Foster Wheeler bullish after record year

Hamilton, Bermuda - Foster Wheeler Ltd has reported consolidated earnings (EBITDA) at a record $591.8 million for 2007, compared with $399.5 million for 2006. Excluding one-off items, consolidated EBITDA for 2007 came in at $585.7 million, compared with $333.9 million in 2006.

According to chairman and CEO, Raymond Milchovich, strong demand and FW's contract execution capabilities enabled it to generate record-level financial results. Both operating segments-  Engineering & Construction (E&C) and Global Power -  he noted, reported double-digit percentage increases in EBITDA, as the company ended the year with record-levels of scope backlog.

Looking to 2008, Milchovich said: "We continue to be very positive about the markets that both our businesses serve and about our position as we enter the year. In our E&C Group ... we expect meaningful organic growth and sustainable margins. We're hopeful that this can be complemented by growth through strategic acquisitions during the year as well. In our Global Power Group ... we remain confident that we will enjoy a material level of margin improvement and revenue growth."

Foster Wheeler offers engineering, procurement, construction, manufacturing, project development and management, research and plant operation services for the upstream oil and gas, LNG and gas-to-liquids, refining, petrochemicals, chemicals, power, pharmaceuticals, biotechnology and healthcare industries.