Foster Wheeler, an engineering and construction company for the energy industry, reported a sharply higher first-quarter profit, boosted by a 78% jump in operating revenue and easily beating earnings expectations.
Shares of Foster Wheeler rose as much as 18% to $86.51 before trimming gains .
The Bermuda-based company said it had net income of $114.8 million, or $1.60 a share, compared with a profit of $14.6 million a year ago.
In the year-ago quarter, however, it showed a net loss of 8 cents a share due to a 29 cent-a-share allocation to stock issued to warrant holders.
First-quarter earnings easily topped Wall Street's forecast of 75 cents a share, according to Thomson Financial.
Operating revenues rose to $1.15 billion from $645.8 million.
The company said it had strong bookings in the quarter with consolidated new work orders, excluding flow-through costs, rising by 29% to $1.07 billion.