UPDATE 1-Foster Wheeler 4th-qtr profit lags market estimates

Feb 23 (Reuters) - Engineering and construction company Foster Wheeler AG posted higher fourth-quarter profit that lagged analysts' estimates hurt by weakness at its global engineering and construction group.

New orders at the Switzerland-based company's largest segment -- global engineering and construction segment -- fell 33 percent during the quarter.

Net profit rose to $39.2 million, or 34 cents a share, from $32.8 million, or 26 cents a share, a year ago.

Revenue fell 7 percent to $1.13 billion.

Excluding items, the company earned 39 cents a share.

Analysts, on average, were expecting the company to earn 44 cents a share, on revenue of $1.20 billion, according to Thomson Reuters I/B/E/S.