CHICAGO, Oct. 27, 2015 /PRNewswire/ --
Highlights:
- Revenue of $273 million, up
12 percent from prior-year period, or ahead 21 percent on a
constant currency basis
- Segment operating profit of $30.0
million, up 16 percent, or an increase of 28 percent on a
constant currency basis
- Diluted earnings per share from continuing operations of
$0.43 vs. $0.30 and adjusted diluted earnings per share
from continuing operations of $0.36
in the prior-year period
- Inbound orders increased 5 percent year over year, or up
15 percent in constant currency
- Revised guidance to $1.75 -
$1.80, including $0.06 in
incremental acquisition related dilution and currency exchange
headwind
JBT Corporation (NYSE: JBT), a leading global technology
solutions provider to the food processing and air transportation
industries, today reported results for the third quarter of
2015.
Revenue for the third quarter of 2015 was $273.3 million, an increase of 12.4 percent from
the third quarter of 2014. On a constant currency basis, revenue
increased 20.5 percent year over year, including organic revenue
growth of 12.0 percent in constant currency. Segment
operating profit increased 16.3 percent, or 27.6 percent on a
constant currency basis. Corporate expense for the quarter
was $8.9 million compared to
$9.3 million in the year-ago period.
In the third quarter of 2014, corporate expense included
management succession and consulting costs of $1.2 million.
Diluted earnings per share from continuing operations was
$0.43 versus $0.30 in the prior-year period. Excluding
restructuring charges of $1.3 million
and the aforementioned management succession and consulting costs,
adjusted diluted earnings per share from continuing operations was
$0.36 in the prior-year
period.
"Our continued strong top- and bottom-line growth reflect the
progress on our One JBT cultural transformation and Next Level
strategy, which is making us a more disciplined, productive, and
growth-oriented company," said Tom
Giacomini, Chairman, President and Chief Executive Officer.
Orders and Backlog
In the third quarter of 2015, inbound orders of $286.5 million increased 5.3 percent and backlog
grew 7.9 percent from the prior-year period. On a constant
currency basis, inbound orders increased 15.0 percent.
Acquisition Activity
"So far in 2015, we completed the purchase of two leading liquid
foods solutions providers," added Giacomini. "Consistent with
our strategy, both companies enhance our ability to provide
complete solutions for customers, expand JBT's installation and
aftermarket business, and leverage our global presence."
In the third quarter of 2015, the Company completed the
acquisition of the shares of Stork Food & Dairy Systems.
With annual revenue of approximately $70 million, this business adds complementary
aseptic and thermal processing and filling technologies to JBT's
Liquid Foods portfolio. The acquisition is expected to
generate accretive earnings per share of $0.05 in 2016 and $0.10 -
$0.15 per share in 2017.
On October 1, 2015, JBT completed
the acquisition of A&B Process Systems. With
approximately $100 million in
revenue, the addition of A&B's secondary processing
capabilities complements JBT's strength in the primary processing
of liquid foods. The acquisition is expected to generate
earnings per share accretion of $0.10 -
$0.15 in 2016 and $0.20 -
$0.25 per share in 2017.
2015 Outlook
JBT revised its full-year 2015 diluted earnings per share
guidance to $1.75 - $1.80, including
an estimated $0.18 per share currency
translation headwind and $0.08 per
share dilutive impact of the recently completed acquisitions.
The Company increased its full-year revenue growth estimate to 9
- 10 percent, reflecting organic and acquisitive growth of 8 and 9
percent, respectively, less a headwind from foreign currency
translation of about 7 percent. Segment operating margin for
the full year 2015 is expected to improve approximately 50 - 75
basis points from the 10.4 percent achieved in 2014.
Third Quarter 2015 Earnings Conference Call
A conference call is scheduled for 10:00
a.m. EDT on Wednesday, October 28,
2015 to discuss third 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
56776962, 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
October 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 4,200 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
|
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
|
September
30,
|
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
273.3
|
$
|
243.2
|
|
$
|
752.9
|
$
|
688.8
|
Cost of
sales
|
|
198.8
|
|
179.0
|
|
|
542.7
|
|
504.3
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
74.5
|
|
64.2
|
|
|
210.2
|
|
184.5
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expense
|
|
46.4
|
|
43.5
|
|
|
137.4
|
|
132.0
|
Research and
development expense
|
|
5.0
|
|
3.4
|
|
|
13.0
|
|
10.6
|
Restructuring
expense
|
|
-
|
|
1.3
|
|
|
-
|
|
12.5
|
Other expense,
net
|
|
2.0
|
|
0.8
|
|
|
1.8
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
21.1
|
|
15.2
|
|
|
58.0
|
|
28.5
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
expense
|
|
1.5
|
|
1.7
|
|
|
5.3
|
|
4.5
|
Income from
continuing operations before income taxes
|
|
19.6
|
|
13.5
|
|
|
52.7
|
|
24.0
|
Provision for income
taxes
|
|
6.9
|
|
4.5
|
|
|
17.6
|
|
8.3
|
Income from
continuing operations
|
|
12.7
|
|
9.0
|
|
|
35.1
|
|
15.7
|
Loss from
discontinued operations, net of taxes
|
|
0.1
|
|
-
|
|
|
0.1
|
|
0.1
|
Net income
|
$
|
12.6
|
$
|
9.0
|
|
$
|
35.0
|
$
|
15.6
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share:
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
$
|
0.43
|
$
|
0.30
|
|
$
|
1.19
|
$
|
0.53
|
Loss from discontinued operations
|
|
-
|
|
-
|
|
|
-
|
|
-
|
Net income
|
$
|
0.43
|
$
|
0.30
|
|
$
|
1.19
|
$
|
0.53
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share:
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
$
|
0.43
|
$
|
0.30
|
|
$
|
1.18
|
$
|
0.53
|
Loss from discontinued operations
|
|
(0.01)
|
|
-
|
|
|
(0.01)
|
|
(0.01)
|
Net income
|
$
|
0.42
|
$
|
0.30
|
|
$
|
1.17
|
$
|
0.52
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
|
29.5
|
|
29.6
|
|
|
29.5
|
|
29.5
|
Diluted
|
|
29.8
|
|
29.9
|
|
|
29.8
|
|
29.8
|
JBT
CORPORATION
|
|
NON-GAAP FINANCIAL
MEASURES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The results for the
three and nine months ended September 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
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
September
30,
|
|
(In
millions)
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations as reported
|
$
12.7
|
|
$
9.0
|
|
$
35.1
|
|
$
15.7
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
adjustments:
|
|
|
|
|
|
|
|
|
Restructuring
expense
|
-
|
|
1.3
|
|
-
|
|
12.5
|
|
Management succession
costs
|
-
|
|
0.8
|
|
-
|
|
3.4
|
|
Strategy and pricing
consulting
|
-
|
|
0.4
|
|
-
|
|
2.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact on tax
provision from Non-GAAP adjustments
|
-
|
|
(0.8)
|
|
-
|
|
(5.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income from
continuing operations
|
$
12.7
|
|
$
10.7
|
|
$
35.1
|
|
$
28.3
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions,
except EPS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations as reported
|
12.7
|
|
9.0
|
|
35.1
|
|
15.7
|
|
Total shares and
dilutive securities
|
29.8
|
|
29.9
|
|
29.8
|
|
29.8
|
|
Diluted earnings per
share from continuing operations
|
$
0.43
|
|
$
0.30
|
|
$
1.18
|
|
$
0.53
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income from
continuing operations
|
12.7
|
|
10.7
|
|
35.1
|
|
28.3
|
|
Total shares and
dilutive securities
|
29.8
|
|
29.9
|
|
29.8
|
|
29.8
|
|
Adjusted diluted
earnings per share from continuing operations
|
$
0.43
|
|
$
0.36
|
|
$
1.18
|
|
$
0.95
|
|
|
|
|
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
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 our
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 September 30, 2015:
|
(In
millions)
|
|
Operating
income
|
|
Depreciation and
Amortization
|
|
EBITDA
|
|
Adjustments
|
|
Adjusted
EBITDA
|
|
JBT
FoodTech
|
|
$
20.5
|
|
$
6.3
|
|
$
26.8
|
|
$
-
|
|
$
26.8
|
|
JBT
AeroTech
|
|
9.5
|
|
0.5
|
|
10.0
|
|
-
|
|
10.0
|
|
Corporate
expense
|
|
(8.9)
|
|
0.5
|
|
(8.4)
|
|
-
|
|
(8.4)
|
|
Restructuring
expense
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Total
|
|
$
21.1
|
|
$
7.3
|
|
$
28.4
|
|
$
-
|
|
$
28.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended September 30, 2014:
|
(In
millions)
|
|
Operating
income
|
|
Depreciation and
Amortization
|
|
EBITDA
|
|
Adjustments
|
|
Adjusted
EBITDA
|
|
JBT
FoodTech
|
|
$
15.5
|
|
$
6.4
|
|
$
21.9
|
|
$
-
|
|
$
21.9
|
|
JBT
AeroTech
|
|
10.3
|
|
0.4
|
|
10.7
|
|
-
|
|
10.7
|
|
Corporate
expense
|
|
(9.3)
|
|
0.3
|
|
(9.0)
|
|
1.2
|
|
(7.8)
|
|
Restructuring
expense
|
|
(1.3)
|
|
-
|
|
(1.3)
|
|
1.3
|
|
-
|
|
Total
|
|
$
15.2
|
|
$
7.1
|
|
$
22.3
|
|
$
2.5
|
|
$
24.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine
months ended September 30, 2015:
|
(In
millions)
|
|
Operating
income
|
|
Depreciation and
Amortization
|
|
EBITDA
|
|
Adjustments
|
|
Adjusted
EBITDA
|
|
JBT
FoodTech
|
|
$
56.1
|
|
$
18.1
|
|
$
74.2
|
|
$
-
|
|
$
74.2
|
|
JBT
AeroTech
|
|
26.2
|
|
1.5
|
|
27.7
|
|
-
|
|
27.7
|
|
Corporate
expense
|
|
(24.3)
|
|
1.3
|
|
(23.0)
|
|
-
|
|
(23.0)
|
|
Restructuring
expense
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Total
|
|
$
58.0
|
|
$
20.9
|
|
$
78.9
|
|
$
-
|
|
$
78.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine
months ended September 30, 2014:
|
(In
millions)
|
|
Operating
income
|
|
Depreciation and
Amortization
|
|
EBITDA
|
|
Adjustments
|
|
Adjusted
EBITDA
|
|
JBT
FoodTech
|
|
$
50.4
|
|
$
16.5
|
|
$
66.9
|
|
$
-
|
|
$
66.9
|
|
JBT
AeroTech
|
|
17.9
|
|
1.3
|
|
19.2
|
|
-
|
|
19.2
|
|
Corporate
expense
|
|
(27.3)
|
|
0.9
|
|
(26.4)
|
|
5.7
|
|
(20.7)
|
|
Restructuring
expense
|
|
(12.5)
|
|
-
|
|
(12.5)
|
|
12.5
|
|
-
|
|
Total
|
|
$
28.5
|
|
$
18.7
|
|
$
47.2
|
|
$
18.2
|
|
$
65.4
|
|
|
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 our 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
|
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
|
September
30,
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
Revenue
|
|
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
177.8
|
$
|
148.0
|
|
$
|
480.9
|
$
|
457.0
|
JBT
AeroTech
|
|
95.8
|
|
95.6
|
|
|
272.8
|
|
232.4
|
Intercompany
eliminations
|
|
(0.3)
|
|
(0.4)
|
|
|
(0.8)
|
|
(0.6)
|
Total
revenue
|
$
|
273.3
|
$
|
243.2
|
|
$
|
752.9
|
$
|
688.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
|
|
|
|
|
|
|
Segment operating
profit
|
|
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
20.5
|
$
|
15.5
|
|
$
|
56.1
|
$
|
50.4
|
JBT
AeroTech
|
|
9.5
|
|
10.3
|
|
|
26.2
|
|
17.9
|
Total segment
operating profit
|
|
30.0
|
|
25.8
|
|
|
82.3
|
|
68.3
|
|
|
|
|
|
|
|
|
|
|
Corporate expense
(1)
|
|
(8.9)
|
|
(9.3)
|
|
|
(24.3)
|
|
(27.3)
|
Restructuring
expense
|
|
-
|
|
(1.3)
|
|
|
-
|
|
(12.5)
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
$
|
21.1
|
$
|
15.2
|
|
$
|
58.0
|
$
|
28.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other business
segment information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
26.8
|
$
|
21.9
|
|
$
|
74.2
|
$
|
66.9
|
JBT
AeroTech
|
|
10.0
|
|
10.7
|
|
|
27.7
|
|
19.2
|
Corporate
|
|
(8.4)
|
|
(7.8)
|
|
|
(23.0)
|
|
(20.7)
|
Total Adjusted
EBITDA
|
$
|
28.4
|
$
|
24.8
|
|
$
|
78.9
|
$
|
65.4
|
|
|
|
|
|
|
|
|
|
|
Inbound
Orders
|
|
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
190.5
|
$
|
160.4
|
|
$
|
542.6
|
$
|
460.9
|
JBT
AeroTech
|
|
96.2
|
|
111.9
|
|
|
292.1
|
|
283.4
|
Intercompany
eliminations
|
|
(0.2)
|
|
(0.3)
|
|
|
(0.7)
|
|
(0.5)
|
Total inbound
orders
|
$
|
286.5
|
$
|
272.0
|
|
$
|
834.0
|
$
|
743.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Order
Backlog
|
|
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
276.0
|
$
|
213.9
|
|
|
|
|
|
JBT
AeroTech
|
|
185.0
|
|
213.4
|
|
|
|
|
|
Total order
backlog
|
$
|
461.0
|
$
|
427.3
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
37.9
|
$
|
33.3
|
Trade receivables,
net
|
|
182.3
|
|
176.2
|
Inventories
|
|
137.7
|
|
111.8
|
Other current
assets
|
|
65.9
|
|
66.6
|
Total current
assets
|
|
423.8
|
|
387.9
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
159.4
|
|
147.6
|
Other
assets
|
|
198.5
|
|
162.3
|
Total
assets
|
$
|
781.7
|
$
|
697.8
|
|
|
|
|
|
|
|
|
|
|
Short term debt and
current portion of long-term debt
|
$
|
2.3
|
$
|
4.2
|
Accounts payable,
trade and other
|
|
109.6
|
|
89.5
|
Advance payments and
progress billings
|
|
108.8
|
|
86.2
|
Other current
liabilities
|
|
104.6
|
|
106.5
|
Total current
liabilities
|
|
325.3
|
|
286.4
|
|
|
|
|
|
Long-term debt, less
current portion
|
|
230.7
|
|
173.8
|
Accrued pension and other postretirement
benefits, less current portion
|
|
73.9
|
|
93.1
|
Other
liabilities
|
|
30.1
|
|
25.3
|
|
|
|
|
|
Common stock and
paid-in capital
|
|
64.0
|
|
69.9
|
Retained
earnings
|
|
193.2
|
|
166.4
|
Accumulated other
comprehensive loss
|
|
(135.5)
|
|
(117.1)
|
Total stockholders'
equity
|
|
121.7
|
|
119.2
|
Total liabilities and
stockholders' equity
|
$
|
781.7
|
$
|
697.8
|
JBT
CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited and in
millions)
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Cash Flows From
Operating Activities:
|
|
|
|
|
Income from continuing
operations
|
$
|
35.1
|
$
|
15.7
|
|
|
|
|
|
Adjustments to
reconcile income to cash provided by operating
activities:
|
|
|
Depreciation and
amortization
|
|
20.9
|
|
18.7
|
Other
|
|
7.0
|
|
7.5
|
|
|
|
|
|
Changes in
operating assets and liabilities:
|
|
|
|
|
Trade accounts receivable,
net
|
|
(0.5)
|
|
30.4
|
Inventories
|
|
(17.2)
|
|
(24.5)
|
Accounts payable, trade and
other
|
|
14.2
|
|
3.1
|
Advance payments and
progress billings
|
|
18.9
|
|
8.8
|
Other - assets and
liabilities, net
|
|
(30.5)
|
|
(10.2)
|
|
|
|
|
|
Cash provided by
continuing operating activities
|
|
47.9
|
|
49.5
|
|
|
|
|
|
Cash required by
discontinued operating activities
|
|
(0.1)
|
|
(0.4)
|
|
|
|
|
|
Cash Flows
Required by Investing Activities:
|
|
|
|
|
Acquisitions, net of cash
acquired
|
|
(50.9)
|
|
(37.6)
|
Capital
expenditures
|
|
(26.5)
|
|
(28.0)
|
Other
|
|
2.9
|
|
1.3
|
|
|
|
|
|
Cash required by
investing activities
|
|
(74.5)
|
|
(64.3)
|
|
|
|
|
|
Cash Flows
Provided by Financing Activities:
|
|
|
|
|
Net proceeds (payments) on
credit facilities
|
|
56.6
|
|
27.1
|
Dividends paid
|
|
(8.3)
|
|
(8.1)
|
Purchase of stock held in
treasury
|
|
(7.7)
|
|
(1.8)
|
Other
|
|
(3.4)
|
|
(2.5)
|
|
|
|
|
|
Cash provided by
financing activities
|
|
37.2
|
|
14.7
|
|
|
|
|
|
Effect of foreign
exchange rate changes on cash and cash equivalents
|
|
(5.9)
|
|
(5.6)
|
|
|
|
|
|
Increase (decrease)
in cash and cash equivalents
|
|
4.6
|
|
(6.1)
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
|
33.3
|
|
29.4
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
$
|
37.9
|
$
|
23.3
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/jbt-corporation-posts-strong-revenue-growth-and-margin-expansion-in-the-third-quarter-of-2015-raises-mid-point-of-guidance-300167247.html
SOURCE JBT Corporation