CHICAGO, Feb. 26, 2018 /PRNewswire/ --
Full-Year 2017 Highlights:
- Revenue of $1.6 billion, up
21 percent from 2016
- Diluted earnings per share from continuing operations of
$2.58; adjusted EPS of $3.10, up 21 percent
- Inbound orders of $1.7
billion, ahead 23 percent
2018 Outlook:
- Expects 2018 revenue growth of 10 - 13 percent, including
organic growth of 7 - 8 percent and 2 - 3 percent growth from
completed acquisitions
- Anticipates operating margin expansion of 100 - 125 basis
points
- Projects 2018 earnings per share of $3.85 - $4.05
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 2017.
Full Year 2017
Revenue increased 21 percent from 2016, comprised of 8 percent
organic growth and 13 percent growth from acquisitions. Net
income of $80.5 million included a
one-time tax charge of $15.5
million. Adjusted EBITDA increased 29 percent to
$199.2 million, representing a 76
basis point margin expansion from 2016.
Diluted earnings per share from continuing operations was
$2.58 for 2017 compared to
$2.28 for 2016. Adjusted diluted
earnings per share from continuing operations was $3.10 for 2017 compared with $2.56 for 2016. Reported results in 2017 include
a one-time tax charge of $15.5
million associated with the passage of the "Tax Cuts and
Jobs Act" and restructuring expense of $1.7
million. Reported results in 2016 included restructuring
expense of $12.3 million.
"JBT delivered double-digit growth in 2017 and performed well
against the framework of our three-year Elevate strategy," said
Tom Giacomini, Chairman, President
and Chief Executive Officer. "We have positioned the company for
continued strong performance in 2018 and beyond and are optimistic
about our outlook based on robust market demand and further margin
improvements."
Orders and Backlog
For 2017, inbound orders of $1.7
billion increased 23 percent from 2016, reflecting a gain of
29 percent at FoodTech and a 9 percent increase at AeroTech.
Backlog expanded 12 percent from 2016.
Investment for Growth
During 2017, JBT completed acquisitions of Avure, a major
provider of cutting edge, high pressure processing solutions; PLF,
which makes food and beverage filling systems; and AMSS, a
manufacturer of military aviation equipment. "All three
acquisitions enhance JBT's ability to provide comprehensive
customer solutions," stated Giacomini.
In the first quarter of 2018, JBT acquired Schröder Maschinenbau
GmbH & Co. KG ("Schröder") headquartered in Werther,
Germany. "The addition of Schröder
solidifies JBT's position in the marinating and injection portion
of the protein value chain," added Giacomini.
Fourth Quarter 2017
Fourth quarter 2017 revenue increased 19 percent from the
year-ago period, comprised of 6 percent organic growth, 11 percent
growth from acquisitions, and a 2 percent foreign exchange benefit.
Net income of $19.4 million included
a one-time tax charge of $15.5
million. Adjusted EBITDA of $67.6
million increased 39 percent, representing a 200 basis point
margin expansion from the year-ago period.
"We achieved record margins in the fourth quarter of 2017,
although slightly below our expectations," said Brian Deck, JBT Executive Vice President and
Chief Financial Officer. "FoodTech faced some operational
inefficiencies, which we expect to resolve by the end of the first
quarter of 2018. We also incurred acquisition-related costs we had
not factored into our guidance."
Diluted earnings per share from continuing operations was
$0.61 for the fourth quarter of 2017
compared with $0.78 in the fourth
quarter of 2016. Excluding tax-related adjustments and
restructuring charges, adjusted diluted earnings per share from
continuing operations was $1.10
compared with $0.85 in the year-ago
period.
Tax Reform
As a result of the U.S. Tax Reform signed into law in
December 2017, JBT recognized a
one-time tax charge of $15.5 million
in the fourth quarter of 2017. Half of this charge related to a
repatriation tax on accumulated overseas earnings. The other half
arose primarily from revaluing net deferred tax assets due to the
lower statutory tax rate. For 2018, JBT expects a tax rate of
approximately 27 percent, excluding any discrete
items.
2018 Outlook
For 2018, the Company anticipates revenue growth of 10 - 13
percent, reflecting organic growth of 7 - 8 percent, 2 - 3 percent
from completed acquisitions, and a net benefit of 1 - 2 percent
from adoption of the new ASC 606 revenue recognition standard.
JBT forecasts diluted earnings per share from continuing
operations in the range of $3.85 -
$4.05 in 2018 with operating margin
expansion of 100 to 125 basis points. The Company anticipates a new
restructuring program in 2018. Details of the program and the
impact on earnings guidance will be available at the time of the
first quarter 2018 earnings release. The current guidance includes
a benefit of $0.18 - $0.20 per share from a lower tax rate associated
with U.S. Tax Reform.
For the first quarter of 2018, the Company projects revenue
growth of approximately 8 percent and diluted earnings per share
from continuing operations of $0.32 -
$0.36. JBT expects the first quarter
to be impacted by project-related timing, the resolution of
aforementioned operational inefficiencies, and higher R&D
spending on new product development. JBT expects a discrete tax
benefit in the second quarter of 2018 associated with stock
compensation of an estimated $4
million, or $0.12 per share,
subject to the stock price at the time of vesting. Similarly, in
the first quarter of 2017, the Company recorded a discrete tax
benefit of $5.8 million, or
$0.19 per share.
2017 Earnings Conference Call
A conference call is scheduled for 10:00 a.m. EST on
Tuesday, February 27, 2018 to discuss
2017 financial results. Participants may access the conference call
by dialing (833) 238-7952 in the U.S. and Canada or (647) 689-4200 for international
callers and using conference ID 5389578, 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
27, 2018.
JBT Corporation (NYSE: JBT) is a leading global technology
solutions provider to high-value segments of the food &
beverage industry with 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 FoodTech segment. JBT also sells critical
equipment and services to domestic and international air
transportation customers through its AeroTech segment. JBT
Corporation employs approximately 5,800 people worldwide and
operates sales, service, manufacturing and sourcing operations in
more than 25 countries. For more information, please visit
www.jbtc.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,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
483.7
|
|
|
$
|
405.0
|
|
|
$
|
1,635.1
|
|
|
$
|
1,350.5
|
|
Cost of
sales
|
346.9
|
|
|
291.0
|
|
|
1,164.4
|
|
|
969.8
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
136.8
|
|
|
114.0
|
|
|
470.7
|
|
|
380.7
|
|
Gross
profit %
|
28.3
|
%
|
|
28.1
|
%
|
|
28.8
|
%
|
|
28.2
|
%
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expense
|
73.2
|
|
|
68.3
|
|
|
294.4
|
|
|
236.7
|
|
Research and
development expense
|
9.1
|
|
|
5.9
|
|
|
28.7
|
|
|
23.6
|
|
Restructuring
expense
|
0.4
|
|
|
2.9
|
|
|
1.7
|
|
|
12.3
|
|
Other expense,
net
|
0.7
|
|
|
2.6
|
|
|
0.1
|
|
|
4.7
|
|
|
|
|
|
|
|
|
|
Operating
income
|
53.4
|
|
|
34.3
|
|
|
145.8
|
|
|
103.4
|
|
Operating
income %
|
11.0
|
%
|
|
8.5
|
%
|
|
8.9
|
%
|
|
7.7
|
%
|
|
|
|
|
|
|
|
|
Net interest
expense
|
3.3
|
|
|
2.4
|
|
|
13.6
|
|
|
9.4
|
|
Income from
continuing operations before income taxes
|
50.1
|
|
|
31.9
|
|
|
132.2
|
|
|
94.0
|
|
Provision for income
taxes
|
30.3
|
|
|
8.5
|
|
|
50.1
|
|
|
26.0
|
|
Income from
continuing operations
|
19.8
|
|
|
23.4
|
|
|
82.1
|
|
|
68.0
|
|
Loss from
discontinued operations, net of taxes
|
0.4
|
|
|
0.3
|
|
|
1.6
|
|
|
0.4
|
|
Net
income
|
$
|
19.4
|
|
|
$
|
23.1
|
|
|
$
|
80.5
|
|
|
$
|
67.6
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share:
|
|
|
|
|
|
|
|
Income
from continuing operations
|
$
|
0.62
|
|
|
$
|
0.79
|
|
|
$
|
2.61
|
|
|
$
|
2.31
|
|
Loss
from discontinued operations
|
(0.01)
|
|
|
(0.01)
|
|
|
(0.05)
|
|
|
(0.01)
|
|
Net
income
|
$
|
0.61
|
|
|
$
|
0.78
|
|
|
$
|
2.56
|
|
|
$
|
2.30
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share:
|
|
|
|
|
|
|
|
Income
from continuing operations
|
$
|
0.61
|
|
|
$
|
0.78
|
|
|
$
|
2.58
|
|
|
$
|
2.28
|
|
Loss
from discontinued operations
|
(0.01)
|
|
|
(0.01)
|
|
|
(0.05)
|
|
|
(0.01)
|
|
Net
income
|
$
|
0.60
|
|
|
$
|
0.77
|
|
|
$
|
2.53
|
|
|
$
|
2.27
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
Basic
|
31.9
|
|
|
29.4
|
|
|
31.4
|
|
|
29.4
|
|
Diluted
|
32.3
|
|
|
29.9
|
|
|
31.9
|
|
|
29.8
|
|
|
|
|
|
|
|
|
|
JBT
CORPORATION
|
NON-GAAP FINANCIAL
MEASURES
|
RECONCILIATION OF
DILUTED EARNINGS PER SHARE TO ADJUSTED DILUTED EARNINGS PER
SHARE
|
(Unaudited and in
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
Income from
continuing operations as reported
|
$
|
19.8
|
|
|
$
|
23.4
|
|
|
$
|
82.1
|
|
|
$
|
68.0
|
|
|
|
|
|
|
|
|
|
Non-GAAP
adjustments:
|
|
|
|
|
|
|
|
Restructuring
expense
|
0.4
|
|
|
2.9
|
|
|
1.7
|
|
|
12.3
|
|
|
|
|
|
|
|
|
|
Impact on tax
provision from restructuring expense(1)
|
(0.1)
|
|
|
(0.9)
|
|
|
(0.5)
|
|
|
(3.9)
|
|
Impact on tax
provision from mandatory repatriation tax
|
7.7
|
|
|
—
|
|
|
7.7
|
|
|
—
|
|
Impact on tax
provision from tax law changes to deferred taxes
|
7.8
|
|
|
—
|
|
|
7.8
|
|
|
—
|
|
|
|
|
|
|
|
|
|
Adjusted income from
continuing operations
|
$
|
35.6
|
|
|
$
|
25.4
|
|
|
$
|
98.8
|
|
|
$
|
76.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations as reported
|
$
|
19.8
|
|
|
$
|
23.4
|
|
|
$
|
82.1
|
|
|
$
|
68.0
|
|
Total shares and
dilutive securities
|
32.3
|
|
|
29.9
|
|
|
31.9
|
|
|
29.8
|
|
Diluted earnings per
share from continuing operations
|
$
|
0.61
|
|
|
$
|
0.78
|
|
|
$
|
2.58
|
|
|
$
|
2.28
|
|
|
|
|
|
|
|
|
|
Adjusted income from
continuing operations
|
$
|
35.6
|
|
|
$
|
25.4
|
|
|
$
|
98.8
|
|
|
$
|
76.4
|
|
Total shares and
dilutive securities
|
32.3
|
|
|
29.9
|
|
|
31.9
|
|
|
29.8
|
|
Adjusted diluted
earnings per share from continuing operations
|
$
|
1.10
|
|
|
$
|
0.85
|
|
|
$
|
3.10
|
|
|
$
|
2.56
|
|
|
|
|
|
|
|
|
|
(1)
Impact on tax provision was calculated using the actual rate for
the relevant jurisdiction for the years ended December 31,
2017
and 2016.
|
|
The above table
contains adjusted income from continuing operations and adjusted
diluted earnings per share from continuing operations, which are
non-GAAP financial measures, and 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 our 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 U.S. GAAP.
|
JBT
CORPORATION
|
NON-GAAP FINANCIAL
MEASURES
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBITDA
|
(Unaudited and in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
Net income
|
$
|
19.4
|
|
|
$
|
23.1
|
|
|
$
|
80.5
|
|
|
$
|
67.6
|
|
|
|
|
|
|
|
|
|
Loss from
discontinued operations, net of taxes
|
0.4
|
|
|
0.3
|
|
|
1.6
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations as reported
|
19.8
|
|
|
23.4
|
|
|
82.1
|
|
|
68.0
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
30.3
|
|
|
8.5
|
|
|
50.1
|
|
|
26.0
|
|
Net interest
expense
|
3.3
|
|
|
2.4
|
|
|
13.6
|
|
|
9.4
|
|
Depreciation and
amortization
|
13.8
|
|
|
11.3
|
|
|
51.7
|
|
|
38.5
|
|
|
|
|
|
|
|
|
|
EBITDA
|
67.2
|
|
|
45.6
|
|
|
197.5
|
|
|
141.9
|
|
|
|
|
|
|
|
|
|
Restructuring
expense
|
0.4
|
|
|
2.9
|
|
|
1.7
|
|
|
12.3
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
67.6
|
|
|
$
|
48.5
|
|
|
$
|
199.2
|
|
|
$
|
154.2
|
|
|
|
|
|
|
|
|
|
The above table
provides net income as adjusted by income taxes, net interest
expense and depreciation and amortization expense recorded during
the period to arrive at EBITDA. Further, we add back to EBITDA
significant expenses that are not indicative of our ongoing
operations to calculate an Adjusted EBITDA for the periods
reported. Given the Company's focus on growth through strategic
acquisitions, management considers Adjusted EBITDA to be an
important non-GAAP financial 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, and
the depreciation of fixed 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,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Revenue
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
355.3
|
|
|
$
|
285.8
|
|
|
$
|
1,171.9
|
|
|
$
|
928.0
|
|
JBT
AeroTech
|
128.2
|
|
|
119.2
|
|
|
463.0
|
|
|
422.5
|
|
Other revenue and
intercompany eliminations
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
Total
revenue
|
$
|
483.7
|
|
|
$
|
405.0
|
|
|
$
|
1,635.1
|
|
|
$
|
1,350.5
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
|
|
|
|
|
Segment operating
profit(1)
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
49.7
|
|
|
$
|
35.2
|
|
|
$
|
139.1
|
|
|
$
|
113.2
|
|
JBT FoodTech
segment operating profit %
|
14.0
|
%
|
|
12.3
|
%
|
|
11.9
|
%
|
|
12.2
|
%
|
|
|
|
|
|
|
|
|
JBT
AeroTech
|
14.9
|
|
|
13.2
|
|
|
50.7
|
|
|
45.1
|
|
JBT AeroTech
segment operating profit %
|
11.6
|
%
|
|
11.1
|
%
|
|
11.0
|
%
|
|
10.7
|
%
|
|
|
|
|
|
|
|
|
Total segment
operating profit(2)
|
64.6
|
|
|
48.4
|
|
|
189.8
|
|
|
158.3
|
|
Total segment
operating profit %
|
13.4
|
%
|
|
12.0
|
%
|
|
11.6
|
%
|
|
11.7
|
%
|
|
|
|
|
|
|
|
|
Corporate
expense(1)
|
10.8
|
|
|
11.2
|
|
|
42.3
|
|
|
42.6
|
|
Restructuring
expense
|
0.4
|
|
|
2.9
|
|
|
1.7
|
|
|
12.3
|
|
|
|
|
|
|
|
|
|
Operating
income
|
$
|
53.4
|
|
|
$
|
34.3
|
|
|
$
|
145.8
|
|
|
$
|
103.4
|
|
Operating income
%
|
11.0
|
%
|
|
8.5
|
%
|
|
8.9
|
%
|
|
7.7
|
%
|
|
|
|
|
|
|
|
|
Other business
segment information
|
|
|
|
|
|
|
|
|
Inbound
Orders
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
287.1
|
|
|
$
|
250.6
|
|
|
$
|
1,184.4
|
|
|
$
|
915.6
|
|
JBT
AeroTech
|
116.4
|
|
|
108.8
|
|
|
481.7
|
|
|
442.0
|
|
Total inbound
orders
|
$
|
403.5
|
|
|
$
|
359.4
|
|
|
$
|
1,666.1
|
|
|
$
|
1,357.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December
31,
|
|
|
|
|
|
2017
|
|
2016
|
Order
Backlog
|
|
|
|
|
|
|
|
JBT
FoodTech
|
|
|
|
|
$
|
371.2
|
|
|
$
|
325.5
|
|
JBT
AeroTech
|
|
|
|
|
254.0
|
|
|
231.5
|
|
Total order
backlog
|
|
|
|
|
$
|
625.2
|
|
|
$
|
557.0
|
|
|
|
|
|
|
|
|
|
(1) Segment operating
profit is defined as total segment revenue less segment operating
expenses. Corporate expense, restructuring expense, interest
income and expense and income taxes are not allocated to the
segments. Corporate expense generally includes corporate
staff-related expense, stock-based compensation, pension and other
postretirement benefit expenses not related to service, LIFO
adjustments, certain foreign currency related gains and losses, and
the impact of unusual or strategic events not representative of
segment operations.
(2) Total segment
operating profit, as presented elsewhere in this release, is a
non-GAAP measure. The table above includes a reconciliation
of total segment operating profit to operating income. We
believe that this measure provides to investors a more
comprehensive understanding of the information used by management
in evaluating the performance of its segment operations. It
is not intended to nor shall be considered in isolation or as a
substitute for financial measures prepared in accordance with U.S.
GAAP.
|
JBT
CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Unaudited and in
millions)
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
|
|
|
Cash and cash
equivalents
|
$
|
34.0
|
|
|
$
|
33.2
|
|
Trade receivables,
net
|
316.4
|
|
|
260.5
|
|
Inventories
|
190.2
|
|
|
139.6
|
|
Other current
assets
|
48.0
|
|
|
51.7
|
|
Total current
assets
|
588.6
|
|
|
485.0
|
|
|
|
|
|
Property, plant and
equipment, net
|
233.0
|
|
|
210.2
|
|
Other
assets
|
569.8
|
|
|
492.2
|
|
Total
assets
|
$
|
1,391.4
|
|
|
$
|
1,187.4
|
|
|
|
|
|
|
|
|
|
Short-term debt and
current portion of long-term debt
|
$
|
10.5
|
|
|
$
|
7.1
|
|
Accounts payable,
trade and other
|
157.1
|
|
|
135.7
|
|
Advance and progress
payments
|
127.6
|
|
|
110.5
|
|
Other current
liabilities
|
146.2
|
|
|
139.7
|
|
Total current
liabilities
|
441.4
|
|
|
393.0
|
|
|
|
|
|
Long-term debt, less
current portion
|
372.7
|
|
|
491.6
|
|
|
|
|
|
Accrued pension and
other postretirement benefits, less current portion
|
85.9
|
|
|
86.1
|
|
Other
liabilities
|
49.5
|
|
|
36.8
|
|
|
|
|
|
Common stock and
additional paid-in capital
|
248.5
|
|
|
70.3
|
|
Retained
earnings
|
333.7
|
|
|
266.6
|
|
Accumulated other
comprehensive loss
|
(140.3)
|
|
|
(157.0)
|
|
Total stockholders'
equity
|
441.9
|
|
|
179.9
|
|
Total liabilities and
stockholders' equity
|
$
|
1,391.4
|
|
|
$
|
1,187.4
|
|
JBT
CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited and in
millions)
|
|
|
|
|
|
Twelve Months
Ended
|
|
December
31,
|
|
2017
|
|
2016
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
Income from
continuing operations
|
$
|
82.1
|
|
|
$
|
68.0
|
|
|
|
|
|
Adjustments to
reconcile income to cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
51.7
|
|
|
38.5
|
|
Other
|
26.7
|
|
|
8.1
|
|
|
|
|
|
Changes in
operating assets and liabilities:
|
|
|
|
Trade accounts
receivable, net
|
(35.8)
|
|
|
(29.0)
|
|
Inventories
|
(23.7)
|
|
|
(2.9)
|
|
Accounts payable,
trade and other
|
8.5
|
|
|
16.1
|
|
Advance and progress
payments
|
3.4
|
|
|
(17.0)
|
|
Other - assets and
liabilities, net
|
(6.6)
|
|
|
(13.9)
|
|
|
|
|
|
Cash provided by
continuing operating activities
|
106.3
|
|
|
67.9
|
|
|
|
|
|
Cash required by
discontinued operating activities
|
(1.7)
|
|
|
(0.5)
|
|
|
|
|
|
Cash provided by
operating activities
|
104.6
|
|
|
67.4
|
|
|
|
|
|
Cash flows
required by investing activities:
|
|
|
|
Acquisitions, net of
cash acquired
|
(104.2)
|
|
|
(232.0)
|
|
Capital
expenditures
|
(37.9)
|
|
|
(37.1)
|
|
Other
|
2.2
|
|
|
2.3
|
|
|
|
|
|
Cash required by
investing activities
|
(139.9)
|
|
|
(266.8)
|
|
|
|
|
|
Cash flows
provided by financing activities:
|
|
|
|
Net proceeds
(payments) on credit facilities
|
(115.9)
|
|
|
215.1
|
|
Dividends
|
(12.7)
|
|
|
(11.8)
|
|
Purchase of treasury
stock
|
(5.0)
|
|
|
(4.3)
|
|
Proceeds from stock
issuance, net of stock issuance costs
|
184.1
|
|
|
—
|
|
Other
|
(15.8)
|
|
|
(4.1)
|
|
|
|
|
|
Cash provided by
financing activities
|
34.7
|
|
|
194.9
|
|
|
|
|
|
Effect of foreign
exchange rate changes on cash and cash equivalents
|
1.4
|
|
|
0.5
|
|
|
|
|
|
Increase in cash and
cash equivalents
|
0.8
|
|
|
(4.0)
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
33.2
|
|
|
37.2
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
$
|
34.0
|
|
|
$
|
33.2
|
|
Investors & Media: Media: Jeff
Scipta, +1 312 861 5930
View original
content:http://www.prnewswire.com/news-releases/jbt-corporation-reports-full-year-2017-results-300604385.html
SOURCE JBT Corporation