JBT Corporation Reports Record 2008 Results
04 3월 2009 - 11:09AM
PR Newswire (US)
Full Year 2008 highlights: CHICAGO, March 3 /PRNewswire-FirstCall/
-- JBT Corporation (NYSE:JBT), a leading global technology
solutions provider to the food processing and air transportation
industries, today reported fourth quarter and full year 2008
results. For the fourth quarter of 2008, revenue of $234.5 million
declined from $290.6 million in the prior year period. Segment
operating profit was $25.7 million, a $4.1 million decrease from
$29.8 million in the prior year quarter. Diluted earnings per share
from continuing operations for the fourth quarter were $0.37. Full
year diluted earnings per share from continuing operations were
$1.59. Full year pro forma diluted earnings per share from
continuing operations (a non-GAAP measure which includes comparable
debt and interest expense in all periods) were $1.44, an increase
of 20 percent from $1.20 per diluted share for the prior year
period. Net debt of $142.0 million at December 31, 2008 increased
from $109.7 million in the third quarter, as cash provided from
operations during the quarter was more than offset by the final
dividend payment to FMC Technologies under the separation
agreement. "We are pleased with our record results in 2008, our
first year as a standalone public company," said Charlie Cannon,
Chairman and Chief Executive Officer. "Our operations performed
well and delivered another solid quarter. While many of our product
lines entered 2009 with satisfactory backlog positions, we have
aggressively implemented measures to reduce costs in product lines
where demand is softening. We are monitoring order flow closely and
will initiate further action as needed." Mr. Cannon continued, "We
believe we can profitably manage our businesses through this very
challenging economic environment by focusing on our strong
fundamentals including our leading global market positions, diverse
customer base, meaningful proportion of recurring revenue and
consistent ability to generate cash flow. We intend to build on our
leadership positions during this slowdown and emerge an even
stronger company when the economy rebounds. "Additionally, we
announced our first quarter dividend of $0.07 per share on February
24th which provides our investors with a meaningful financial
return in this uncertain time," concluded Mr. Cannon. JBT FoodTech
JBT FoodTech's fourth quarter revenue of $132.9 million declined 22
percent from $170.2 million in the same period of 2007. The decline
was primarily due to a slowdown in Western Europe and Latin
America, timing of large project deliveries in 2007 and
strengthening of the US dollar. JBT FoodTech's operating profit of
$18.4 million increased 10 percent from $16.7 million in the
prior-year quarter. Operating margin improved to 13.8 percent from
9.8 percent in the prior-year quarter due to improved project
margins and lower selling and administrative expenses. Inbound
orders totaled $135.8 million during the quarter, declining 11
percent versus the fourth quarter of 2007. In constant currencies,
inbound declined 3 percent. Compared to third quarter 2008, inbound
was flat. Backlog of $152.8 million was down from $167.3 million in
the prior year but improved sequentially from $150.7 million in the
third quarter of 2008. JBT AeroTech JBT AeroTech's fourth quarter
revenue of $103.0 million decreased 15 percent from $121.4 million
in the same period of 2007 primarily due to lower demand for ground
support equipment reflecting the unfavorable economic conditions
facing the air passenger and air freight industries. JBT AeroTech's
operating profit declined 44 percent to $7.3 million from $13.1
million in the prior-year quarter primarily driven by lower
revenue. In addition, JBT AeroTech incurred restructuring costs in
response to the lower demand for the ground support equipment.
These factors contributed to a reduction in operating margin from
10.8 percent to 7.1 percent. Inbound orders totaled $74.7 million,
down 25 percent from $100.1 million in prior year's fourth quarter
primarily due to softening demand in ground support equipment
coupled with the delayed receipt of the $28 million Halvorsen
order, which we received in early 2009. Compared to third quarter
2008, inbound orders declined 24 percent. Backlog of $142.6 million
was down 38 percent from $230.7 million in the prior-year quarter.
Corporate Items Corporate expense in the fourth quarter of 2008 was
$5.0 million, an increase of $2.4 million versus the prior-year
quarter reflecting a higher standalone corporate cost structure
versus the carve-out allocation from FMC Technologies. Other
expense, net, of $3.6 million was $0.8 million lower than the
prior-year quarter primarily driven by the favorable comparison
versus the carve-out allocation from FMC Technologies and partially
offset by higher unrealized foreign exchange losses resulting from
the strengthening of the US dollar. The company ended the quarter
with debt, net of cash, of $142.0 million. This balance reflected
the final dividend payment of $38.9 million to FMC Technologies
pursuant to the separation agreement and the company's first
quarterly dividend payment to its shareholders in November 2008 of
$1.9 million. During the quarter, the company generated $11.7
million of cash from operating activities and ended the year with
$43.6 million in cash. Net interest expense was $2.6 million in the
fourth quarter of 2008. The company recorded an effective tax rate
of 29.0 percent for continuing operations in the fourth quarter
primarily due to a favorable mix of foreign earnings. Full Year
2008 Full year 2008 revenue of $1,028 million increased 5 percent
from $978 million in 2007, reflecting continued growth of JBT
AeroTech businesses driven by record 2007 year-end backlog. Full
year segment operating profit of $98.7 million increased 13 percent
from $87.4 million in 2007. Diluted earnings per share from
continuing operations were $1.59, up 10 percent from $1.45 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
$1.44, an increase of 20 percent from $1.20 per diluted share in
2007. Year-to-date capital expenditures totaled $22.9 million and
depreciation and amortization totaled $25.5 million. Year-to-date
effective tax rate for the company was 33.7 percent for continuing
operations. 2009 Outlook Looking forward, the company is
anticipating a continued and broad based weakness in worldwide
markets through 2009. Although the impact will not be the same
across all of the company's product lines, the global economic
slowdown is expected to negatively impact the company's financial
results in 2009. With the highly volatile foreign currency markets,
an uncertain credit environment and more importantly, the lack of
visibility into the second half of 2009, it is extremely difficult
to provide an accurate estimate. As a result, the company will
provide a market update during tomorrow's earnings call and plans
to provide an earnings estimate as part of its first quarter
earnings call with the advantage of greater visibility into the
second half of 2009. Fourth Quarter Earnings Conference Call The
company will hold a conference call at 9:00 AM EST Wednesday, March
4, 2009, to discuss the fourth quarter and year-end results. The
call can be accessed live by dialing (866) 394-6382 or (702)
696-4650 and conference ID 84672751, 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 March 11, 2009 and can be accessed by dialing
(800) 642-1687 and referencing passcode 84672751, 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. JBT Corporation
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 3,400 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 CONSOLIDATED AND COMBINED STATEMENTS OF INCOME (Unaudited
and in millions) Three Months Ended December 31, 2008 2007
Historical Pro Forma(1) Historical Pro Forma(1) Revenue $234.5
$234.5 $290.6 $290.6 Costs and expenses 217.4 217.4 267.8 267.8
Income before net interest income (expense) and income taxes 17.1
17.1 22.8 22.8 Net interest income (expense) (2.6) (2.6) 0.3 (2.5)
Income from continuing operations before income taxes 14.5 14.5
23.1 20.3 Provision for income taxes 4.2 4.2 8.4 7.3 Income from
continuing operations 10.3 10.3 14.7 13.0 Loss from discontinued
operations, net of tax (0.2) (0.2) (2.0) (2.0) Net income $10.1
$10.1 $12.7 $11.0 Income from continuing operations per common
share: Basic $0.37 $0.37 $0.53 $0.47 Diluted $0.37 $0.37 $0.53
$0.47 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 paid FMC
Technologies $189.4 million, which 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, 2007. 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 December 31, 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 CONSOLIDATED AND
COMBINED STATEMENTS OF INCOME (Unaudited and in millions) Twelve
Months Ended December 31, 2008 2007 Historical Pro Forma(1)
Historical Pro Forma(1) Revenue $1,028.1 $1,028.1 $978.0 $978.0
Costs and expenses 957.8 957.8 916.9 916.9 Income before net
interest income (expense) and income taxes 70.3 70.3 61.1 61.1 Net
interest income (expense) (3.8) (10.2) 0.5 (10.5) Income from
continuing operations before income taxes 66.5 60.1 61.6 50.6
Provision for income taxes 22.4 20.0 21.5 17.4 Income from
continuing operations 44.1 40.1 40.1 33.2 Income (loss) from
discontinued operations, net of tax 0.1 0.1 (3.7) (3.7) Net income
$44.2 $40.2 $36.4 $29.5 Income from continuing operations per
common share: Basic $1.60 $1.46 $1.45 $1.20 Diluted $1.59 $1.44
$1.45 $1.20 Weighted average shares outstanding: Basic (2) 27.5
27.5 27.5 27.5 Diluted (2) 27.8 27.8 27.5 27.5 (1) In connection
with the separation from FMC Technologies, JBT Corporation paid FMC
Technologies $189.4 million, which 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, 2007. 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 December 31, 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 Twelve Months Ended Ended
December 31 December 31 2008 2007 2008 2007 Revenue JBT FoodTech
$132.9 $170.2 $584.0 $594.1 JBT AeroTech 103.0 121.4 446.9 386.0
Other revenue (1) and intercompany eliminations (1.4) (1.0) (2.8)
(2.1) Total revenue $234.5 $290.6 $1,028.1 $978.0 Income before
income taxes Segment operating profit JBT FoodTech $18.4 $16.7
$60.2 $55.0 JBT AeroTech 7.3 13.1 38.5 32.4 Total segment operating
profit 25.7 29.8 98.7 87.4 Corporate items Corporate expense (5.0)
(2.6) (15.0) (11.3) Other expense, net (2) (3.6) (4.4) (13.4)
(15.0) Net interest (expense) income (2.6) 0.3 (3.8) 0.5 Total
corporate items (11.2) (6.7) (32.2) (25.8) Income from continuing
operations before income taxes $14.5 $23.1 $66.5 $61.6 (1) Other
revenue comprises certain gains and losses on derivative related to
foreign exchange exposure. (2) Other expense, net, generally
includes stock-based compensation, other employee benefits, LIFO
adjustments, 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 Twelve Months Ended Ended December 31
December 31 2008 2007 2008 2007 Inbound Orders JBT FoodTech $135.8
$152.2 $570.2 $596.8 JBT AeroTech 74.7 100.1 358.8 457.6
Intercompany eliminations (0.8) 0.8 (3.9) (0.1) Total inbound
orders $209.7 $253.1 $925.1 $1,054.3 December 31 2008 2007 Order
Backlog JBT FoodTech $152.8 $167.3 JBT AeroTech 142.6 230.7
Intercompany eliminations (0.1) 0.3 Total order backlog $295.3
$398.3 JBT CORPORATION CONDENSED CONSOLIDATED AND COMBINED BALANCE
SHEETS (In millions) December 31 December 31 2008 2007 (Unaudited)
Cash and cash equivalents $43.6 $9.5 Trade receivables, net 159.0
179.2 Inventories 123.0 147.2 Other current assets 31.4 33.9 Total
current assets 357.0 369.8 Other 119.7 126.8 Goodwill 26.7 23.8
Intangible assets, net 18.6 21.2 Other assets 69.3 32.3 Total
assets $591.3 $573.9 Accounts payable, trade and other $67.2 $101.3
Advance payments and progress billings 92.9 105.3 Other current
liabilities 104.3 99.6 Total current liabilities 264.4 306.2
Long-term debt, less current portion 185.0 -- Accrued pension and
other postretirement benefits, less current portion 118.3 19.2
Deferred income taxes 6.0 6.9 Other liabilities 26.4 27.4 Common
stock, paid-in capital and retained earnings 61.6 -- Parent company
investment -- 218.3 Accumulated other comprehensive loss (70.4)
(4.1) Total liabilities and stockholders' equity $591.3 $573.9 JBT
CORPORATION CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH
FLOWS (Unaudited and in millions) Twelve Months Ended December 31
2008 2007 Cash Flows From Operating Activities: Income from
continuing operations $44.1 $40.1 Depreciation and amortization
25.5 25.1 Trade accounts receivable, net 4.2 (17.3) Inventories
17.0 (32.0) Accounts payable, trade and other (32.0) 13.6 Advance
payments and progress billings (0.4) (8.4) Other 23.4 17.9 Cash
provided by continuing operating activities 81.8 39.0 Net cash
provided (required) by discontinued operating activities -- (5.3)
Cash Flows From Investing Activities: Acquisitions (4.5) -- Capital
expenditures (22.9) (23.0) Proceeds on disposal of assets 2.1 3.1
Cash required by continuing investing activities (25.3) (19.9) Cash
provided by discontinued investing activities 0.7 7.8 Cash Flows
From Financing Activities: Net proceeds from credit facilities
184.4 0.9 Distributions to former parent, net (203.9) (24.1)
Purchase of stock held in treasury (0.7) -- Dividends paid (1.9) --
Cash required by financing activities (22.1) (23.2) Effect of
foreign exchange rate changes on cash and cash equivalents (1.0)
0.8 Increase (decrease) in cash and cash equivalents 34.1 (0.8)
Cash and cash equivalents, beginning of period 9.5 10.3 Cash and
cash equivalents, end of period $43.6 $9.5 DATASOURCE: JBT
Corporation CONTACT: investors, Cindy Shiao, +1-312-861-5931, or
media, Ken Jones, +1-312-861-6791, both of JBT Corporation Web
site: http://www.jbtcorporation.com/
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