- NEW YORK: Engineering company Foster Wheeler AG reported a higher quarterly profit due to gains at its power plant construction business.
Net income for the second quarter rose to $63.3 million, or 52 cents per share, from $58.9 million, or 46 cents per share, a year earlier.
The company named Kent Masters as its chief executive officer recently, following a nine-month search prompted by the last CEO’s departure after only five months in the job.
The Switzerland-based company is in need of a revival, with its shares down 23 percent so far in 2011, compared with a five percent drop for Fluor Corp.