Amec Foster Wheeler: CEO Outlines New Direction After Weak First-Half Results; Fair Value Intact
Amec Foster Wheeler’s (AMFW’s) first-half results conference call focused mainly on the future. New CEO Jon Lewis provided a taste, announcing a strategic review aiming to cut costs, upgrade business development efforts, and improve project cost management.We consider first-half results to be mixed at best, even given a weak environment for new projects. Adjusted EPS declined 17% to GBX 28.2, the order book shrank 9% to GBP 6.2 billion, and adjusted results exclude a raft of charges and write-d...
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