JBT Corporation Announces Third Quarter 2008 Results
10 11월 2008 - 9:00PM
PR Newswire (US)
- Segment operating profit of $24.6 million on consolidated revenue
of $258.6 million for the third quarter of 2008 CHICAGO, Nov. 10
/PRNewswire-FirstCall/ -- JBT Corporation (NYSE:JBT), a leading
global technology solutions provider to the food processing and air
transportation industries, today reported third quarter 2008
results. For the third quarter of 2008, revenue of $258.6 million
increased from $254.7 million in the third quarter of 2007. Segment
operating profit of $24.6 million decreased $0.8 million from $25.4
million in the prior year quarter. Diluted earnings per share from
continuing operations were $0.31. Year-to-date diluted earnings per
share from continuing operations were $1.22. Third quarter pro
forma diluted earnings per share from continuing operations (a
non-GAAP measure which includes comparable debt and interest
expense in all periods) were $0.29, down 31 percent from $0.42 per
diluted share in the prior year quarter. Year-to-date pro forma
diluted earnings per share from continuing operations (a non-GAAP
measure which includes comparable debt and interest expense in all
periods) were $1.08, an increase of 48 percent from $0.73 per
diluted share in the same period last year. The Company is on track
to achieve its full-year earnings projection of pro forma diluted
earnings per share of $1.30-$1.40 after adjusting comparable debt
and interest expense for January through July 2008 (or GAAP diluted
earning per share of $1.44-$1.54). Year-to-date cash flow from
continuing operations reduced net debt to $108.9 million. "We are
pleased with our operating results for the quarter. We executed
well across all business units. AeroTech continued its top-line
growth while maintaining operating margin in an industry facing
significant headwinds. We also provided strong cash flow that
supported debt reduction, completion of the company's first
acquisition, and the declaration of our very first dividend to
shareholders. As with most other companies, we are concerned about
general economic conditions and are closely monitoring the impact
on our future business levels. However, we believe our global
market positions and diversified revenue streams including a
meaningful proportion of recurring revenue will help us navigate
this challenging environment while maintaining focus on our
longer-term growth opportunities," said Charlie Cannon, Chairman
and Chief Executive Officer. JBT FoodTech JBT FoodTech's third
quarter revenue of $142.8 million declined 3 percent from $146.9
million in the same period last year reflecting the slowdown in the
North American markets partially offset by favorable foreign
currency translation. JBT FoodTech's operating profit of $13.1
million decreased 11 percent from $14.7 million in the third
quarter of last year. Operating margin declined to 9.2 percent from
10.0 percent in the prior year quarter mainly due to lower volume
and unfavorable product mix compared to the prior-year quarter;
partially offset by reduced selling and administration expenses.
Inbound orders totaled $138.5 million during the quarter, declining
12 percent, versus $156.9 million in last year's third quarter,
reflecting project delays due to the tightening credit market.
Backlog of $150.7 million was down 18 percent from $184.4 million
in the prior year. JBT AeroTech JBT AeroTech's third quarter
revenue of $115.2 million increased 9 percent from $106.0 million
in the same period last year primarily due to strong shipments of
aviation fuel-saving pre-conditioned air units as well as Halverson
cargo loaders. JBT AeroTech's operating profit increased 8 percent
to $11.5 million from $10.7 million in the same period last year
primarily resulting from the increase in revenue. Operating margin
remained flat at 10.0 percent. Inbound orders totaled $98.5
million, down 26 percent from $132.6 million in last year's third
quarter reflecting the unfavorable industry and economic conditions
facing airlines and air freight companies as well as timing of
orders. Backlog of $170.9 million was down 32 percent from $252.0
million in the prior year quarter. Corporate Items Corporate
expense in the third quarter of 2008 was $4.2 million, an increase
of $1.1 million versus the prior-year quarter in part due to
initial recruiting, relocation and other expenses associated with
the build-up of corporate staff. Other expense, net, of $5.8
million increased $3.4 million from the third quarter of 2007. The
company incurred non-cash, mark-to-market expenses on foreign
currency contracts of $1.1 million as a result of the recent
strengthening of the U.S. dollar. As the foreign currency contracts
will be held to maturity and economically hedge expected exposure,
the mark-to-market difference is a timing difference and will
reverse. In addition, the company incurred a loss of $2.3 million
on a currency hedge resulting from the disaggregation of pooled
hedges associated with our spin-off and the recent significant
strengthening of the U.S. dollar. The company ended the quarter
with debt, net of cash, of $108.9 million after closing the
acquisition of USA Sales & Automation in September. Net
interest expense was $1.5 million in the third quarter of 2008
reflecting two months of interest expense on debt incurred as a
result of the spin-off from FMC Technologies on July 31st. In
October 2008, the company completed the dividend "true-up" process
required by its separation agreement with FMC Technologies; the
estimated dividend payment made at the closing of the spin-off was
to be adjusted to reflect actual results. An additional payment of
$38.9 million was made on October 14, 2008. The payment includes
reimbursement to FTI for $22.2 million cash & cash equivalents
retained by JBT's foreign operations at the time of the spin-off.
Capital expenditures during the third quarter of 2008 were $4.4
million, up from $4.0 million in the prior year quarter.
Depreciation and amortization for the third quarter was $6.9
million, up from $6.6 million in the prior-year quarter. The
company recorded an effective tax rate of 32.8 percent for
continuing operations in the third quarter. First Nine Months 2008
For the nine months ended September 30, 2008, total revenue
increased 16 percent to $795.6 million from $687.5 million during
the same period last year. Segment operating profit of $73.0
million was up 27 percent from $57.6 million last year. The diluted
earnings per share from continuing operations were $1.22, up 33
percent from $0.92 per diluted share in the prior year period. Pro
forma diluted earnings per share from continuing operations (a
non-GAAP measure which includes comparable debt and interest
expense in all periods) were $1.08, an increase of 48 percent from
$0.73 per diluted share in the same period last year. Year-to-date
capital expenditures totaled $16.6 million and depreciation and
amortization totaled $19.5 million. Outlook The company reaffirms
2008 year-over-year total revenue growth in the range of 6-10
percent and stable segment margins versus 2007 in both the JBT
FoodTech and JBT AeroTech segments. Full-year US GAAP diluted
earnings per share from continuing operations are projected between
$1.44 and $1.54. After adjusting for comparable debt and interest
expense for January through July 2008, adjusted diluted earnings
per share from continuing operations are projected to be in the
range of $1.30-$1.40. Third Quarter Earnings Conference Call The
company will hold a conference call at 10:30 AM EST Monday,
November 10, 2008, to discuss the third quarter results and the
business outlook. The call can be accessed live by dialing (800)
437-4632 or (706) 634-1012, or through the Investor Relations
Center of JBT Corporation's website at
http://ir.jbtcorporation.com/. A replay of the call will be
available through November 17, 2008 and can be accessed by dialing
(800) 642-1687 and referencing passcode 68726594, or visiting the
Investor Relations Center of the website. JBT Corporation
(NYSE:JBT) is a leading global technology solutions provider to the
food processing and air transportation industries. The Company
designs, manufactures, tests and services technologically
sophisticated systems and products for regional and multi-national
industrial food processing customers through its JBT FoodTech
segment and for domestic and international air transportation
customers through its JBT AeroTech segment. JBT Corporation employs
approximately 3,100 people worldwide and operates sales, service,
manufacturing and sourcing operations located in over 25 countries.
For more information, please visit http://www.jbtcorporation.com/.
This release contains forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are information of a non-historical nature and are
subject to risks and uncertainties that are beyond the Company's
ability to control. These risks and uncertainties are described
under the caption "Risk Factors" in the Company's Registration
Statement on Form 10 filed by the Company with the Securities and
Exchange Commission that may be accessed on the Company's website.
The Company cautions shareholders and prospective investors that
actual results may differ materially from those indicated by the
forward-looking statements. FINANCIAL TABLES FOLLOW JBT CORPORATION
CONDENSED COMBINED STATEMENTS OF INCOME (Unaudited and in millions)
Three Months Ended September 30, 2008 2007 Historical Pro Forma(1)
Historical Pro Forma(1) Revenue $258.6 $258.6 $254.7 $254.7 Costs
and expenses 244.0 244.0 234.8 234.8 Income before net interest
income (expense) and income taxes 14.6 14.6 19.9 19.9 Net interest
income (expense) (1.5) (2.4) 0.1 (2.6) Income from continuing
operations before income taxes 13.1 12.2 20.0 17.3 Provision for
income taxes 4.3 4.0 6.6 5.6 Income from continuing operations 8.8
8.2 13.4 11.7 Income (loss) from discontinued operations, net of
tax -- -- (0.7) (0.7) Net income $8.8 $8.2 $12.7 $11.0 Income from
continuing operations per common share: Basic $0.32 $0.30 $0.49
$0.42 Diluted $0.31 $0.29 $0.49 $0.42 Weighted average shares
outstanding: Basic (2) 27.5 27.5 27.5 27.5 Diluted (2) 28.1 28.1
27.5 27.5 (1) In connection with the separation from FMC
Technologies, JBT Corporation agreed to pay FMC Technologies a
dividend of $189.4 million, $150.5 of which was paid upon
separation on July 31, 2008 and $38.9 million was paid on October
14, 2008. The dividend was funded through issuance of unsecured
debt. Pro forma results include an estimate of interest expense
that JBT Corporation would have incurred had the spin-off occurred
on January 1, 2008. Interest expense is based on $189.4 million of
debt at the interest rate applicable on July 31, 2008, or 5.8%, for
all periods prior to the separation date. Related income tax impact
has been estimated using a rate of 37%. (2) The number of shares
used to compute basic and diluted earnings per share for the period
ending September 30, 2007 is based on the number of shares
outstanding on July 31, 2008, the distribution date in connection
with the separation from FMC Technologies, or 27.5 million shares.
JBT CORPORATION CONDENSED COMBINED STATEMENTS OF INCOME (Unaudited
and in millions) Nine Months Ended September 30, 2008 2007
Historical Pro Forma(1) Historical Pro Forma(1) Revenue $795.6
$795.6 $687.5 $687.5 Costs and expenses 742.4 742.4 649.2 649.2
Income before net interest income (expense) and income taxes 53.2
53.2 38.3 38.3 Net interest income (expense) (1.2) (7.6) 0.2 (8.0)
Income from continuing operations before income taxes 52.0 45.6
38.5 30.3 Provision for income taxes 18.2 15.8 13.1 10.1 Income
from continuing operations 33.8 29.8 25.4 20.2 Income (loss) from
discontinued operations, net of tax 0.3 0.3 (1.7) (1.7) Net income
$34.1 $30.1 $23.7 $18.5 Income from continuing operations per
common share: Basic $1.23 $1.08 $0.92 $0.73 Diluted $1.22 $1.08
$0.92 $0.73 Weighted average shares outstanding: Basic (2) 27.5
27.5 27.5 27.5 Diluted (2) 27.7 27.7 27.5 27.5 (1) In connection
with the separation from FMC Technologies, JBT Corporation agreed
to pay FMC Technologies a dividend of $189.4 million, $150.5 of
which was paid upon separation on July 31, 2008 and $38.9 million
was paid on October 14, 2008. The dividend was funded through
issuance of unsecured debt. Pro forma results include an estimate
of interest expense that JBT Corporation would have incurred had
the spin-off occurred on January 1, 2008. Interest expense is based
on $189.4 million of debt at the interest rate applicable on July
31, 2008, or 5.8%, for all periods prior to the separation date.
Related income tax impact has been estimated using a rate of 37%.
(2) The number of shares used to compute basic and diluted earnings
per share for the period ending September 30, 2007 is based on the
number of shares outstanding on July 31, 2008, the distribution
date in connection with the separation from FMC Technologies, or
27.5 million shares. JBT CORPORATION BUSINESS SEGMENT DATA
(Unaudited and in millions) Three Months Ended Nine Months Ended
September 30 September 30 2008 2007 2008 2007 Revenue JBT FoodTech
$142.8 $146.9 $451.1 $424.0 JBT AeroTech 115.2 106.0 343.9 264.6
Other revenue (1) and intercompany eliminations 0.6 1.8 0.6 (1.1)
Total revenue $258.6 $254.7 $795.6 $687.5 Income before income
taxes Segment operating profit JBT FoodTech $13.1 $14.7 $41.8 $38.3
JBT AeroTech 11.5 10.7 31.2 19.3 Total segment operating profit
24.6 25.4 73.0 57.6 Corporate items Corporate expense (4.2) (3.1)
(10.0) (8.7) Other expense, net (1) (5.8) (2.4) (9.8) (10.7) Net
interest income (1.5) 0.1 (1.2) 0.3 Total corporate items (11.5)
(5.4) (21.0) (19.1) Income from continuing operations before income
taxes $13.1 $20.0 $52.0 $38.5 (1) Other revenue comprises certain
unrealized gains and losses on derivative instruments related to
unexecuted sales contracts. Other expense, net, generally includes
stock-based compensation, other employee benefits, LIFO
adjustments, certain foreign exchange gains and losses, and the
impact of unusual or strategic transactions not representative of
segment operations. JBT CORPORATION BUSINESS SEGMENT DATA
(Unaudited and in millions) Three Months Ended Nine Months Ended
September 30 September 30 2008 2007 2008 2007 Inbound Orders JBT
FoodTech $138.5 $156.9 $434.4 $444.6 JBT AeroTech 98.5 132.6 284.1
357.5 Other orders and intercompany eliminations (1.0) (0.1) (3.1)
(0.9) Total inbound orders $236.0 $289.4 $715.4 $801.2 September 30
2008 2007 Order Backlog JBT FoodTech $150.7 $184.4 JBT AeroTech
170.9 252.0 Intercompany eliminations (3.4) (0.6) Total order
backlog $318.2 $435.8 JBT CORPORATION CONDENSED COMBINED BALANCE
SHEETS (In millions) September 30 December 31 2008 2007 (Unaudited)
Cash and cash equivalents $31.1 $9.5 Trade receivables, net 162.6
179.2 Inventories 141.3 147.2 Other current assets 31.5 33.9 Total
current assets 366.5 369.8 Property, plant and equipment, net 125.1
126.8 Goodwill 27.6 23.8 Intangible assets, net 19.9 21.2 Other
assets 46.9 32.3 Total assets $586.0 $573.9 Accounts payable, trade
and other $78.7 $101.3 Advance payments and progress billings 105.7
105.3 Payable to former parent 38.9 -- Other current liabilities
118.3 99.6 Total current liabilities 341.6 306.2 Long-term debt
140.0 -- Long term deferred tax liability 3.5 6.7 Other liabilities
79.5 46.7 Stockholders Equity 49.4 218.3 Accumulated other
comprehensive income (loss) (28.0) (4.0) Total liabilities and
stockholders' equity $586.0 $573.9 JBT CORPORATION CONDENSED
COMBINED STATEMENTS OF CASH FLOWS (Unaudited and in millions) Nine
Months Ended September 30 2008 2007 Cash provided (required) by
operating activities of continuing operations: Income from
continuing operations $33.8 $25.4 Depreciation and amortization
19.5 19.0 Trade accounts receivable, net 12.4 (18.5) Inventories
5.3 (31.4) Accounts payable, trade and other (22.9) 11.1 Advance
payments and progress billings 7.9 (1.1) Other 26.1 10.3 Net cash
provided by operating activities of continuing operations 82.1 14.8
Cash required by operating activities of discontinued operations
(0.1) (2.1) Cash provided (required) by investing activities of
continuing operations: Acquisitions (4.5) -- Capital expenditures
(16.6) (14.2) Proceeds on disposal of assets and other 2.4 1.4 Net
cash required by investing activities of continuing operations
(18.7) (12.8) Cash provided by investing activities of discontinued
operations 0.7 5.1 Cash required by financing activities: Net
Increase (decrease) in debt (0.4) 0.5 Issuance of Long-term debt,
net of payments 140.0 -- Distribution to Owner (181.2) (8.0)
Purchase of stock held in treasury (0.7) -- Net cash required by
financing activities (42.3) (7.5) Effect of changes in foreign
exchange rates on cash and cash equivalents (0.1) 0.6 Increase
(decrease) in cash and cash equivalents 21.6 (1.9) Cash and cash
equivalents, beginning of period 9.5 10.3 Cash and cash
equivalents, end of period $31.1 $8.4 DATASOURCE: JBT Corporation
CONTACT: investors, Cindy Shiao, +1-312-861-5931, or media, Ken
Jones, +1-312-861-6791, both for JBT Corporation Web site:
http://www.jbtcorporation.com/
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