CHICAGO, Feb. 23, 2016 /PRNewswire/ --
Full-Year 2015 Highlights and 2016 Guidance:
- Revenue of $1.1 billion, up
13 percent, or 20 percent on a constant currency basis
- Segment operating profit of $123.6
million, up 20 percent, or 31 percent on a constant currency
basis
- Diluted earnings per share from continuing operations of
$1.88 vs. $1.03 and adjusted diluted earnings per share
from continuing operations of $1.56
in 2014
- Inbound orders increased 25 percent, or up 34 percent in
constant currency; order backlog up 42 percent
- Advancing Next Level strategy with additional initiatives
to enhance profitability and operational effectiveness; Company
expects charges of $11 - $13 million
in 2016 contributing more than $8
million in run-rate savings by late 2017
- Full-year 2016 diluted earnings per share guidance of
$2.15 - $2.30 on an adjusted basis
and $1.90 - $2.05 on a GAAP
basis
JBT Corporation (NYSE: JBT), a leading global technology
solutions provider to high-value segments of the food &
beverage industry, today reported results for the fourth quarter
and full-year 2015.
Revenue for 2015 was $1.1 billion,
an increase of 12.5 percent from 2014. On a constant currency
basis, revenue increased 20.1 percent year over year, including
organic revenue growth of 11.2 percent. Segment operating profit
increased 20.4 percent, or 31.0 percent on a constant currency
basis. Segment operating profit margin increased 73 basis points to
11.2 percent for 2015. Corporate expense for the year was
$34.6 million compared to
$37.5 million in 2014. Corporate
expense in 2014 included management succession and consulting costs
of $8.8 million.
Diluted earnings per share from continuing operations was
$1.88 for 2015 versus $1.03 in 2014. Excluding restructuring
charges of $14.5 million and the
aforementioned management succession and consulting costs, adjusted
diluted earnings per share from continuing operations was
$1.56 in
2014.
"JBT captured robust revenue growth and margin expansion for the
fourth quarter and full year 2015, with strength across the board
at our FoodTech and AeroTech businesses," said Tom Giacomini, Chairman, President and Chief
Executive Officer. "Execution of our Next Level strategy is
fundamentally changing the way we operate, expanding profitability
and enhancing our growth prospects."
Orders and Backlog
For 2015, inbound orders of $1.2
billion increased 25.0 percent, with a 27.0 percent gain at
FoodTech and a 21.5 percent increase at AeroTech. On a constant
currency basis, FoodTech orders were ahead 40.0 percent year over
year, of which approximately one half was organic. Backlog expanded
42.0 percent from 2014.
Fourth Quarter of 2015
Fourth quarter 2015 revenue increased 20.0 percent from the
fourth quarter of 2014. On a constant currency basis, revenue
increased 27.0 percent year over year. Segment operating profit
increased 20.1 percent, or 29.3 percent on a constant currency
basis. Diluted earnings per share from continuing operations was
$0.70 for the fourth quarter of 2015
versus $0.51 in the year-ago period.
Excluding restructuring charges of $2.0
million and management succession and consulting costs of
$3.1 million, adjusted diluted
earnings per share from continuing operations was $0.61 in the fourth quarter of
2014.
Optimization Program
"We are building on the success of our Next Level strategy and
investing in initiatives to further strengthen JBT's competitive
position and enhance growth and profitability," added Giacomini.
The optimization program will realign FoodTech's Protein business
in North America and Liquid Foods
business in Europe; accelerate
JBT's strategic sourcing initiatives; and result in consolidation
of smaller facilities. The Company expects to record $11 – $13 million
in pre-tax charges in 2016, resulting in run-rate savings of more
than $8 million by late
2017.
2016 Outlook
"We entered 2016 with strong order momentum that is reflected in
our expanded backlog," concluded Giacomini. For 2016, the
Company anticipates revenue growth of approximately 15 percent,
reflecting organic growth of 4 – 5 percent and acquisitive growth
of about 10 percent. The Company expects total segment
operating margin in 2016 to expand 25 – 50 basis points relative to
2015. The Company forecasts adjusted diluted earnings per
share in the range of $2.15 - $2.30
in 2016, and $1.90 - $2.05 on a GAAP
basis.
Fourth Quarter 2015 Earnings Conference Call
A conference call is scheduled for 10:00
a.m. EST on Wednesday, February 24,
2016 to discuss fourth quarter and full-year 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 45285404, 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. EST on February
24, 2016.
John Bean Technologies Corporation (JBT) is a leading global
technology solutions provider to high-value segments of the food
& beverage industry with a focus on proteins, liquid foods and
automated system solutions. JBT designs, produces and services
sophisticated products and systems for multi-national and regional
customers through its JBT FoodTech segment. JBT also sells critical
equipment and services to domestic and international air
transportation customers through its JBT AeroTech segment. JBT
Corporation employs approximately 4,200 people worldwide and
operates sales, service, manufacturing and sourcing operations in
more than 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 most
recent 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
|
|
|
Twelve Months
Ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
354.4
|
$
|
295.4
|
|
$
|
1,107.3
|
$
|
984.2
|
Cost of
sales
|
|
252.5
|
|
217.6
|
|
|
790.4
|
|
719.5
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
101.9
|
|
77.8
|
|
|
316.9
|
|
264.7
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expense
|
|
64.9
|
|
48.9
|
|
|
207.0
|
|
183.3
|
Research and
development expense
|
|
5.2
|
|
4.0
|
|
|
18.2
|
|
14.6
|
Restructuring
expense
|
|
-
|
|
2.0
|
|
|
-
|
|
14.5
|
Other expense,
net
|
|
0.8
|
|
0.7
|
|
|
2.7
|
|
1.6
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
31.0
|
|
22.2
|
|
|
89.0
|
|
50.7
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
expense
|
|
1.5
|
|
1.5
|
|
|
6.8
|
|
6.0
|
Income from
continuing operations before income taxes
|
|
29.5
|
|
20.7
|
|
|
82.2
|
|
44.7
|
Provision for income
taxes
|
|
8.6
|
|
5.6
|
|
|
26.2
|
|
13.9
|
Income from
continuing operations
|
|
20.9
|
|
15.1
|
|
|
56.0
|
|
30.8
|
Income (loss) from
discontinued operations, net of taxes
|
|
-
|
|
0.1
|
|
|
(0.1)
|
|
-
|
Net income
|
$
|
20.9
|
$
|
15.2
|
|
$
|
55.9
|
$
|
30.8
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share:
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
$
|
0.71
|
$
|
0.51
|
|
$
|
1.90
|
$
|
1.04
|
Income (loss) from discontinued operations
|
|
-
|
|
0.01
|
|
|
(0.01)
|
|
-
|
Net income
|
$
|
0.71
|
$
|
0.52
|
|
$
|
1.89
|
$
|
1.04
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share:
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
$
|
0.70
|
$
|
0.51
|
|
$
|
1.88
|
$
|
1.03
|
Income (loss) from discontinued operations
|
|
-
|
|
-
|
|
|
-
|
|
-
|
Net income
|
$
|
0.70
|
$
|
0.51
|
|
$
|
1.88
|
$
|
1.03
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
|
29.5
|
|
29.6
|
|
|
29.5
|
|
29.5
|
Diluted
|
|
29.8
|
|
29.9
|
|
|
29.8
|
|
29.9
|
JBT
CORPORATION
|
NON-GAAP FINANCIAL
MEASURES
|
(Unaudited and in
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The results for the
three and twelve months ended December 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
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
Income from
continuing operations as reported
|
$
20.9
|
|
$
15.1
|
|
$
56.0
|
|
$
30.8
|
|
|
|
|
|
|
|
|
Non-GAAP
adjustments:
|
|
|
|
|
|
|
|
Restructuring
expense
|
-
|
|
2.0
|
|
-
|
|
14.5
|
Management succession
costs
|
-
|
|
3.0
|
|
-
|
|
6.4
|
Strategy and pricing
consulting
|
-
|
|
0.1
|
|
-
|
|
2.4
|
|
|
|
|
|
|
|
|
Impact on tax
provision from Non-GAAP adjustments
|
-
|
|
(1.9)
|
|
-
|
|
(7.5)
|
|
|
|
|
|
|
|
|
Adjusted income from
continuing operations
|
$
20.9
|
|
$
18.3
|
|
$
56.0
|
|
$
46.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations as reported
|
20.9
|
|
15.1
|
|
56.0
|
|
30.8
|
Total shares and
dilutive securities
|
29.8
|
|
29.9
|
|
29.8
|
|
29.9
|
Diluted earnings per
share from continuing operations
|
$
0.70
|
|
$
0.51
|
|
$
1.88
|
|
$
1.03
|
|
|
|
|
|
|
|
|
Adjusted income from
continuing operations
|
20.9
|
|
18.3
|
|
56.0
|
|
46.6
|
Total shares and
dilutive securities
|
29.8
|
|
29.9
|
|
29.8
|
|
29.9
|
Adjusted diluted
earnings per share from continuing operations
|
$
0.70
|
|
$
0.61
|
|
$
1.88
|
|
$
1.56
|
|
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
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
|
(Unaudited and in
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The tables below show
a reconciliation from Operating income to EBITDA and adjusted
EBITDA by segment and consolidated for JBT.
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended December 31, 2015:
|
|
|
|
|
|
|
Operating
income
|
|
Depreciation
and
Amortization
|
|
EBITDA
|
|
Adjustments
|
|
Adjusted
EBITDA
|
JBT
FoodTech
|
$
29.3
|
|
$
7.4
|
|
$
36.7
|
|
$
-
|
|
$
36.7
|
JBT
AeroTech
|
12.0
|
|
0.5
|
|
12.5
|
|
-
|
|
12.5
|
Corporate
expense
|
(10.3)
|
|
0.8
|
|
(9.5)
|
|
-
|
|
(9.5)
|
Restructuring
expense
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total
|
$
31.0
|
|
$
8.7
|
|
$
39.7
|
|
$
-
|
|
$
39.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended December 31, 2014:
|
|
|
|
|
|
|
Operating
income
|
|
Depreciation
and
Amortization
|
|
EBITDA
|
|
Adjustments
|
|
Adjusted
EBITDA
|
JBT
FoodTech
|
$
22.3
|
|
$
5.7
|
|
$
28.0
|
|
$
-
|
|
$
28.0
|
JBT
AeroTech
|
12.1
|
|
0.5
|
|
12.6
|
|
-
|
|
12.6
|
Corporate
expense
|
(10.2)
|
|
0.4
|
|
(9.8)
|
|
3.1
|
|
(6.7)
|
Restructuring
expense
|
(2.0)
|
|
-
|
|
(2.0)
|
|
2.0
|
|
-
|
Total
|
$
22.2
|
|
$
6.6
|
|
$
28.8
|
|
$
5.1
|
|
$
33.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the twelve
months ended December 31, 2015:
|
|
|
|
|
|
|
Operating
income
|
|
Depreciation
and
Amortization
|
|
EBITDA
|
|
Adjustments
|
|
Adjusted
EBITDA
|
JBT
FoodTech
|
$
85.4
|
|
$
25.5
|
|
$
110.9
|
|
$
-
|
|
$
110.9
|
JBT
AeroTech
|
38.2
|
|
2.0
|
|
40.2
|
|
-
|
|
40.2
|
Corporate
expense
|
(34.6)
|
|
2.1
|
|
(32.5)
|
|
-
|
|
(32.5)
|
Restructuring
expense
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total
|
$
89.0
|
|
$
29.6
|
|
$
118.6
|
|
$
-
|
|
$
118.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the twelve
months ended December 31, 2014:
|
|
|
|
|
|
|
Operating
income
|
|
Depreciation
and
Amortization
|
|
EBITDA
|
|
Adjustments
|
|
Adjusted
EBITDA
|
JBT
FoodTech
|
$
72.7
|
|
$
22.2
|
|
$
94.9
|
|
$
-
|
|
$
94.9
|
JBT
AeroTech
|
30.0
|
|
1.8
|
|
31.8
|
|
-
|
|
31.8
|
Corporate
expense
|
(37.5)
|
|
1.3
|
|
(36.2)
|
|
8.8
|
|
(27.4)
|
Restructuring
expense
|
(14.5)
|
|
-
|
|
(14.5)
|
|
14.5
|
|
-
|
Total
|
$
50.7
|
|
$
25.3
|
|
$
76.0
|
|
$
23.3
|
|
$
99.3
|
|
The tables above
provide our operating income 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
|
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
Revenue
|
|
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
244.2
|
$
|
177.7
|
|
$
|
725.1
|
$
|
634.7
|
JBT
AeroTech
|
|
110.3
|
|
117.8
|
|
|
383.1
|
|
350.2
|
Intercompany
eliminations
|
|
(0.1)
|
|
(0.1)
|
|
|
(0.9)
|
|
(0.7)
|
Total
revenue
|
$
|
354.4
|
$
|
295.4
|
|
$
|
1,107.3
|
$
|
984.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
|
|
|
|
|
|
|
Segment operating
profit
|
|
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
29.3
|
$
|
22.3
|
|
$
|
85.4
|
$
|
72.7
|
JBT
AeroTech
|
|
12.0
|
|
12.1
|
|
|
38.2
|
|
30.0
|
Total segment
operating profit
|
|
41.3
|
|
34.4
|
|
|
123.6
|
|
102.7
|
|
|
|
|
|
|
|
|
|
|
Corporate expense
(1)
|
|
(10.3)
|
|
(10.2)
|
|
|
(34.6)
|
|
(37.5)
|
Restructuring
expense
|
|
-
|
|
(2.0)
|
|
|
-
|
|
(14.5)
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
$
|
31.0
|
$
|
22.2
|
|
$
|
89.0
|
$
|
50.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other business
segment information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
36.7
|
$
|
28.0
|
|
$
|
110.9
|
$
|
94.9
|
JBT
AeroTech
|
|
12.5
|
|
12.6
|
|
|
40.2
|
|
31.8
|
Corporate
|
|
(9.5)
|
|
(6.7)
|
|
|
(32.5)
|
|
(27.4)
|
Total Adjusted
EBITDA
|
$
|
39.7
|
$
|
33.9
|
|
$
|
118.6
|
$
|
99.3
|
|
|
|
|
|
|
|
|
|
|
Inbound
Orders
|
|
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
253.2
|
$
|
165.5
|
|
$
|
795.8
|
$
|
626.4
|
JBT
AeroTech
|
|
138.4
|
|
71.0
|
|
|
430.5
|
|
354.4
|
Intercompany
eliminations
|
|
(0.2)
|
|
(0.3)
|
|
|
(0.9)
|
|
(0.8)
|
Total inbound
orders
|
$
|
391.4
|
$
|
236.2
|
|
$
|
1,225.4
|
$
|
980.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Order
Backlog
|
|
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
308.1
|
$
|
200.5
|
|
|
|
|
|
JBT
AeroTech
|
|
212.6
|
|
166.2
|
|
|
|
|
|
Total order
backlog
|
$
|
520.7
|
$
|
366.7
|
|
|
|
|
|
|
(1) Corporate expense
includes corporate staff-related expenses, 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
37.2
|
$
|
33.3
|
Trade receivables,
net
|
|
212.5
|
|
176.2
|
Inventories
|
|
104.9
|
|
111.8
|
Other current
assets
|
|
41.6
|
|
43.4
|
Total current
assets
|
|
396.2
|
|
364.7
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
181.1
|
|
147.6
|
Other
assets
|
|
298.8
|
|
185.5
|
Total
assets
|
$
|
876.1
|
$
|
697.8
|
|
|
|
|
|
|
|
|
|
|
Short term debt and
current portion of long-term debt
|
$
|
2.2
|
$
|
4.2
|
Accounts payable,
trade and other
|
|
110.7
|
|
89.5
|
Advance payments and
progress billings
|
|
115.8
|
|
86.2
|
Other current
liabilities
|
|
124.4
|
|
102.4
|
Total current
liabilities
|
|
353.1
|
|
282.3
|
|
|
|
|
|
Long-term debt, less
current portion
|
|
280.6
|
|
173.8
|
Accrued pension and other postretirement
benefits, less current portion
|
|
90.7
|
|
93.1
|
Other
liabilities
|
|
22.0
|
|
29.4
|
|
|
|
|
|
Common stock and
paid-in capital
|
|
65.8
|
|
69.9
|
Retained
earnings
|
|
211.1
|
|
166.4
|
Accumulated other
comprehensive loss
|
|
(147.2)
|
|
(117.1)
|
Total stockholders'
equity
|
|
129.7
|
|
119.2
|
Total liabilities and
stockholders' equity
|
$
|
876.1
|
$
|
697.8
|
JBT
CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited and in
millions)
|
|
|
|
|
|
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Cash Flows From
Operating Activities:
|
|
|
|
|
Income from continuing
operations
|
$
|
56.0
|
$
|
30.8
|
|
|
|
|
|
Adjustments to
reconcile income to cash provided by operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
|
29.6
|
|
25.3
|
Other
|
|
11.7
|
|
14.0
|
|
|
|
|
|
Changes in
operating assets and liabilities:
|
|
|
|
|
Trade accounts receivable,
net
|
|
(11.3)
|
|
9.8
|
Inventories
|
|
15.6
|
|
7.7
|
Accounts payable, trade and
other
|
|
10.4
|
|
2.1
|
Advance payments and
progress billings
|
|
26.9
|
|
1.4
|
Other - assets and
liabilities, net
|
|
(26.7)
|
|
(13.1)
|
|
|
|
|
|
Cash provided by
continuing operating activities
|
|
112.2
|
|
78.0
|
|
|
|
|
|
Cash required by
discontinued operating activities
|
|
(0.3)
|
|
(0.3)
|
|
|
|
|
|
Cash Flows
Required by Investing Activities:
|
|
|
|
|
Acquisitions, net of cash
acquired
|
|
(150.9)
|
|
(91.3)
|
Capital
expenditures
|
|
(37.7)
|
|
(36.7)
|
Other
|
|
3.5
|
|
1.4
|
|
|
|
|
|
Cash required by
investing activities
|
|
(185.1)
|
|
(126.6)
|
|
|
|
|
|
Cash Flows
Provided by Financing Activities:
|
|
|
|
|
Net proceeds (payments) on
credit facilities
|
|
106.4
|
|
77.9
|
Dividends paid
|
|
(11.2)
|
|
(10.7)
|
Purchase of treasury
shares
|
|
(7.7)
|
|
(2.8)
|
Other
|
|
(3.6)
|
|
(2.5)
|
|
|
|
|
|
Cash provided by
financing activities
|
|
83.9
|
|
61.9
|
|
|
|
|
|
Effect of foreign
exchange rate changes on cash and cash equivalents
|
|
(6.8)
|
|
(9.1)
|
|
|
|
|
|
Increase in cash and
cash equivalents
|
|
3.9
|
|
3.9
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
|
33.3
|
|
29.4
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
$
|
37.2
|
$
|
33.3
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/jbt-corporation-reports-record-revenue-eps-and-orders-in-2015-forecasts-another-strong-performance-in-2016-300224834.html
SOURCE JBT Corporation