CHICAGO, April 26, 2016 /PRNewswire/ --
First-quarter 2016 Highlights:
- Revenue of $267.1 million,
up 19 percent from prior-year period
- Segment operating profit of $27.3
million, up 27 percent
- Diluted earnings per share of $0.17 and adjusted earnings per share of
$0.34 vs. diluted earnings per share
of $0.27 in the first quarter of
2015
- Inbound orders increased 13 percent; order backlog up 39
percent year over year
JBT Corporation (NYSE: JBT), a leading global technology
solutions provider to high-value segments of the food &
beverage industry, today reported results for the first quarter of
2016.
Revenue for the first quarter of 2016 increased 18.7 percent
from the prior year, with organic growth of 3.6 percent.
Segment operating profit increased 27.0 percent year over
year. Segment operating profit margin increased 67 basis
points to 10.2 percent for the first quarter of 2016.
Diluted earnings per share from continuing operations was
$0.17 for the first quarter of 2016
versus $0.27 in the first quarter of
2015. Excluding restructuring charges of $7.2 million in the first quarter of 2016,
adjusted diluted earnings per share from continuing operations was
$0.34.
"JBT's Next Level strategy and investments continue to enhance
growth and profitability," said Tom
Giacomini, Chairman, President and Chief Executive
Officer. "We are particularly pleased with the performance of
the FoodTech aftermarket business in the quarter, which contributed
to year-over-year margin expansion."
Orders and Backlog
For the first quarter of 2016, inbound orders of $344 million increased 12.5 percent, reflecting
an 8.1 percent increase in FoodTech orders and a 21.3 percent
increase in AeroTech orders. Backlog expanded 39.0 percent
year over year.
Optimization Program
JBT recorded restructuring charges of $7.2 million in the first quarter of 2016
associated with its optimization program and continues to expect
total pretax restructuring charges of $11 -
$13 million for the full year. 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 consolidate smaller facilities. The
Company expects to achieve around $2
million in savings in 2016 and more than $8 million in run rate savings by late 2017.
2016 Outlook
For 2016, JBT re-affirms its prior guidance and continues to
anticipate revenue growth of approximately 15 percent, reflecting
organic growth of 4 - 5 percent and external growth from
acquisitions 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.
First Quarter 2016 Earnings Conference Call
A conference call is scheduled for 10:00
a.m. EDT on Wednesday, April 27,
2016 to discuss first quarter 2016 financial results.
Participants may access the conference call by dialing (877)
201-0168 in the U.S. and Canada or
(647) 788-4901 for international callers and using conference ID
94587862, 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 27, 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
|
|
March
31,
|
|
2016
|
|
2015
|
|
|
|
|
Revenue
|
$
|
267.1
|
|
|
$
|
225.0
|
|
Cost of
sales
|
190.3
|
|
|
160.5
|
|
|
|
|
|
Gross
profit
|
76.8
|
|
|
64.5
|
|
|
|
|
|
Selling, general and
administrative expense
|
53.9
|
|
|
47.4
|
|
Research and
development expense
|
5.5
|
|
|
3.7
|
|
Restructuring
expense
|
7.2
|
|
|
—
|
|
Other expense
(income), net
|
0.5
|
|
|
(0.3)
|
|
|
|
|
|
Operating
income
|
9.7
|
|
|
13.7
|
|
|
|
|
|
Net interest
expense
|
2.0
|
|
|
1.8
|
|
Income from
continuing operations before income taxes
|
7.7
|
|
|
11.9
|
|
Provision for income
taxes
|
2.5
|
|
|
3.9
|
|
Income from
continuing operations
|
5.2
|
|
|
8.0
|
|
Loss from
discontinued operations, net of taxes
|
(0.1)
|
|
|
—
|
|
Net income
|
$
|
5.1
|
|
|
$
|
8.0
|
|
|
|
|
|
Basic earnings per
share:
|
|
|
|
Income from continuing
operations
|
$
|
0.18
|
|
|
$
|
0.27
|
|
Loss from discontinued
operations
|
(0.01)
|
|
|
—
|
|
Net income
|
$
|
0.17
|
|
|
$
|
0.27
|
|
|
|
|
|
Diluted earnings per
share:
|
|
|
|
Income from continuing
operations
|
$
|
0.17
|
|
|
$
|
0.27
|
|
Loss from discontinued
operations
|
—
|
|
|
—
|
|
Net income
|
$
|
0.17
|
|
|
$
|
0.27
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
Basic
|
29.5
|
|
|
29.6
|
|
Diluted
|
29.8
|
|
|
29.8
|
|
|
|
|
|
JBT
CORPORATION
|
NON-GAAP FINANCIAL
MEASURES
|
(Unaudited and in
millions, except per share data)
|
|
|
|
|
The results for the
three months ended March 31, 2016 and 2015 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,
|
|
2016
|
|
2015
|
|
|
|
|
Income from
continuing operations as reported
|
$
|
5.2
|
|
|
$
|
8.0
|
|
|
|
|
|
Non-GAAP
adjustments:
|
|
|
|
Restructuring
expense
|
7.2
|
|
|
—
|
|
|
|
|
|
Impact on tax
provision from Non-GAAP adjustments
|
(2.3)
|
|
|
—
|
|
|
|
|
|
Adjusted income from
continuing operations
|
$
|
10.1
|
|
|
$
|
8.0
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations as reported
|
$
|
5.2
|
|
|
$
|
8.0
|
|
Total shares and
dilutive securities
|
29.8
|
|
|
29.8
|
|
Diluted earnings per
share from continuing operations
|
$
|
0.17
|
|
|
$
|
0.27
|
|
|
|
|
|
Adjusted income from
continuing operations
|
$
|
10.1
|
|
|
$
|
8.0
|
|
Total shares and
dilutive securities
|
29.8
|
|
|
29.8
|
|
Adjusted diluted
earnings per share from continuing operations
|
$
|
0.34
|
|
|
$
|
0.27
|
|
|
|
|
|
|
|
|
|
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 March 31, 2016:
|
|
|
|
|
|
|
|
Operating
income
|
|
Depreciation and
Amortization
|
|
EBITDA
|
|
Adjustments
|
|
Adjusted
EBITDA
|
JBT
FoodTech
|
$
|
18.8
|
|
|
$
|
7.6
|
|
|
$
|
26.4
|
|
|
$
|
—
|
|
|
$
|
26.4
|
|
JBT
AeroTech
|
8.5
|
|
|
0.6
|
|
|
9.1
|
|
|
—
|
|
|
9.1
|
|
Corporate
expense
|
(10.4)
|
|
|
0.4
|
|
|
(10.0)
|
|
|
—
|
|
|
(10.0)
|
|
Restructuring
expense
|
(7.2)
|
|
|
—
|
|
|
(7.2)
|
|
|
7.2
|
|
|
—
|
|
Total
|
$
|
9.7
|
|
|
$
|
8.6
|
|
|
$
|
18.3
|
|
|
$
|
7.2
|
|
|
$
|
25.5
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended March 31, 2015:
|
|
|
|
|
|
|
|
Operating
income
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
March
31,
|
|
2016
|
|
2015
|
Revenue
|
|
|
|
JBT
FoodTech
|
$
|
177.5
|
|
|
$
|
139.2
|
|
JBT
AeroTech
|
90.1
|
|
|
86.2
|
|
Intercompany
eliminations
|
(0.5)
|
|
|
(0.4)
|
|
Total
revenue
|
$
|
267.1
|
|
|
$
|
225.0
|
|
|
|
|
|
Income before
income taxes
|
|
|
|
Segment operating
profit
|
|
|
|
JBT
FoodTech
|
$
|
18.8
|
|
|
$
|
13.1
|
|
JBT
AeroTech
|
8.5
|
|
|
8.4
|
|
Total segment
operating profit
|
27.3
|
|
|
21.5
|
|
|
|
|
|
Corporate expense
(1)
|
(10.4)
|
|
|
(7.8)
|
|
Restructuring
expense
|
(7.2)
|
|
|
—
|
|
|
|
|
|
Operating
income
|
$
|
9.7
|
|
|
$
|
13.7
|
|
|
|
|
|
Other business
segment information
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
JBT
FoodTech
|
$
|
26.4
|
|
|
$
|
19.0
|
|
JBT
AeroTech
|
9.1
|
|
|
8.9
|
|
Corporate
|
(10.0)
|
|
|
(7.4)
|
|
Total adjusted
EBITDA
|
$
|
25.5
|
|
|
$
|
20.5
|
|
|
|
|
|
Inbound
Orders
|
|
|
|
JBT
FoodTech
|
$
|
222.7
|
|
|
$
|
206.1
|
|
JBT
AeroTech
|
121.7
|
|
|
100.3
|
|
Intercompany
eliminations
|
(0.4)
|
|
|
(0.5)
|
|
Total inbound
orders
|
$
|
344.0
|
|
|
$
|
305.9
|
|
|
|
|
|
|
As of March
31,
|
|
2016
|
|
2015
|
Order
Backlog
|
|
|
|
JBT
FoodTech
|
$
|
360.3
|
|
|
$
|
255.5
|
|
JBT
AeroTech
|
244.8
|
|
|
179.9
|
|
Total order
backlog
|
$
|
605.1
|
|
|
$
|
435.4
|
|
|
|
|
|
(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)
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
2016
|
|
2015
|
|
|
|
|
Cash and cash
equivalents
|
$
|
36.0
|
|
|
$
|
37.2
|
|
Trade receivables,
net
|
210.9
|
|
|
212.5
|
|
Inventories
|
136.9
|
|
|
104.9
|
|
Other current
assets
|
46.7
|
|
|
41.6
|
|
Total current
assets
|
430.5
|
|
|
396.2
|
|
|
|
|
|
Property, plant and
equipment, net
|
188.8
|
|
|
181.1
|
|
Other
assets
|
302.9
|
|
|
298.8
|
|
Total
assets
|
$
|
922.2
|
|
|
$
|
876.1
|
|
|
|
|
|
|
|
|
|
Short term debt and
current portion of long-term debt
|
$
|
2.0
|
|
|
$
|
2.2
|
|
Accounts payable,
trade and other
|
110.5
|
|
|
110.7
|
|
Advance and progress
payments
|
138.2
|
|
|
115.8
|
|
Other current
liabilities
|
120.5
|
|
|
124.4
|
|
Total current
liabilities
|
371.2
|
|
|
353.1
|
|
|
|
|
|
Long-term debt, less
current portion
|
297.4
|
|
|
280.6
|
|
|
|
|
|
Accrued pension and
other postretirement benefits, less current portion
|
85.6
|
|
|
90.7
|
|
Other
liabilities
|
30.2
|
|
|
22.0
|
|
|
|
|
|
Common stock and
paid-in capital
|
65.9
|
|
|
65.8
|
|
Retained
earnings
|
213.2
|
|
|
211.1
|
|
Accumulated other
comprehensive loss
|
(141.3)
|
|
|
(147.2)
|
|
Total stockholders'
equity
|
137.8
|
|
|
129.7
|
|
Total liabilities and
stockholders' equity
|
$
|
922.2
|
|
|
$
|
876.1
|
|
JBT
CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited and in
millions)
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2016
|
|
2015
|
|
|
|
|
Cash Flows From
Operating Activities:
|
|
|
|
Income from
continuing operations
|
$
|
5.2
|
|
|
$
|
8.0
|
|
|
|
|
|
Adjustments to
reconcile income to cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
8.6
|
|
|
6.8
|
|
Other
|
3.5
|
|
|
5.4
|
|
|
|
|
|
Changes in
operating assets and liabilities:
|
|
|
|
Trade accounts
receivable, net
|
4.6
|
|
|
26.2
|
|
Inventories
|
(29.6)
|
|
|
(11.7)
|
|
Accounts payable,
trade and other
|
(1.6)
|
|
|
0.8
|
|
Advance payments and
progress billings
|
19.9
|
|
|
24.9
|
|
Other - assets and
liabilities, net
|
(10.4)
|
|
|
(29.9)
|
|
|
|
|
|
Cash provided by
continuing operating activities
|
0.2
|
|
|
30.5
|
|
|
|
|
|
Cash required by
discontinued operating activities
|
—
|
|
|
—
|
|
|
|
|
|
Cash Flows
required by Investing Activities:
|
|
|
|
Acquisitions, net of
cash acquired
|
(3.2)
|
|
|
—
|
|
Capital
expenditures
|
(11.4)
|
|
|
(7.8)
|
|
Proceeds from
disposal of assets
|
0.4
|
|
|
0.3
|
|
|
|
|
|
Cash required by
investing activities
|
(14.2)
|
|
|
(7.5)
|
|
|
|
|
|
Cash Flows
provided (required) by Financing Activities:
|
|
|
|
Net proceeds
(payments) on credit facilities
|
16.4
|
|
|
(22.3)
|
|
Dividends
|
(3.1)
|
|
|
(3.0)
|
|
Purchase of treasury
stock
|
(1.1)
|
|
|
(3.1)
|
|
Other
|
(1.1)
|
|
|
(2.5)
|
|
|
|
|
|
Cash provided
(required) by financing activities
|
11.1
|
|
|
(30.9)
|
|
|
|
|
|
Effect of foreign
exchange rate changes on cash and cash equivalents
|
1.7
|
|
|
(5.6)
|
|
|
|
|
|
Decrease in cash and
cash equivalents
|
(1.2)
|
|
|
(13.5)
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
37.2
|
|
|
33.3
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
$
|
36.0
|
|
|
$
|
19.8
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/jbt-continues-growth-and-margin-expansion-in-the-first-quarter-of-2016-300257875.html
SOURCE JBT Corporation