Foster Wheeler Profit Falls, Misses Estimates (FWLT)

Foster Wheeler AG FWLT on Thursday morning released financial results that failed to meet Wall Street expectations. Foster Wheeler AG reported that its 3rd quarter net income fell to $51.7 million, or 41 cents per share, down from $90 million, or 71 cents per share, a year earlier. Excluding special items, the company earned 40 cents per share. Revenue fell to $904.7 million, down from $1.22 billion a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 51 cents per share, on revenue of $1.09 billion. Chief executive officer Umberto della Sala said, “Both of our business units are operating extremely well, but the company's net income in the third quarter of 2010 was below the average quarter of 2009 due primarily to weaker market conditions, specifically lower volumes of work executed in each of the two operating groups -- and a lower realized EBITDA margin in our Global Engineering and Construction (E&C) Group.” Foster Wheeler AG (FWLT) ended the previous trading session at $23.73 per share. Analysts covering the company's stock have a consensus price target of $30.97 per share. Read more from Benzinga's Company news.