JBT Corporation Reports First Quarter 2009 Results
05 5월 2009 - 6:23AM
PR Newswire (US)
Highlights: CHICAGO, May 4 /PRNewswire-FirstCall/ -- JBT
Corporation (NYSE:JBT), a leading global technology solutions
provider to the food processing and air transportation industries,
today reported first quarter 2009 results. First quarter 2009
revenue of $169.0 million declined from a record first quarter in
2008 of $260.2 million. Segment operating profit was $13.3 million,
a $10.1 million decrease from $23.4 million in the prior year
quarter. In the first quarter 2009, the company incurred
approximately $2.0 million in restructuring charges in response to
the global economic downturn. Excluding these charges, segment
operating margin was unchanged from the prior year quarter at 9.0
percent. Diluted earnings per share from continuing operations for
the first quarter were $0.15, representing a 65 percent decline
from first quarter 2008 diluted earnings per share from continuing
operations of $0.43, and a 59 percent decline from $0.37 pro forma
diluted earnings per share from continuing operations for the prior
year period (a non-GAAP measure which included comparable debt and
interest expense in all periods). Restructuring charges accounted
for $0.04 of the decline. Debt, net of cash, at $143.1 million
remained essentially unchanged from December 31, 2008. "Despite the
significant challenges posed by the current global economy, we are
pleased with our operating results for the first quarter, which has
historically been our weakest quarter in the year," said Charlie
Cannon, Chairman and Chief Executive Officer. "We exceeded the
consensus estimate of diluted earnings per share by operating well
and reducing costs as needed. During the quarter, we made our
second quarterly dividend payment of $0.07 per share. Our constant
focus on cash flow resulted in no increase to our net debt level
from the end of 2008. These results demonstrate JBT's efficient
management of capital and largely variable cost structure." Mr.
Cannon continued, "Although market conditions will remain
challenging, we are aggressively managing our cost structure and
will initiate further cost reduction actions as needed. Our
aftermarket demand remains reasonably stable as many customers are
working to boost their operating efficiencies while reducing
capital investment. We are focused on providing outstanding
products and services to our customers to strengthen our leading
market positions." JBT FoodTech JBT FoodTech's first quarter
revenue of $94.9 million declined 37 percent from $149.8 million in
the same period of 2008. The decline primarily reflected the
challenging economic conditions: continued softening in Western
European and Latin American markets, a weak North American poultry
segment, and a stronger U.S. dollar. Delivery of a very large Latin
American project in 2008 also contributed to the unfavorable
comparison. JBT FoodTech's operating profit of $7.8 million was
down 46 percent from $14.4 million in the prior year quarter,
driven by lower volume and restructuring charges, partially offset
by lower expenses from cost containment measures. Excluding the
restructuring charges, operating margin was 9.0 percent versus 9.6
percent in the prior year quarter. Inbound orders totaled $99.5
million during the quarter, a decline of 33 percent from the same
period in 2008, reflecting continued weakness in Western Europe and
Latin America. In constant currencies, inbound orders declined 25
percent. Backlog of $157.4 million was down from $167.6 million in
the prior year quarter. In constant currencies, backlog improved 3
percent. Additionally, backlog improved from $152.8 million in the
fourth quarter 2008. JBT AeroTech JBT AeroTech's first quarter
revenue of $73.6 million decreased 34 percent from $111.6 million
in the same period of 2008 primarily driven by continued weak
demand for ground support equipment from the global recession. JBT
AeroTech's operating profit of $5.5 million declined 39 percent
from $9.0 million in the prior year quarter due to lower revenue
and restructuring charges, partially offset by cost savings from
restructuring initiatives and improved margins across several
product lines. Excluding the restructuring charges, operating
margin of 9 percent expanded nearly one percentage point over the
prior year quarter. Inbound orders totaled $88.5 million, up 2
percent from the prior year's quarter, driven primarily by receipt
of a $28 million order for Halvorsen loaders and a large passenger
boarding bridge order, partially offset by lower demand in ground
support equipment. Compared to fourth quarter 2008, inbound orders
increased 18 percent. Backlog of $157.5 million was up 10 percent
sequentially but was down 23 percent from $205.7 million in the
prior-year quarter. Corporate Items Corporate expense in the first
quarter of 2009 was $3.0 million, an increase of $0.2 million
versus the prior year quarter. The 2009 expense reflects
stand-alone corporate costs while the 2008 expense reflects an
allocation from FMC Technologies, Inc., our former parent company
prior to our separation in July 2008. Other expense, net, of $1.9
million was $0.6 million higher than the prior-year quarter
primarily due to higher 2009 pension expenses. Cash generated from
operating activities in the quarter was $6.1 million. The company
ended the quarter with debt, net of cash, of $143.1 million after a
quarterly dividend payment of $1.9 million, unchanged from the
December 2008 level. Net interest expense was $2.2 million in the
first quarter of 2009. The company recorded income taxes from
continuing operations in the first quarter at an effective tax rate
of 34 percent. Year-to-date capital expenditures totaled $4.8
million and depreciation and amortization totaled $5.1 million.
2009 Outlook Looking forward, the company expects continued
economic instability in the world economy through 2009 and likely
into 2010. Although certain of the company's product lines are
performing well, demand remains soft for ground support equipment.
Additionally the company is experiencing weakness in the European
and Latin American markets for JBT FoodTech product lines. The
company expects its second quarter diluted earnings per share from
continuing operations to be stronger than the first quarter,
reflecting our typical seasonality. However, due to the uncertain
market conditions, the company has limited visibility into the
second half of 2009. As a result, the company is not providing full
year guidance at this time but will provide a market update during
the earnings call. First Quarter Earnings Conference Call The
company will hold a conference call at 9:00 AM EDT Tuesday, May 5,
2009, to discuss the first quarter 2009 results. The call can be
accessed live by dialing (866) 394-6382 or (702) 696-4650 and using
conference ID 95467508, or through the Investor Relations link on
JBT Corporation's website at http://ir.jbtcorporation.com/. A
replay of the call will be available through May 12, 2009 and can
be accessed by dialing (800) 642-1687 or (706) 645-9291 and
referencing passcode 95467508, 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 Annual Report on Form 10-K 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 March 31, --------------- 2009
2008 ---- ---- Pro Historical Forma (1) ---------- ---------
Revenue $169.0 $260.2 $260.2 Costs and expenses: Costs of sales
122.1 198.3 198.3 Selling, general and administrative expense 34.8
39.2 39.2 Research and development expense 4.0 5.5 5.5 --- --- ---
Total costs and expenses 160.9 243.0 243.0 Other income, net 0.3
2.1 2.1 --- --- --- Income before net interest expense and income
taxes 8.4 19.3 19.3 Net interest (expense) income (2.2) 0.1 (2.6)
---- --- ---- Income from continuing operations before income taxes
6.2 19.4 16.7 Provision for income taxes 2.1 7.4 6.4 --- --- ---
Income from continuing operations 4.1 12.0 10.3 Income from
discontinued operations, net of taxes - 0.3 0.3 --- --- --- Net
income $4.1 $12.3 $10.6 ==== ===== ===== Basic earnings per share:
Income from continuing operations $0.15 $0.43 $0.37 Income from
discontinued operations - 0.02 0.02 --- ---- ---- Basic earnings
per share $0.15 $0.45 $0.39 ===== ===== ===== Diluted earnings per
share: Income from continuing operations $0.15 $0.43 $0.37 Income
from discontinued operations - 0.02 0.02 --- ---- ---- Diluted
earnings per share $0.15 $0.45 $0.39 ===== ===== ===== Weighted
average shares outstanding Basic (2) 27.5 27.5 27.5 ==== ==== ====
Diluted (2) 28.2 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, 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 March 31, 2008 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 March 31, --------- 2009 2008 ---- ---- Revenue ------- JBT
FoodTech $94.9 $149.8 JBT AeroTech 73.6 111.6 Other revenue (1) and
intercompany eliminations 0.5 (1.2) --- ---- Total revenue $169.0
$260.2 ====== ====== Income before income taxes
-------------------------- Segment operating profit
------------------------ JBT FoodTech $7.8 $14.4 JBT AeroTech 5.5
9.0 --- --- Total segment operating profit 13.3 23.4 Corporate
items --------------- Corporate expense (3.0) (2.8) Other expense,
net (2) (1.9) (1.3) Net interest (expense) income (2.2) 0.1 ----
--- Total corporate items (7.1) (4.0) ---- ---- Income from
continuing operations before income taxes $6.2 $19.4 ==== ===== (1)
Other revenue comprises certain gains and losses on derivatives
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 Ended March 31, --------- 2009 2008 ---- ---- Inbound
Orders -------------- JBT FoodTech $99.5 $148.9 JBT AeroTech 88.5
86.7 Intercompany eliminations (0.1) (1.9) ---- ---- Total inbound
orders $187.9 $233.7 ====== ====== March 31, --------- 2009 2008
---- ---- Order Backlog ------------- JBT FoodTech $157.4 $167.6
JBT AeroTech 157.5 205.7 Intercompany eliminations (0.7) (1.4) ----
---- Total order backlog $314.2 $371.9 ====== ====== JBT
CORPORATION --------------- CONDENSED CONSOLIDATED BALANCE SHEETS
------------------------------------- (In millions) March 31,
December 31, 2009 2008 ---- ---- (Unaudited) Cash and cash
equivalents $22.4 $43.6 Trade receivables, net 123.8 159.0
Inventories 148.9 123.0 Other current assets 32.7 31.4 ---- ----
Total current assets 327.8 357.0 Property, plant and equipment, net
117.0 119.7 Other assets 114.4 114.6 ----- ----- Total assets
$559.2 $591.3 ====== ====== Accounts payable, trade and other $66.7
$67.2 Advance payments and progress billings 95.8 92.9 Other
current liabilities 87.2 104.3 ---- ----- Total current liabilities
249.7 264.4 Long-term debt, less current portion 165.0 185.0
Accrued pension and other postretirement benefits, less current
portion 118.1 118.3 Other liabilities 33.3 32.4 Common stock,
paid-in capital and retained earnings 65.8 61.6 Accumulated other
comprehensive loss (72.7) (70.4) ----- ----- Total liabilities and
stockholders' equity $559.2 $591.3 ====== ====== JBT CORPORATION
--------------- CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF
CASH FLOWS
------------------------------------------------------------
(Unaudited and in millions) Three Months Ended March 31, ---------
2009 2008 ---- ---- Cash Flows From Operating Activities: Income
from continuing operations $4.1 $12.0 Depreciation and amortization
5.1 6.1 Trade accounts receivable, net 30.3 9.5 Inventories (27.8)
(18.2) Accounts payable, trade and other 1.3 (1.4) Advance payments
and progress billings 6.1 2.2 Other (13.0) 1.3 ----- --- Cash
provided by continuing operating activities 6.1 11.5 --- ---- Net
cash required by discontinued operating activities (0.1) - ---- ---
Cash Flows From Investing Activities: Capital expenditures (4.8)
(4.1) Proceeds on disposal of assets 0.5 0.3 --- --- Cash required
by continuing investing activities (4.3) (3.8) ---- ---- Cash
provided by discontinued investing activities - 0.7 --- --- Cash
Flows From Financing Activities: Net payments on credit facilities
(20.0) - Distributions to former parent, net - (6.5) Dividends paid
(1.9) - Other (1.0) (0.1) ---- ---- Cash required by financing
activities (22.9) (6.6) ----- ---- Effect of foreign exchange rate
changes on cash and cash equivalents - 0.4 --- --- (Decrease)
increase in cash and cash equivalents (21.2) 2.2 Cash and cash
equivalents, beginning of period 43.6 9.5 ---- --- Cash and cash
equivalents, end of period $22.4 $11.7 ===== ===== 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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