CHICAGO, July 27, 2015 /PRNewswire/ --
Highlights:
- Revenue of $255 million, up
3 percent from prior-year period, or up 11 percent on a constant
currency basis
- Segment operating profit of $30.8
million, up 8 percent, or up 20 percent on a constant
currency basis
- Diluted earnings per share from continuing operations of
$0.48 vs. $0.38 and adjusted diluted earnings per share
from continuing operations of $0.45
in the prior-year period
- Inbound orders increased 15 percent year over year, or up
23 percent on a constant currency basis
- Raised low end of full-year 2015 earnings per share
guidance to $1.70, for a revised
range of $1.70 - $1.80 compared to
prior guidance of $1.65 - $1.80,
while absorbing $0.05 per share of
acquisition-related dilutive impact in the back half of
2015
JBT Corporation (NYSE: JBT), a leading global technology
solutions provider to the food processing and air transportation
industries, today reported results for the second quarter of
2015.
Revenue for the second quarter of 2015 was $254.6 million, an increase of 2.8 percent from
the second quarter of 2014. On a constant currency basis,
revenue increased 10.8 percent year over year. Segment
operating profit increased 8.5 percent, or 19.6 percent on a
constant currency basis, with margin expansion at both FoodTech and
AeroTech. Corporate expense for the quarter was $7.6 million compared to $8.9 million in the year-ago period. In the
second quarter of 2014, corporate expense included management
succession and consulting costs of $2.1
million.
Diluted earnings per share from continuing operations was
$0.48 versus $0.38 in the prior-year period. Excluding
restructuring charges of $1.0 million
and the aforementioned management succession and consulting costs,
adjusted diluted earnings per share from continuing operations was
$0.45 in the prior-year
period.
The Company announced the signing of a definitive agreement to
acquire the shares of Stork Food & Dairy Systems B.V. on
July 17, 2015. The purchase
price will be €47 million, before customary post-closing
adjustments. Stork Food & Dairy Systems is a leading
provider of integrated aseptic processing / sterilization and
filling systems to the beverage and food processing
industries. The transaction is expected to close in the third
quarter of 2015 and be accretive to earnings in 2016.
"JBT delivered another good quarter, with healthy inbound orders
and continued progress on our Next Level initiatives," said
Tom Giacomini, Chairman, President
and Chief Executive Officer. "In July, we announced an agreement to
acquire Stork Food & Dairy Systems, an addition that
significantly enhances JBT's Liquid Foods business."
Orders and Backlog
In the second quarter of 2015, inbound orders of $241.6 million increased 14.6 percent and backlog
grew 6.6 percent from the prior-year period. On a constant
currency basis, inbound orders increased 23.2 percent.
2015 Outlook
The Company has increased its full-year revenue growth
projection to approximately 7 percent. This outlook reflects
organic and acquisition growth of 5 and 7 percent, respectively,
and a headwind from foreign currency translation of 5 percent.
Segment operating profit margin for the full year 2015 is
expected to improve 50 to 75 basis points from the 10.4 percent
achieved in 2014, including transaction costs and purchase price
accounting associated with the acquisition of Stork Food &
Dairy Systems.
The Company has raised the low end of its 2015 earnings guidance
and projects full year diluted earnings per share in the range
of $1.70 - $1.80, compared to previous guidance of
$1.65 - $1.80, while absorbing
approximately $0.05 per share
dilutive impact of the acquisition.
Second Quarter 2015 Earnings Conference Call
A conference call is scheduled for 10:00
a.m. EDT on Tuesday, July 28,
2015 to discuss second 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
73608959, 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
July 28, 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 3,600 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
|
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
|
June
30,
|
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
254.6
|
$
|
247.6
|
|
$
|
479.6
|
$
|
445.6
|
Cost of
sales
|
|
181.9
|
|
179.3
|
|
|
343.9
|
|
325.3
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
72.7
|
|
68.3
|
|
|
135.7
|
|
120.3
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expense
|
|
45.1
|
|
44.9
|
|
|
91.0
|
|
88.5
|
Research and
development expense
|
|
4.3
|
|
3.7
|
|
|
8.0
|
|
7.2
|
Restructuring
expense
|
|
-
|
|
1.0
|
|
|
-
|
|
11.2
|
Other (income)
expense, net
|
|
0.1
|
|
0.2
|
|
|
(0.2)
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
23.2
|
|
18.5
|
|
|
36.9
|
|
13.3
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
expense
|
|
2.0
|
|
1.5
|
|
|
3.8
|
|
2.8
|
Income from
continuing operations before income taxes
|
|
21.2
|
|
17.0
|
|
|
33.1
|
|
10.5
|
Provision for income
taxes
|
|
6.8
|
|
5.6
|
|
|
10.7
|
|
3.8
|
Income from
continuing operations
|
|
14.4
|
|
11.4
|
|
|
22.4
|
|
6.7
|
Loss from
discontinued operations, net of taxes
|
|
-
|
|
-
|
|
|
-
|
|
0.1
|
Net income
|
$
|
14.4
|
$
|
11.4
|
|
$
|
22.4
|
$
|
6.6
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share:
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
$
|
0.49
|
$
|
0.39
|
|
$
|
0.76
|
$
|
0.23
|
Loss from discontinued operations
|
|
-
|
|
-
|
|
|
-
|
|
-
|
Net income
|
$
|
0.49
|
$
|
0.39
|
|
$
|
0.76
|
$
|
0.23
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share:
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
$
|
0.48
|
$
|
0.38
|
|
$
|
0.75
|
$
|
0.23
|
Loss from discontinued operations
|
|
-
|
|
-
|
|
|
-
|
|
(0.01)
|
Net income
|
$
|
0.48
|
$
|
0.38
|
|
$
|
0.75
|
$
|
0.22
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
|
29.5
|
|
29.5
|
|
|
29.5
|
|
29.5
|
Diluted
|
|
29.8
|
|
29.8
|
|
|
29.8
|
|
29.8
|
JBT
CORPORATION
|
NON-GAAP FINANCIAL
MEASURES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The results for the
three and six months ended June 30, 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
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
June
30,
|
(In
millions)
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations as reported
|
$ 14.4
|
|
$ 11.4
|
|
$ 22.4
|
|
$ 6.7
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
adjustments:
|
|
|
|
|
|
|
|
Restructuring
expense
|
-
|
|
1.0
|
|
-
|
|
11.2
|
Management succession
costs
|
-
|
|
1.1
|
|
-
|
|
2.6
|
Strategy and pricing
consulting
|
-
|
|
1.0
|
|
-
|
|
1.9
|
|
|
|
|
|
|
|
|
|
|
Impact on tax
provision from Non-GAAP adjustments
|
-
|
|
(1.1)
|
|
-
|
|
(4.8)
|
|
|
|
|
|
|
|
|
|
|
Adjusted income from
continuing operations
|
$ 14.4
|
|
$ 13.4
|
|
$ 22.4
|
|
$ 17.6
|
|
|
|
|
|
|
|
|
|
|
(In millions,
except EPS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations as reported
|
14.4
|
|
11.4
|
|
22.4
|
|
6.7
|
Total shares and
dilutive securities
|
29.8
|
|
29.8
|
|
29.8
|
|
29.8
|
Diluted earnings per
share from continuing operations
|
$ 0.48
|
|
$ 0.38
|
|
$ 0.75
|
|
$ 0.23
|
|
|
|
|
|
|
|
|
|
|
Adjusted income from
continuing operations
|
14.4
|
|
13.4
|
|
22.4
|
|
17.6
|
Total shares and
dilutive securities
|
29.8
|
|
29.8
|
|
29.8
|
|
29.8
|
Adjusted diluted
earnings per share from continuing operations
|
$ 0.48
|
|
$ 0.45
|
|
$ 0.75
|
|
$ 0.59
|
|
The above table
contains non-GAAP financial measures, including adjusted income
from continuing operations and adjusted diluted earnings per share
from continuing operations. Adjusted income from continuing
operations and adjusted diluted earnings per share from continuing
operations are intended to provide an indication of our underlying
ongoing 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 nor should
it 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 June 30, 2015:
|
|
|
|
|
|
|
|
(In
millions)
|
|
Operating
income
|
|
Depreciation and
Amortization
|
|
EBITDA
|
|
Adjustments
|
|
Adjusted
EBITDA
|
|
JBT
FoodTech
|
|
$ 22.5
|
|
$
5.9
|
|
$ 28.4
|
|
$
-
|
|
$ 28.4
|
|
JBT
AeroTech
|
|
8.3
|
|
0.5
|
|
8.8
|
|
-
|
|
8.8
|
|
Corporate
expense
|
|
(7.6)
|
|
0.4
|
|
(7.2)
|
|
-
|
|
(7.2)
|
|
Restructuring
expense
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Total
|
|
$ 23.2
|
|
$
6.8
|
|
$ 30.0
|
|
$
-
|
|
$ 30.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended June 30, 2014:
|
|
|
|
|
|
|
|
(In
millions)
|
|
Operating
income
|
|
Depreciation and
Amortization
|
|
EBITDA
|
|
Adjustments
|
|
Adjusted
EBITDA
|
|
JBT
FoodTech
|
|
$ 23.1
|
|
$
5.2
|
|
$ 28.3
|
|
$
-
|
|
$ 28.3
|
|
JBT
AeroTech
|
|
5.3
|
|
0.4
|
|
5.7
|
|
-
|
|
5.7
|
|
Corporate
expense
|
|
(8.9)
|
|
0.4
|
|
(8.5)
|
|
2.1
|
|
(6.4)
|
|
Restructuring
expense
|
|
(1.0)
|
|
-
|
|
(1.0)
|
|
1.0
|
|
-
|
|
Total
|
|
$ 18.5
|
|
$
6.0
|
|
$ 24.5
|
|
$
3.1
|
|
$ 27.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months
ended June 30, 2015:
|
|
|
|
|
|
|
|
(In
millions)
|
|
Operating
income
|
|
Depreciation and
Amortization
|
|
EBITDA
|
|
Adjustments
|
|
Adjusted
EBITDA
|
|
JBT
FoodTech
|
|
$ 35.6
|
|
$
11.8
|
|
$ 47.4
|
|
$
-
|
|
$ 47.4
|
|
JBT
AeroTech
|
|
16.7
|
|
1.0
|
|
17.7
|
|
-
|
|
17.7
|
|
Corporate
expense
|
|
(15.4)
|
|
0.8
|
|
(14.6)
|
|
-
|
|
(14.6)
|
|
Restructuring
expense
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Total
|
|
$ 36.9
|
|
$
13.6
|
|
$ 50.5
|
|
$
-
|
|
$ 50.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months
ended June 30, 2014:
|
|
|
|
|
|
|
|
(In
millions)
|
|
Operating
income
|
|
Depreciation and
Amortization
|
|
EBITDA
|
|
Adjustments
|
|
Adjusted
EBITDA
|
|
JBT
FoodTech
|
|
$ 34.9
|
|
$
10.1
|
|
$ 45.0
|
|
$
-
|
|
$ 45.0
|
|
JBT
AeroTech
|
|
7.6
|
|
0.9
|
|
8.5
|
|
-
|
|
8.5
|
|
Corporate
expense
|
|
(18.0)
|
|
0.6
|
|
(17.4)
|
|
4.5
|
|
(12.9)
|
|
Restructuring
expense
|
|
(11.2)
|
|
-
|
|
(11.2)
|
|
11.2
|
|
-
|
|
Total
|
|
$ 13.3
|
|
$
11.6
|
|
$ 24.9
|
|
$
15.7
|
|
$ 40.6
|
|
|
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 acquisitions, 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 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 nor should it 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
|
|
|
Six Months
Ended
|
|
|
June
30,
|
|
|
June
30,
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
Revenue
|
|
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
163.9
|
$
|
173.5
|
|
$
|
303.1
|
$
|
309.0
|
JBT
AeroTech
|
|
90.8
|
|
74.1
|
|
|
177.0
|
|
136.8
|
Intercompany
eliminations
|
|
(0.1)
|
|
-
|
|
|
(0.5)
|
|
(0.2)
|
Total
revenue
|
$
|
254.6
|
$
|
247.6
|
|
$
|
479.6
|
$
|
445.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
|
|
|
|
|
|
|
Segment operating
profit
|
|
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
22.5
|
$
|
23.1
|
|
$
|
35.6
|
$
|
34.9
|
JBT
AeroTech
|
|
8.3
|
|
5.3
|
|
|
16.7
|
|
7.6
|
Total segment
operating profit
|
|
30.8
|
|
28.4
|
|
|
52.3
|
|
42.5
|
|
|
|
|
|
|
|
|
|
|
Corporate expense
(1)
|
|
(7.6)
|
|
(8.9)
|
|
|
(15.4)
|
|
(18.0)
|
Restructuring
expense
|
|
-
|
|
(1.0)
|
|
|
-
|
|
(11.2)
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
$
|
23.2
|
$
|
18.5
|
|
$
|
36.9
|
$
|
13.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other business
segment information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
28.4
|
$
|
28.3
|
|
$
|
47.4
|
$
|
45.0
|
JBT
AeroTech
|
|
8.8
|
|
5.7
|
|
|
17.7
|
|
8.5
|
Corporate
|
|
(7.2)
|
|
(6.4)
|
|
|
(14.6)
|
|
(12.9)
|
Total Adjusted
EBITDA
|
$
|
30.0
|
$
|
27.6
|
|
$
|
50.5
|
$
|
40.6
|
|
|
|
|
|
|
|
|
|
|
Inbound
Orders
|
|
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
146.0
|
$
|
139.9
|
|
$
|
352.1
|
$
|
300.5
|
JBT
AeroTech
|
|
95.6
|
|
71.0
|
|
|
195.9
|
|
171.5
|
Intercompany
eliminations
|
|
-
|
|
-
|
|
|
(0.5)
|
|
(0.2)
|
Total inbound
orders
|
$
|
241.6
|
$
|
210.9
|
|
$
|
547.5
|
$
|
471.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Order
Backlog
|
|
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
242.6
|
$
|
203.3
|
|
|
|
|
|
JBT
AeroTech
|
|
184.9
|
|
197.7
|
|
|
|
|
|
Total order
backlog
|
$
|
427.5
|
$
|
401.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Corporate expense
includes corporate staff-related expense, 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
19.9
|
$
|
33.3
|
Trade receivables,
net
|
|
164.9
|
|
176.2
|
Inventories
|
|
121.7
|
|
111.8
|
Other current
assets
|
|
63.8
|
|
66.6
|
Total current
assets
|
|
370.3
|
|
387.9
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
150.7
|
|
147.6
|
Other
assets
|
|
150.6
|
|
162.3
|
Total
assets
|
$
|
671.6
|
$
|
697.8
|
|
|
|
|
|
|
|
|
|
|
Short term debt and
current portion of long-term debt
|
$
|
3.2
|
$
|
4.2
|
Accounts payable,
trade and other
|
|
95.6
|
|
89.5
|
Advance payments and
progress billings
|
|
100.2
|
|
86.2
|
Other current
liabilities
|
|
88.6
|
|
106.5
|
Total current
liabilities
|
|
287.6
|
|
286.4
|
|
|
|
|
|
Long-term debt, less
current portion
|
|
154.3
|
|
173.8
|
Accrued pension and
other postretirement benefits,
|
|
|
|
|
less current
portion
|
|
81.9
|
|
93.1
|
Other
liabilities
|
|
23.5
|
|
25.3
|
|
|
|
|
|
Common stock and
paid-in capital
|
|
66.5
|
|
69.9
|
Retained
earnings
|
|
183.3
|
|
166.4
|
Accumulated other
comprehensive loss
|
|
(125.5)
|
|
(117.1)
|
Total stockholders'
equity
|
|
124.3
|
|
119.2
|
Total liabilities and
stockholders' equity
|
$
|
671.6
|
$
|
697.8
|
JBT
CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited and in
millions)
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
June
30,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Cash Flows From
Operating Activities:
|
|
|
|
|
Income from continuing
operations
|
$
|
22.4
|
$
|
6.7
|
|
|
|
|
|
Adjustments to
reconcile income to cash provided by operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
|
13.6
|
|
11.6
|
Other
|
|
5.2
|
|
6.9
|
|
|
|
|
|
Changes in
operating assets and liabilities:
|
|
|
|
|
Trade accounts receivable,
net
|
|
8.9
|
|
28.4
|
Inventories
|
|
(13.6)
|
|
(24.0)
|
Accounts payable, trade and
other
|
|
8.9
|
|
(0.7)
|
Advance payments and
progress billings
|
|
17.0
|
|
(3.9)
|
Other - assets and
liabilities, net
|
|
(22.6)
|
|
(4.7)
|
|
|
|
|
|
Cash provided by
continuing operating activities
|
|
39.8
|
|
20.3
|
|
|
|
|
|
Cash required by
discontinued operating activities
|
|
(0.1)
|
|
(0.3)
|
|
|
|
|
|
Cash Flows
Required by Investing Activities:
|
|
|
|
|
Acquisitions, net of cash
acquired
|
|
-
|
|
(1.7)
|
Capital
expenditures
|
|
(19.4)
|
|
(17.1)
|
Other
|
|
2.8
|
|
1.1
|
|
|
|
|
|
Cash required by
investing activities
|
|
(16.6)
|
|
(17.7)
|
|
|
|
|
|
Cash Flows
Provided (Required) by Financing Activities:
|
|
|
|
|
Net proceeds (payments) on
credit facilities
|
|
(19.6)
|
|
40.6
|
Dividends paid
|
|
(5.6)
|
|
(5.5)
|
Purchase of stock held in
treasury
|
|
(4.1)
|
|
-
|
Other
|
|
(2.6)
|
|
(1.7)
|
|
|
|
|
|
Cash provided
(required) by financing activities
|
|
(31.9)
|
|
33.4
|
|
|
|
|
|
Effect of foreign
exchange rate changes on cash and cash equivalents
|
|
(4.6)
|
|
(1.4)
|
|
|
|
|
|
Increase (decrease)
in cash and cash equivalents
|
|
(13.4)
|
|
34.3
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
|
33.3
|
|
29.4
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
$
|
19.9
|
$
|
63.7
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/jbt-corporation-reports-strong-performance-in-the-second-quarter-of-2015-and-raises-low-end-of-2015-earnings-guidance-300119311.html
SOURCE JBT Corporation