CHICAGO, April 29, 2015 /PRNewswire/ --
Highlights:
- Revenue of $225 million, up
14 percent from prior-year period
- Segment operating profit of $21.5
million, up 53 percent
- Diluted earnings per share from continuing operations of
$0.27 vs. a loss per share of
$0.16 and adjusted diluted earnings
per share from continuing operations of $0.15 in the prior year
- Inbound orders increased 17 percent year over
year
JBT Corporation (NYSE: JBT), a leading global technology
solutions provider to the food processing and air transportation
industries, today reported results for the first quarter of
2015.
Revenue for the first quarter of 2015 was $225.0 million, an increase of 13.6 percent from
the first quarter of 2014. On a constant currency basis,
revenue increased 18.5 percent year over year. Segment
operating profit increased 52.5 percent, with margin expansion at
both FoodTech and AeroTech. Corporate expense for the quarter
was $7.8 million compared to
$9.1 million in the year-ago
period. In the first quarter of 2014, corporate expense
included management succession and consulting costs of $2.4 million. In addition, the Company
booked restructuring charges of $10.2
million in the first quarter of 2014.
Diluted earnings per share from continuing operations was
$0.27 versus a loss per share from
continuing operations of $0.16 in the
prior year. Excluding restructuring charges and management
succession and consulting costs, adjusted diluted earnings per
share from continuing operations was $0.15 in the prior
year.
"The benefits of our Next Level strategy are reflected in our
strong first quarter results," said Tom
Giacomini, Chairman, President and Chief Executive Officer.
"We are capturing margin expansion from our organizational
simplification and strategic pricing initiatives. Also,
investments in our profitable aftermarket business and strategic
acquisitions are enhancing our growth rate."
Orders and Backlog
In the first quarter of 2015, inbound orders of $305.9 million increased 17.2 percent and backlog
declined slightly from the prior-year period. On a constant
currency basis, inbound orders increased 24.0 percent.
2015 Outlook
The Company estimates foreign currency translation headwind of
$0.15 per share, higher than the
previous estimate of $0.10.
Notwithstanding this pressure, the Company continues to project
full year 2015 diluted earnings per share in the range
of $1.65 - $1.80. As the Company pursues
efforts to moderate seasonality of the business and improve
operational efficiency, it expects the second and third quarters to
be similar with heavier fourth quarter earnings. The Company
expects this, along with the wind down of AeroTech's Halvorsen
business, will put modest pressure on second quarter comparisons,
on a year-over-year basis.
First Quarter 2015 Earnings Conference Call
A conference call is scheduled for 10:00
a.m. EDT on Thursday, April 30,
2015 to discuss first quarter 2015 financial results.
Participants may access the conference call by dialing (877)
235-3250 in the U.S. and Canada or
(706) 643-5005 for international callers and using conference ID
27606437, or through the Investor Relations link on our website at
http://ir.jbtcorporation.com. An online audio replay of the call
will be available on the Company's Investor Relations website at
approximately 1:30 p.m. EDT on
April 30, 2015.
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 FoodTech segment and for domestic and international air
transportation customers through its AeroTech segment. JBT
Corporation employs approximately 3,500 people worldwide and
operates sales, service, manufacturing and sourcing operations
located in over 25 countries. For more information, please
visit 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 2014
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.
|
JBT
CORPORATION
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
|
(Unaudited and in
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
Revenue
|
$
|
225.0
|
$
|
198.0
|
|
Cost of
sales
|
|
162.0
|
|
146.0
|
|
|
|
|
|
|
|
Gross profit
|
|
63.0
|
|
52.0
|
|
|
|
|
|
|
|
Selling, general and
administrative expense
|
|
45.9
|
|
43.6
|
|
Research and
development expense
|
|
3.7
|
|
3.5
|
|
Restructuring
expense
|
|
-
|
|
10.2
|
|
Other income,
net
|
|
(0.3)
|
|
(0.1)
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
13.7
|
|
(5.2)
|
|
|
|
|
|
|
|
Net interest
expense
|
|
1.8
|
|
1.3
|
|
Income (loss) from
continuing operations before income taxes
|
11.9
|
|
(6.5)
|
|
Provision (benefit)
for income taxes
|
|
3.9
|
|
(1.8)
|
|
Income (loss) from
continuing operations
|
|
8.0
|
|
(4.7)
|
|
Loss from
discontinued operations, net of taxes
|
|
-
|
|
(0.1)
|
|
Net income (loss)
|
$
|
8.0
|
$
|
(4.8)
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share:
|
|
|
|
|
|
Income (loss) from continuing operations
|
$
|
0.27
|
$
|
(0.16)
|
|
Loss from discontinued operations
|
|
-
|
|
-
|
|
Net income (loss)
|
$
|
0.27
|
$
|
(0.16)
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share:
|
|
|
|
|
|
Income (loss) from continuing operations
|
$
|
0.27
|
$
|
(0.16)
|
|
Loss from discontinued operations
|
|
-
|
|
-
|
|
Net income (loss)
|
$
|
0.27
|
$
|
(0.16)
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
Basic
|
|
29.6
|
|
29.4
|
|
Diluted
|
|
29.8
|
|
29.4
|
|
JBT
CORPORATION
|
|
NON-GAAP FINANCIAL
MEASURES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The results for the
three months ended March 31, 2015 and 2014 include several items
that affect the comparability of our results. These include
significant expenses that are not indicative of our on-going
operations as detailed in the table below:
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
March
31,
|
|
|
(In
millions)
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations as reported
|
$
8.0
|
|
$
(4.7)
|
|
|
|
|
|
|
|
|
|
Non-GAAP
adjustments:
|
|
|
|
|
|
Restructuring
expense
|
-
|
|
10.2
|
|
|
Management succession
costs
|
-
|
|
1.5
|
|
|
Strategy and pricing
consulting
|
-
|
|
0.9
|
|
|
|
|
|
|
|
|
|
Impact on tax
provision from Non-GAAP adjustments
|
-
|
|
(3.4)
|
|
|
|
|
|
|
|
|
|
Adjusted income from
continuing operations
|
$
8.0
|
|
$
4.5
|
|
|
|
|
|
|
|
|
|
(In millions,
except EPS)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations as reported
|
8.0
|
|
(4.7)
|
|
|
Total shares and
dilutive securities
|
29.8
|
|
29.4
|
|
|
Diluted earnings
(loss) per share from continuing operations
|
$
0.27
|
|
$
(0.16)
|
|
|
|
|
|
|
|
|
|
Adjusted income from
continuing operations
|
8.0
|
|
4.5
|
|
|
Total shares and
dilutive securities
|
29.8
|
|
29.8
|
|
|
Adjusted diluted
earnings per share from continuing operations
|
$
0.27
|
|
$
0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The above table
contains non-GAAP financial measures, including adjusted income
from continuing operations and adjusted diluted earnings per
share. Adjusted income from continuing operations and
adjusted diluted earnings per share are intended to provide an
indication of our underlying operating results and to enhance
investors' overall understanding of our financial performance by
eliminating the effects of certain items that are not comparable
from one period to the next. In addition, this information is used
as a basis for evaluating Company performance and for the planning
and forecasting of future periods. This information is not intended
to be considered in isolation or as a substitute for financial
measures prepared in accordance with GAAP.
|
|
|
JBT
CORPORATION
|
|
NON-GAAP FINANCIAL
MEASURES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The tables below show
a calculation of EBITDA and adjusted EBITDA by segment and
consolidated for JBT.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended March 31, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
millions)
|
|
Operating income
(loss)
|
|
Depreciation and
Amortization
|
|
EBITDA
|
|
Adjustments
|
|
Adjusted
EBITDA
|
|
|
JBT
FoodTech
|
|
$
13.1
|
|
$
5.9
|
|
$
19.0
|
|
$
-
|
|
$
19.0
|
|
|
JBT
AeroTech
|
|
8.4
|
|
0.5
|
|
8.9
|
|
-
|
|
8.9
|
|
|
Corporate
expense
|
|
(7.8)
|
|
0.4
|
|
(7.4)
|
|
-
|
|
(7.4)
|
|
|
Restructuring
expense
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Total
|
|
$
13.7
|
|
$
6.8
|
|
$
20.5
|
|
$
-
|
|
$
20.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended March 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
millions)
|
|
Operating income
(loss)
|
|
Depreciation and
Amortization
|
|
EBITDA
|
|
Adjustments
|
|
Adjusted
EBITDA
|
|
|
JBT
FoodTech
|
|
$
11.8
|
|
$
4.9
|
|
$
16.7
|
|
$
-
|
|
$
16.7
|
|
|
JBT
AeroTech
|
|
2.3
|
|
0.5
|
|
2.8
|
|
-
|
|
2.8
|
|
|
Corporate
expense
|
|
(9.1)
|
|
0.2
|
|
(8.9)
|
|
2.4
|
|
(6.5)
|
|
|
Restructuring
expense
|
|
(10.2)
|
|
-
|
|
(10.2)
|
|
10.2
|
|
-
|
|
|
Total
|
|
$
(5.2)
|
|
$
5.6
|
|
$
0.4
|
|
$
12.6
|
|
$
13.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The tables above
provide our operating income (loss) as adjusted by depreciation and
amortization expense booked during the period to arrive at a
segmental and consolidated EBITDA value. Further, we add back
to EBITDA significant expenses that are not indicative of our
ongoing operations to calculate an adjusted EBITDA for the two
periods reported. Given the Company's Next Level focus on
growth through strategic acquisition, management considers adjusted
EBITDA to be an important Non-GAAP measure. This measure
allows us to monitor business performance while excluding the
impact of amortization due to the step up in value of intangible
assets. We use this non-GAAP information on Adjusted EBITDA
internally to make operating decisions and believe this information
is helpful to investors because it allows more meaningful
period-to-period comparisons of our ongoing operating
results. This information is not intended to be considered in
isolation or as a substitute for financial measures prepared in
accordance with GAAP.
|
|
JBT
CORPORATION
|
|
BUSINESS SEGMENT
DATA
|
|
(Unaudited and in
millions)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2015
|
|
2014
|
|
Revenue
|
|
|
|
|
|
JBT
FoodTech
|
$
|
139.2
|
$
|
135.5
|
|
JBT
AeroTech
|
|
86.2
|
|
62.7
|
|
Intercompany
eliminations
|
|
(0.4)
|
|
(0.2)
|
|
Total
revenue
|
$
|
225.0
|
$
|
198.0
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) before income taxes
|
|
|
|
|
|
Segment operating
profit
|
|
|
|
|
|
JBT
FoodTech
|
$
|
13.1
|
$
|
11.8
|
|
JBT
AeroTech
|
|
8.4
|
|
2.3
|
|
Total segment
operating profit
|
|
21.5
|
|
14.1
|
|
|
|
|
|
|
Corporate expense
(1)
|
|
(7.8)
|
|
(9.1)
|
|
Restructuring
expense
|
|
-
|
|
(10.2)
|
|
|
|
|
|
|
Operating income
(loss)
|
$
|
13.7
|
$
|
(5.2)
|
|
|
|
|
|
|
|
|
|
|
|
Other business
segment information
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
JBT
FoodTech
|
$
|
19.0
|
$
|
16.7
|
|
JBT
AeroTech
|
|
8.9
|
|
2.8
|
|
Corporate
|
|
(7.4)
|
|
(6.5)
|
|
Total Adjusted
EBITDA
|
$
|
20.5
|
$
|
13.0
|
|
|
|
|
|
|
Inbound
Orders
|
|
|
|
|
|
JBT
FoodTech
|
$
|
206.1
|
$
|
160.6
|
|
JBT
AeroTech
|
|
100.3
|
|
100.5
|
|
Intercompany
eliminations
|
|
(0.5)
|
|
(0.2)
|
|
Total inbound
orders
|
$
|
305.9
|
$
|
260.9
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
2015
|
|
2014
|
|
Order
Backlog
|
|
|
|
|
|
JBT
FoodTech
|
$
|
255.5
|
$
|
238.8
|
|
JBT
AeroTech
|
|
179.9
|
|
200.6
|
|
Total order
backlog
|
$
|
435.4
|
$
|
439.4
|
|
|
|
|
|
|
|
(1) Corporate expense
includes corporate staff costs, stock-based compensation, pension
and other postretirement benefit expenses not related to service,
LIFO adjustments, certain foreign exchange gains and losses, and
the impact of unusual or strategic transactions not representative
of segment operations.
|
|
JBT
CORPORATION
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(Unaudited and in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
19.8
|
$
|
33.3
|
|
Trade receivables,
net
|
|
145.8
|
|
176.2
|
|
Inventories
|
|
118.0
|
|
111.8
|
|
Other current
assets
|
|
70.9
|
|
66.6
|
|
Total current
assets
|
|
354.5
|
|
387.9
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
143.2
|
|
147.6
|
|
Other
assets
|
|
152.5
|
|
162.3
|
|
Total
assets
|
$
|
650.2
|
$
|
697.8
|
|
|
|
|
|
|
|
|
|
|
|
Short term debt and
current portion of long-term debt
|
$
|
4.0
|
$
|
4.2
|
|
Accounts payable,
trade and other
|
|
86.4
|
|
89.5
|
|
Advance payments and
progress billings
|
|
106.5
|
|
86.2
|
|
Other current
liabilities
|
|
91.3
|
|
106.5
|
|
Total current
liabilities
|
|
288.2
|
|
286.4
|
|
|
|
|
|
|
Long-term debt, less
current portion
|
|
150.6
|
|
173.8
|
|
Accrued pension and
other postretirement benefits,
|
|
|
|
|
|
less current
portion
|
|
82.9
|
|
93.1
|
|
Other
liabilities
|
|
24.1
|
|
25.3
|
|
|
|
|
|
|
Common stock and
paid-in capital
|
|
65.6
|
|
69.9
|
|
Retained
earnings
|
|
171.7
|
|
166.4
|
|
Accumulated other
comprehensive loss
|
|
(132.9)
|
|
(117.1)
|
|
Total stockholders'
equity
|
|
104.4
|
|
119.2
|
|
Total liabilities and
stockholders' equity
|
$
|
650.2
|
$
|
697.8
|
|
JBT
CORPORATION
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(Unaudited and in
millions)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
Cash Flows From
Operating Activities:
|
|
|
|
|
|
Income (loss) from
continuing operations
|
$
|
8.0
|
$
|
(4.7)
|
|
|
|
|
|
|
Adjustments to
reconcile income to cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
6.8
|
|
5.6
|
|
Other
|
|
5.4
|
|
5.5
|
|
|
|
|
|
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
Trade accounts receivable,
net
|
|
26.2
|
|
38.4
|
|
Inventories
|
|
(11.7)
|
|
(22.1)
|
|
Accounts payable, trade and
other
|
|
0.8
|
|
1.4
|
|
Advance payments and
progress billings
|
|
24.9
|
|
6.5
|
|
Other - assets and
liabilities, net
|
|
(29.9)
|
|
(9.5)
|
|
|
|
|
|
|
Cash provided by
continuing operating activities
|
|
30.5
|
|
21.1
|
|
|
|
|
|
|
Cash required by
discontinued operating activities
|
|
-
|
|
(0.1)
|
|
|
|
|
|
|
Cash Flows
Required by Investing Activities:
|
|
|
|
|
|
Acquisitions, net of cash
acquired
|
|
-
|
|
(1.7)
|
|
Capital
expenditures
|
|
(7.8)
|
|
(8.5)
|
|
Other
|
|
0.3
|
|
0.3
|
|
|
|
|
|
|
Cash required by
investing activities
|
|
(7.5)
|
|
(9.9)
|
|
|
|
|
|
|
Cash Flows
Required by Financing Activities:
|
|
|
|
|
|
Net payments on credit
facilities
|
|
(22.3)
|
|
(17.2)
|
|
Dividends paid
|
|
(3.0)
|
|
(2.8)
|
|
Purchase of stock held in
treasury
|
|
(3.1)
|
|
-
|
|
Other
|
|
(2.5)
|
|
(1.7)
|
|
|
|
|
|
|
Cash required by
financing activities
|
|
(30.9)
|
|
(21.7)
|
|
|
|
|
|
|
Effect of foreign
exchange rate changes on cash and cash equivalents
|
|
(5.6)
|
|
0.3
|
|
|
|
|
|
|
Decrease in cash and
cash equivalents
|
|
(13.5)
|
|
(10.3)
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
|
33.3
|
|
29.4
|
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
$
|
19.8
|
$
|
19.1
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/jbt-corporation-starts-2015-with-a-strong-first-quarter-performance-300074516.html
SOURCE JBT Corporation