Foster Wheeler AG (FWLT) reported net income attributable to the company for the first quarter of 2013 of $13.0 million, or $0.12 per share, compared with $40.6 million, or $0.38 per share, in the first quarter of 2012.
The first quarter of 2013 included the unfavorable impact of two factors that, in aggregate, amounted to $0.11 per diluted share: mark-to-market losses on currency transactions amounting to approximately $0.07 per share, and a non-cash impairment charge relating to the Camden, New Jersey, waste-to-energy facility amounting to about $0.04 per share.
Excluding items, adjusted net income in the first quarter of 2013 was $15.0 million, or $0.14 per share, compared with $42.6 million, or $0.40 per share, in the year-ago quarter.
Operating revenues were $796.29 million, down from $933.10 million last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.25 per share on revenues of $862.40 million for the quarter. Analysts' estimates typically exclude special items.
For the full year 2013, the company continues to expect adjusted earnings to be flat to moderately below its adjusted earnings of $1.54 per share reported in 2012.
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