Friday, September 12, 2008

FWLT to buy back $750 million of stock!

Finally! Take stock from these stupid hedge fund kids and their selling! JOYG announced their buyback two days ago, and now FWLT. Unlike the financials, these companies have "real" assets. And the assets they have, can't just walk out of the door!

HAMILTON, Bermuda--(BUSINESS WIRE)--Foster Wheeler Ltd. (Nasdaq: FWLT - News) today said its board of directors has authorized a common share repurchase program under which the company is authorized to repurchase up to $750 million of its outstanding common shares.

“We have stated and continue to believe that growth, including acquisition, is our first priority for the use of cash,” said Raymond J. Milchovich, the company's chairman and chief executive officer. “However, we believe this growth strategy can co-exist with a buyback program. We believe the buyback program presents us with a compelling opportunity for the creation of shareholder value, especially at a time when we have a very bullish outlook for the company. In particular, we have generated two consecutive quarters of all-time record net income this year; both business groups are operating extremely well; fundamental market demand continues to be very strong and unchanged; we have accumulated record levels of cash; and the prospects for continued business growth and cash generation continue to be excellent.”

No comments: