Engineering and construction contractor Foster Wheeler AG (FWLT), Tuesday detailed a weak outlook for the first quarter, as it expects mark-to-market currency losses and charges related to waste-to-energy facility to negatively impact results.
The Geneva, Switzerland-based company expects first-quarter earnings at about $0.12 per share and adjusted earnings around $0.14 per share, excluding asbestos-related provisions of $0.02 per share.
On average, 14 analysts polled by Thomson Reuters currently expect earnings of $0.30 per share for the quarter. Analysts' estimates typically exclude one-time items.
For the full year 2013, Foster Wheeler continues to expect adjusted earnings to be flat to moderately below its adjusted earnings of $1.54 per share reported in 2012.
Analyst currently expect earnings of $1.53 per share for the full year 2013.
The impact of mark-to-market losses on currency transactions is anticipated at about $0.07 per share. The currency losses mainly reflect the decline in the value of British pound in relation to the US dollar.
The company will also record a non-cash impairment charge relating to the Camden, New Jersey, waste-to-energy facility of about $0.04 per share.
In March, the company reported a profit for the fourth quarter that plunged, hurt mainly by higher expenses and net asbestos-related provision as well as revenue decline.
FWLT is currently trading at $20.71, up $0.93 or 1.94%, on the Nasdaq.
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