CHICAGO, Feb. 25, 2019 /PRNewswire/ --
Fourth Quarter 2018 Highlights:
- Revenue of $537 million, up
11 percent from the fourth quarter of 2017
- Operating income of $59
million, including $14 million
of restructuring expense
- Total segment operating profit of $83 million, a gain of 28 percent from the fourth
quarter of 2017
- Diluted earnings per share from continuing operations of
$1.34 versus $0.61; Adjusted diluted earnings per share of
$1.65 versus $1.10 in the fourth quarter of 2017
- Inbound orders of $476
million, ahead 18 percent; backlog up 14 percent from the
fourth quarter of 2017
2019 Outlook:
- Expects 2019 revenue of $1.9
billion
- Anticipates FoodTech operating margins of 13.25 – 14.0
percent; AeroTech operating margins of 12.5 – 13.0
percent
- Projects 2019 earnings per share of $3.90 – $4.10 or
$4.20 – $4.40 on an adjusted 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 2018.
"We ended 2018 on a strong note, with margins, cash flow, and
order rates that exceeded our expectations," said Tom Giacomini, Chairman, President, and Chief
Executive Officer. "With a favorable long-term outlook for our end
markets, we expect growth to continue in 2019. Operationally,
improvements underway enhance our competitive position and support
significant margin expansion in 2019 and 2020."
Fourth quarter 2018 revenue increased 11.1 percent from the
year-ago period, comprised of 4.6 percent organic growth, 3.2
percent growth from acquisitions, and a 5.6 percent benefit from
the new ASC 606 revenue recognition standard, offset by a 2.3
percent unfavorable foreign exchange translation impact. Operating
income was $59.1 million in the
fourth quarter of 2018, including restructuring expense of
$14.2 million. Segment operating
profit increased 28 percent year over year with a 200 basis point
margin expansion to 15.4 percent.
Diluted earnings per share from continuing operations was
$1.34 for the fourth quarter of 2018
compared with $0.61 in the fourth
quarter of 2017. Adjusted earnings per share, excluding
restructuring expense and charges associated with passage of the
"Tax Cuts and Jobs Act", was $1.65
compared with $1.10 in the year-ago
period. Fourth quarter 2018 earnings per share also included a
$0.07 benefit from the
transition to ASC 606 and a $0.10
benefit from lower tax rates.
Full-Year 2018
Revenue of $1.9 billion increased
17.4 percent from 2017, with gains of 6.5 percent organically, 3.1
percent from acquisitions, and 7.8 percent from ASC 606. Operating
income – which included restructuring expense of $47.0 million in 2018 and $1.7 million in 2017 – was unchanged
year-over-year at $143.8 million.
Total segment operating profit increased 23 percent.
Diluted earnings per share from continuing operations was
$3.24 for 2018 compared to
$2.58 for 2017. Adjusted diluted
earnings per share from continuing operations, excluding
restructuring expense and charges associated with passage of
the "Tax Cuts and Jobs Act", was $4.28 for 2018 compared with $3.10 for 2017. Earnings per share in 2018 also
included a $0.64 benefit from ASC 606
and a $0.23 benefit from lower tax
rates, partially offset by a $0.10
negative impact from foreign exchange translation.
Orders and Backlog
Fourth quarter 2018 orders increased 18 percent from the
year-ago period, with a gain of 20 percent at FoodTech and 12
percent at AeroTech. For 2018, inbound orders of $1.9 billion increased 14 percent from 2017,
reflecting gains of 10 percent at FoodTech and 24 percent at
AeroTech. Backlog expanded 14 percent from December 31, 2017.
Restructuring Programs
"We have made excellent progress on the restructuring program we
announced in 2018, capturing benefits ahead of schedule with
savings of $7 million for the year,"
stated Brian Deck, Executive Vice
President and Chief Financial Officer.
In addition to the $47 million
restructuring expense booked in 2018, the Company plans to incur
additional restructuring expense totaling $10 – $15
million in 2019. As a result of the restructuring activities
taken in 2018 and 2019, the Company expects to achieve incremental
benefits of $20 million in 2019 and
$28 million in 2020 bringing total
expected savings to $55
million.
Acquisitions
In February 2019, JBT completed
the acquisition of LEKTRO, Inc., a manufacturer of electric
aviation ground support equipment. "The addition of LEKTRO adds a
complementary line of tractors and improves our competitive
position in the rapidly growing market for emission-free
equipment," said Tom
Giacomini.
2019 Outlook
For 2019, the Company anticipates organic growth of 4 percent,
growth from completed acquisitions of 2 – 3 percent,
partially offset by a 1 percent headwind from foreign exchange
translation, adding to 5 – 6 percent growth. However, GAAP revenue
is expected to be flat year over year, reflecting the $127 million of ASC 606 benefit from previously
recognized revenue included in 2018 results.
JBT forecasts FoodTech operating margins of 13.25 – 14.0
percent, AeroTech operating margins of 12.5 – 13.0 percent, and
diluted earnings per share from continuing operations in the range
of $3.90 – $4.10 in 2019, or an adjusted $4.20 – $4.40.
For the first quarter of 2019, JBT anticipates revenue of
$375 million –
$395 million and diluted earnings per
share from continuing operations of $0.30 – $0.34, or an adjusted $0.44 – $0.48.
2018 Earnings Conference Call
A conference call is scheduled for 10:00 a.m. ET on Tuesday, February 26, 2019 to discuss 2018
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 4523989, 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. ET on February
26, 2019.
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 5,900 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.
Investors & Media: Megan
Rattigan +1
312 861 6048
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,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
537.3
|
|
|
$
|
483.7
|
|
|
$
|
1,919.7
|
|
|
$
|
1,635.1
|
|
Cost of
sales
|
378.7
|
|
|
346.9
|
|
|
1,382.1
|
|
|
1,164.4
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
158.6
|
|
|
136.8
|
|
|
537.6
|
|
|
470.7
|
|
Gross profit %
|
29.5
|
%
|
|
28.3
|
%
|
|
28.0
|
%
|
|
28.8
|
%
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expense
|
85.3
|
|
|
84.1
|
|
|
346.8
|
|
|
325.2
|
|
Restructuring
expense
|
14.2
|
|
|
0.4
|
|
|
47.0
|
|
|
1.7
|
|
|
|
|
|
|
|
|
|
Operating
income
|
59.1
|
|
|
52.3
|
|
|
143.8
|
|
|
143.8
|
|
Operating income %
|
11.0
|
%
|
|
10.8
|
%
|
|
7.5
|
%
|
|
8.8
|
%
|
|
|
|
|
|
|
|
|
Pension expense
(income), other than service cost
|
0.3
|
|
|
(1.1)
|
|
|
0.9
|
|
|
(2.0)
|
|
Net interest
expense
|
3.4
|
|
|
3.3
|
|
|
13.9
|
|
|
13.6
|
|
Income from
continuing operations before income taxes
|
55.4
|
|
|
50.1
|
|
|
129.0
|
|
|
132.2
|
|
Provision for income
taxes
|
12.5
|
|
|
30.3
|
|
|
24.6
|
|
|
50.1
|
|
Income from
continuing operations
|
42.9
|
|
|
19.8
|
|
|
104.4
|
|
|
82.1
|
|
Loss from
discontinued operations, net of taxes
|
—
|
|
|
0.4
|
|
|
0.3
|
|
|
1.6
|
|
Net income
|
$
|
42.9
|
|
|
$
|
19.4
|
|
|
$
|
104.1
|
|
|
$
|
80.5
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share:
|
|
|
|
|
|
|
|
Income from continuing
operations
|
$
|
1.35
|
|
|
$
|
0.62
|
|
|
$
|
3.27
|
|
|
$
|
2.61
|
|
Loss from discontinued
operations
|
—
|
|
|
(0.01)
|
|
|
(0.01)
|
|
|
(0.05)
|
|
Net income
|
$
|
1.35
|
|
|
$
|
0.61
|
|
|
$
|
3.26
|
|
|
$
|
2.56
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share:
|
|
|
|
|
|
|
|
Income from continuing
operations
|
$
|
1.34
|
|
|
$
|
0.61
|
|
|
$
|
3.24
|
|
|
$
|
2.58
|
|
Loss from discontinued
operations
|
—
|
|
|
(0.01)
|
|
|
(0.01)
|
|
|
(0.05)
|
|
Net income
|
$
|
1.34
|
|
|
$
|
0.60
|
|
|
$
|
3.23
|
|
|
$
|
2.53
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
Basic
|
31.8
|
|
|
31.9
|
|
|
31.9
|
|
|
31.4
|
|
Diluted
|
32.1
|
|
|
32.3
|
|
|
32.2
|
|
|
31.9
|
|
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,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
Income from
continuing operations as reported
|
$
|
42.9
|
|
|
$
|
19.8
|
|
|
$
|
104.4
|
|
|
$
|
82.1
|
|
|
|
|
|
|
|
|
|
Non-GAAP
adjustments:
|
|
|
|
|
|
|
|
Restructuring
expense
|
14.2
|
|
|
0.4
|
|
|
47.0
|
|
|
1.7
|
|
|
|
|
|
|
|
|
|
Impact on tax
provision from restructuring expense(1)
|
(4.0)
|
|
|
(0.1)
|
|
|
(12.4)
|
|
|
(0.5)
|
|
Impact on tax
provision from mandatory repatriation tax
|
(0.2)
|
|
|
7.7
|
|
|
0.4
|
|
|
7.7
|
|
Impact on tax
provision from tax law changes to deferred taxes
|
—
|
|
|
7.8
|
|
|
(1.5)
|
|
|
7.8
|
|
|
|
|
|
|
|
|
|
Adjusted income from
continuing operations
|
$
|
52.9
|
|
|
$
|
35.6
|
|
|
$
|
137.9
|
|
|
$
|
98.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations as reported
|
$
|
42.9
|
|
|
$
|
19.8
|
|
|
$
|
104.4
|
|
|
$
|
82.1
|
|
Total shares and
dilutive securities
|
32.1
|
|
|
32.3
|
|
|
32.2
|
|
|
31.9
|
|
Diluted earnings per
share from continuing operations
|
$
|
1.34
|
|
|
$
|
0.61
|
|
|
$
|
3.24
|
|
|
$
|
2.58
|
|
|
|
|
|
|
|
|
|
Adjusted income from
continuing operations
|
$
|
52.9
|
|
|
$
|
35.6
|
|
|
$
|
137.9
|
|
|
$
|
98.8
|
|
Total shares and
dilutive securities
|
32.1
|
|
|
32.3
|
|
|
32.2
|
|
|
31.9
|
|
Adjusted diluted
earnings per share from continuing operations
|
$
|
1.65
|
|
|
$
|
1.10
|
|
|
$
|
4.28
|
|
|
$
|
3.10
|
|
|
|
|
|
|
|
|
|
(1)
Impact on tax provision was calculated using the actual rate for
the relevant jurisdiction for the years ended December 31,
2018
and 2017.
|
|
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,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
Net income
|
$
|
42.9
|
|
|
$
|
19.4
|
|
|
$
|
104.1
|
|
|
$
|
80.5
|
|
|
|
|
|
|
|
|
|
Loss from
discontinued operations, net of taxes
|
—
|
|
|
0.4
|
|
|
0.3
|
|
|
1.6
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations as reported
|
42.9
|
|
|
19.8
|
|
|
104.4
|
|
|
82.1
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
12.5
|
|
|
30.3
|
|
|
24.6
|
|
|
50.1
|
|
Net interest
expense
|
3.4
|
|
|
3.3
|
|
|
13.9
|
|
|
13.6
|
|
Depreciation and
amortization
|
14.6
|
|
|
13.8
|
|
|
57.7
|
|
|
51.7
|
|
|
|
|
|
|
|
|
|
EBITDA
|
73.4
|
|
|
67.2
|
|
|
200.6
|
|
|
197.5
|
|
|
|
|
|
|
|
|
|
Restructuring
expense
|
14.2
|
|
|
0.4
|
|
|
47.0
|
|
|
1.7
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
87.6
|
|
|
$
|
67.6
|
|
|
$
|
247.6
|
|
|
$
|
199.2
|
|
|
|
|
|
|
|
|
|
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
|
NON-GAAP FINANCIAL
MEASURES
|
RECONCILIATION OF
DILUTED EARNINGS PER SHARE GUIDANCE TO ADJUSTED DILUTED EARNINGS
PER SHARE GUIDANCE
|
(Unaudited and in
cents)
|
|
|
|
|
|
|
|
|
|
Guidance
|
|
Q1
2019
|
|
Full Year
2019
|
|
|
|
|
Diluted earnings per
share from continuing operations
|
$0.30 -
$0.34
|
|
$3.90 -
$4.10
|
|
|
|
|
Non-GAAP
adjustments:
|
|
|
|
Restructuring expense (1)
|
0.19
|
|
0.40
|
|
|
|
|
Impact on tax
provision from Non-GAAP adjustments(2)
|
(0.05)
|
|
(0.10)
|
|
|
|
|
Adjusted diluted
earnings per share from continuing operations
|
$0.44 -
$0.48
|
|
$4.20 -
$4.40
|
|
|
|
|
(1) Restructuring
expense is estimated to be between $6-7 million for Q1 and $10-15
million for full year of 2019. The mid-point amount has been
divided by our estimate of 32.2 million total shares and dilutive
securities to derive the earnings per share value.
|
|
|
|
|
(2) Impact on tax
provision was calculated using the Company's expected tax rate to
be incurred on these restructuring costs of 26.3%.
|
JBT
CORPORATION
|
BUSINESS SEGMENT
DATA
|
(Unaudited and in
millions)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Revenue
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
363.7
|
|
|
$
|
355.3
|
|
|
$
|
1,361.4
|
|
|
$
|
1,171.9
|
|
JBT
AeroTech
|
173.5
|
|
|
128.2
|
|
|
558.1
|
|
|
463.0
|
|
Other revenue and
intercompany eliminations
|
0.1
|
|
|
0.2
|
|
|
0.2
|
|
|
0.2
|
|
Total
revenue
|
$
|
537.3
|
|
|
$
|
483.7
|
|
|
$
|
1,919.7
|
|
|
$
|
1,635.1
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
|
|
|
|
|
Segment operating
profit(1)
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
58.7
|
|
|
$
|
49.7
|
|
|
$
|
169.5
|
|
|
$
|
139.1
|
|
JBT FoodTech
segment operating profit %
|
16.1
|
%
|
|
14.0
|
%
|
|
12.5
|
%
|
|
11.9
|
%
|
|
|
|
|
|
|
|
|
JBT
AeroTech
|
23.9
|
|
|
14.9
|
|
|
64.1
|
|
|
50.7
|
|
JBT AeroTech
segment operating profit %
|
13.8
|
%
|
|
11.6
|
%
|
|
11.5
|
%
|
|
11.0
|
%
|
|
|
|
|
|
|
|
|
Total segment
operating profit(2)
|
82.6
|
|
|
64.6
|
|
|
233.6
|
|
|
189.8
|
|
Total segment
operating profit %
|
15.4
|
%
|
|
13.4
|
%
|
|
12.2
|
%
|
|
11.6
|
%
|
|
|
|
|
|
|
|
|
Corporate
expense(1)
|
9.3
|
|
|
11.9
|
|
|
42.8
|
|
|
44.3
|
|
Restructuring
expense
|
14.2
|
|
|
0.4
|
|
|
47.0
|
|
|
1.7
|
|
|
|
|
|
|
|
|
|
Operating
income
|
$
|
59.1
|
|
|
$
|
52.3
|
|
|
$
|
143.8
|
|
|
$
|
143.8
|
|
Operating income
%
|
11.0
|
%
|
|
10.8
|
%
|
|
7.5
|
%
|
|
8.8
|
%
|
|
|
|
|
|
|
|
|
Other business
segment information
|
|
|
|
|
|
|
|
|
Inbound
Orders
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
345.8
|
|
|
$
|
287.1
|
|
|
$
|
1,298.7
|
|
|
$
|
1,184.4
|
|
JBT
AeroTech
|
129.9
|
|
|
116.4
|
|
|
597.2
|
|
|
481.7
|
|
Intercompany
eliminations/other
|
—
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
Total inbound
orders
|
$
|
475.7
|
|
|
$
|
403.5
|
|
|
$
|
1,896.1
|
|
|
$
|
1,666.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December
31,
|
|
|
|
|
|
2018
|
|
2017
|
Order
Backlog
|
|
|
|
|
|
|
|
JBT
FoodTech
|
|
|
|
|
$
|
405.4
|
|
|
$
|
371.2
|
|
JBT
AeroTech
|
|
|
|
|
305.9
|
|
|
254.0
|
|
Total order
backlog
|
|
|
|
|
$
|
711.3
|
|
|
$
|
625.2
|
|
|
|
|
|
|
|
|
|
(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, 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
|
ADJUSTMENTS DUE TO
ASC 606 BY SEGMENT
|
(Unaudited and in
millions)
|
|
As
reported
|
|
|
|
|
|
|
|
|
|
Year-to-Date
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
December
31, 2018
|
Revenue
|
|
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
303.6
|
|
|
$
|
361.6
|
|
|
$
|
332.5
|
|
|
$
|
363.7
|
|
|
$
|
1,361.4
|
|
JBT
AeroTech
|
105.6
|
|
|
129.5
|
|
|
149.5
|
|
|
173.5
|
|
|
558.1
|
|
Other revenue and
intercompany eliminations
|
—
|
|
|
0.2
|
|
|
(0.1)
|
|
|
0.1
|
|
|
0.2
|
|
Total
revenue
|
$
|
409.2
|
|
|
$
|
491.3
|
|
|
$
|
481.9
|
|
|
$
|
537.3
|
|
|
$
|
1,919.7
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating
profit
|
|
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
21.5
|
|
|
$
|
47.4
|
|
|
$
|
41.9
|
|
|
$
|
58.7
|
|
|
$
|
169.5
|
|
JBT
AeroTech
|
7.9
|
|
|
14.7
|
|
|
17.6
|
|
|
23.9
|
|
|
64.1
|
|
Total segment
operating profit
|
$
|
29.4
|
|
|
$
|
62.1
|
|
|
$
|
59.5
|
|
|
$
|
82.6
|
|
|
$
|
233.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments due to
ASC 606
|
|
|
|
|
|
|
|
|
|
Year-to-Date
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
December
31, 2018
|
Revenue
|
|
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
(51.6)
|
|
|
$
|
(28.0)
|
|
|
$
|
(18.2)
|
|
|
$
|
(15.8)
|
|
|
$
|
(113.6)
|
|
JBT
AeroTech
|
1.1
|
|
|
(3.6)
|
|
|
0.4
|
|
|
(11.4)
|
|
|
(13.5)
|
|
Other revenue and
intercompany eliminations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
revenue
|
$
|
(50.5)
|
|
|
$
|
(31.6)
|
|
|
$
|
(17.8)
|
|
|
$
|
(27.2)
|
|
|
$
|
(127.1)
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating
profit
|
|
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
(13.1)
|
|
|
$
|
(6.0)
|
|
|
$
|
(3.7)
|
|
|
$
|
(1.2)
|
|
|
$
|
(24.0)
|
|
JBT
AeroTech
|
0.1
|
|
|
(1.4)
|
|
|
(0.4)
|
|
|
(2.0)
|
|
|
(3.7)
|
|
Total segment
operating profit
|
$
|
(13.0)
|
|
|
$
|
(7.4)
|
|
|
$
|
(4.1)
|
|
|
$
|
(3.2)
|
|
|
$
|
(27.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts without
adoption
|
|
|
|
|
|
|
|
|
|
Year-to-Date
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
December
31, 2018
|
Revenue
|
|
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
252.0
|
|
|
$
|
333.6
|
|
|
$
|
314.3
|
|
|
$
|
347.9
|
|
|
$
|
1,247.8
|
|
JBT
AeroTech
|
106.7
|
|
|
125.9
|
|
|
149.9
|
|
|
162.1
|
|
|
544.6
|
|
Other revenue and
intercompany eliminations
|
—
|
|
|
0.2
|
|
|
(0.1)
|
|
|
0.1
|
|
|
0.2
|
|
Total
revenue
|
$
|
358.7
|
|
|
$
|
459.7
|
|
|
$
|
464.1
|
|
|
$
|
510.1
|
|
|
$
|
1,792.6
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating
profit
|
|
|
|
|
|
|
|
|
|
JBT
FoodTech
|
$
|
8.4
|
|
|
$
|
41.4
|
|
|
$
|
38.2
|
|
|
$
|
57.5
|
|
|
$
|
145.5
|
|
JBT
AeroTech
|
8.0
|
|
|
13.3
|
|
|
17.2
|
|
|
21.9
|
|
|
60.4
|
|
Total segment
operating profit
|
$
|
16.4
|
|
|
$
|
54.7
|
|
|
$
|
55.4
|
|
|
$
|
79.4
|
|
|
$
|
205.9
|
|
JBT
CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Unaudited and in
millions)
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
2018
|
|
2017
|
|
|
|
|
Cash and cash
equivalents
|
$
|
43.0
|
|
|
$
|
34.0
|
|
Trade receivables,
net
|
323.7
|
|
|
316.4
|
|
Inventories
|
206.1
|
|
|
190.2
|
|
Other current
assets
|
45.7
|
|
|
48.0
|
|
Total current
assets
|
618.5
|
|
|
588.6
|
|
|
|
|
|
Property, plant and
equipment, net
|
239.7
|
|
|
233.0
|
|
Other
assets
|
584.3
|
|
|
569.8
|
|
Total
assets
|
$
|
1,442.5
|
|
|
$
|
1,391.4
|
|
|
|
|
|
|
|
|
|
Short-term debt and
current portion of long-term debt
|
$
|
0.5
|
|
|
$
|
10.5
|
|
Accounts payable,
trade and other
|
191.2
|
|
|
157.1
|
|
Advance and progress
payments
|
145.8
|
|
|
127.6
|
|
Other current
liabilities
|
147.8
|
|
|
146.2
|
|
Total current
liabilities
|
485.3
|
|
|
441.4
|
|
|
|
|
|
Long-term debt, less
current portion
|
387.1
|
|
|
372.7
|
|
|
|
|
|
Accrued pension and
other postretirement benefits, less current portion
|
72.5
|
|
|
85.9
|
|
Other
liabilities
|
40.7
|
|
|
49.5
|
|
|
|
|
|
Common stock and
additional paid-in capital
|
226.9
|
|
|
248.5
|
|
Retained
earnings
|
416.5
|
|
|
333.7
|
|
Accumulated other
comprehensive loss
|
(186.5)
|
|
|
(140.3)
|
|
Total stockholders'
equity
|
456.9
|
|
|
441.9
|
|
Total liabilities and
stockholders' equity
|
$
|
1,442.5
|
|
|
$
|
1,391.4
|
|
JBT
CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited and in
millions)
|
|
|
|
|
|
Twelve Months
Ended
|
|
December
31,
|
|
2018
|
|
2017
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
Income from
continuing operations
|
$
|
104.4
|
|
|
$
|
82.1
|
|
|
|
|
|
Adjustments to
reconcile income to cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
57.7
|
|
|
51.7
|
|
Other
|
(5.4)
|
|
|
26.7
|
|
|
|
|
|
Changes in
operating assets and liabilities:
|
|
|
|
Trade accounts
receivable, net
|
(7.2)
|
|
|
(35.8)
|
|
Inventories
|
(7.5)
|
|
|
(23.7)
|
|
Accounts payable,
trade and other
|
35.8
|
|
|
8.5
|
|
Advance and progress
payments
|
(0.4)
|
|
|
3.4
|
|
Other - assets and
liabilities, net
|
(22.8)
|
|
|
(6.6)
|
|
|
|
|
|
Cash provided by
continuing operating activities
|
154.6
|
|
|
106.3
|
|
|
|
|
|
Cash required by
discontinued operating activities
|
(0.7)
|
|
|
(1.7)
|
|
|
|
|
|
Cash provided by
operating activities
|
153.9
|
|
|
104.6
|
|
|
|
|
|
Cash flows
required by investing activities:
|
|
|
|
Acquisitions, net of
cash acquired
|
(57.5)
|
|
|
(104.2)
|
|
Capital
expenditures
|
(39.8)
|
|
|
(37.9)
|
|
Other
|
2.9
|
|
|
2.2
|
|
|
|
|
|
Cash required by
investing activities
|
(94.4)
|
|
|
(139.9)
|
|
|
|
|
|
Cash flows
provided by financing activities:
|
|
|
|
Net proceeds
(payments) on credit facilities
|
6.1
|
|
|
(115.9)
|
|
Dividends
|
(13.1)
|
|
|
(12.7)
|
|
Purchase of treasury
stock
|
(20.0)
|
|
|
(5.0)
|
|
Proceeds from stock
issuance, net of stock issuance costs
|
—
|
|
|
184.1
|
|
Other
|
(21.3)
|
|
|
(15.8)
|
|
|
|
|
|
Cash (required)
provided by financing activities
|
(48.3)
|
|
|
34.7
|
|
|
|
|
|
Effect of foreign
exchange rate changes on cash and cash equivalents
|
(2.2)
|
|
|
1.4
|
|
|
|
|
|
Increase in cash and
cash equivalents
|
9.0
|
|
|
0.8
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
34.0
|
|
|
33.2
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
$
|
43.0
|
|
|
$
|
34.0
|
|
JBT
CORPORATION
|
NON-GAAP FINANCIAL
MEASURES
|
FREE CASH FLOW AND
FREE CASH FLOW CONVERSION
|
(Unaudited and in
millions)
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended
|
|
December
31,
|
|
2018
|
|
2017
|
|
|
|
|
Cash provided by
continuing operating activities
|
$
|
154.6
|
|
|
$
|
106.3
|
|
Less: capital
expenditures
|
39.8
|
|
|
37.9
|
|
Plus: proceeds from
sale of fixed assets
|
2.9
|
|
|
2.2
|
|
Plus: pension
contributions
|
19.5
|
|
|
11.2
|
|
Free cash flow
(FCF)
|
$
|
137.2
|
|
|
$
|
81.8
|
|
|
|
|
|
Income from
continuing operations (ICO)
|
$
|
104.4
|
|
|
$
|
82.1
|
|
Impact on tax
provision from Tax Act(1)
|
(1.1)
|
|
|
15.5
|
|
Adjusted income from
continuing operations (AICO)
|
$
|
103.3
|
|
|
$
|
97.6
|
|
|
|
|
|
Free cash flow
conversion (FCF divided by AICO)
|
132.8
|
%
|
|
83.8
|
%
|
|
|
|
|
(1) The Tax Cuts and
Jobs Act required a mandatory repatriation tax and the revaluation
of deferred tax balances.
|
View original
content:http://www.prnewswire.com/news-releases/jbt-corporation-reports-full-year-2018-results-300801509.html
SOURCE JBT Corporation