magallanes, Chile for domestic consumption or for industrial purposes. The new facility intends to include several units, including air separation, partial oxidation for syngas production, syngas treatment, acid gas removal, methanation and solid sulfur production. Foster Wheeler's scope of work is expected to be completed by mid-2013.