NEW YORK (Bloomberg) - Foster Wheeler Ltd., the Hamilton, Bermuda-based designer of oil refineries, fell the most in more than three years after fourth-quarter earnings missed analysts' estimates.

Foster Wheeler, which operates from Clinton, New Jersey, declined $11.90, or 15 percent, to $67.26 in Nasdaq Stock Market composite trading. It was the biggest decrease since September 23, 2004.

Net income rose 24 percent to $78.1 million, or 54 cents a share, compared with $63.1 million, or 44 cents a year earlier, the company said in a statement yesterday.

That fell short of the 76-cent average of five analyst estimates compiled by Bloomberg.

Earnings before interest, taxes, depreciation and amortisation were hurt by $8.3 million after an Italian power price tariff was repealed.

The company also received fewer bonuses in the quarter as a result of contract timing, according to the statement.

Operating revenue rose 23 percent to $1.47 billion, topping analyst projections for sales of $1.42 billion.