CHICAGO, April 29, 2019 /PRNewswire/ -- 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 2019.
"Our first quarter gains demonstrate JBT's ongoing ability to
reshape operations for greater efficiency and productivity," said
Tom Giacomini, Chairman, President,
and Chief Executive Officer. "We are raising our full-year revenue
and earnings guidance and are on track to deliver significant
earnings growth."
JBT benefited from favorable timing of customer shipments and
production levels in the first quarter of 2019. Year-over-year
revenue growth of 2 percent to $418
million consisted of 14 percent organic growth and 3 percent
from acquisitions, offset by a 12 percent decline reflecting the
absence of the ASC 606 transition benefit in the first quarter of
2018 and a 3 percent headwind from foreign exchange
translation.
Operating income was $30.0 million
in the first quarter of 2019, including restructuring expense of
$5.9 million. Segment operating
profit increased 66 percent year over year with a 450 basis point
margin expansion to 11.7 percent.
Diluted earnings per share from continuing operations was
$0.62 for the first quarter of 2019
compared with $0.05 in the first
quarter of 2018. Adjusted earnings per share was $0.77 compared with $0.35 in the year-ago period.
Orders and Backlog
"Orders were consistent with expectations in the first quarter
of 2019 and support our revenue guidance for the full year," said
Brian Deck, Executive Vice President
and Chief Financial Officer.
First quarter 2019 orders increased 5 percent from the year-ago
period, with a decline of 3 percent at FoodTech and a 26 percent
gain at AeroTech. Backlog expanded 9 percent from the first quarter
of 2018.
Restructuring Program
In the first quarter of 2019, JBT recorded restructuring charges
of $5.9 million as part of the
previously announced, companywide program to reshape operations.
Progress on the initiatives yielded savings of more than
$5 million in the period.
Acquisitions
In a separate news release dated April
29, 2019, JBT announced a definitive agreement to acquire
Proseal, a leading provider of tray sealing technology. "We are
pleased about substantially increasing JBT's end-of-line packaging
solutions with an environmentally-friendly technology that serves
the growing market for convenience foods," continued Giacomini.
Outlook
"Based on our first quarter performance, we are raising
full-year guidance," added Deck. For 2019, the Company anticipates
organic growth of 4 - 5 percent and growth from completed
acquisitions of 2 - 3 percent, partially offset by a 1 percent
headwind from foreign exchange translation. Reported revenue is
expected to be flat year over year, reflecting $127 million of revenue included in 2018 results
associated with the transition to ASC 606.
JBT forecasts diluted earnings per share from continuing
operations in the range of $4.00 -
$4.20 in 2019, or an adjusted
$4.35 - $4.55.
For the second quarter of 2019, JBT projects revenue of
approximately $475 million. The
Company expects diluted earnings per share from continuing
operations of $0.93 - $0.98 or $1.05 -
$1.10 on an adjusted basis.
First quarter 2019 Earnings Conference Call
A conference call is scheduled for 10:00
a.m. ET on Tuesday, April 30, 2019 to discuss first quarter
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 9073729 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
April 30, 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
March 31,
|
|
2019
|
|
2018
|
|
|
|
|
Revenue
|
$
|
417.5
|
|
|
$
|
409.2
|
|
Cost of
sales
|
289.9
|
|
|
305.6
|
|
|
|
|
|
Gross
profit
|
127.6
|
|
|
103.6
|
|
Gross
profit %
|
30.6
|
%
|
|
25.3
|
%
|
|
|
|
|
Selling, general and
administrative expense
|
91.7
|
|
|
85.0
|
|
Restructuring
expense
|
5.9
|
|
|
12.7
|
|
|
|
|
|
Operating
income
|
30.0
|
|
|
5.9
|
|
Operating
income %
|
7.2
|
%
|
|
1.4
|
%
|
|
|
|
|
Pension expense,
other than service cost
|
0.5
|
|
|
0.2
|
|
Net interest
expense
|
3.3
|
|
|
3.7
|
|
Income from
continuing operations before income taxes
|
26.2
|
|
|
2.0
|
|
Provision for income
taxes
|
6.5
|
|
|
0.4
|
|
Income from
continuing operations
|
19.7
|
|
|
1.6
|
|
Loss from
discontinued operations, net of taxes
|
—
|
|
|
0.4
|
|
Net income
|
$
|
19.7
|
|
|
$
|
1.2
|
|
|
|
|
|
Basic earnings per
share:
|
|
|
|
Income from continuing
operations
|
$
|
0.62
|
|
|
$
|
0.05
|
|
Loss from discontinued
operations
|
—
|
|
|
(0.01)
|
|
Net income
|
$
|
0.62
|
|
|
$
|
0.04
|
|
|
|
|
|
Diluted earnings per
share:
|
|
|
|
Income from continuing
operations
|
$
|
0.62
|
|
|
$
|
0.05
|
|
Loss from discontinued
operations
|
(0.01)
|
|
|
(0.01)
|
|
Net income
|
$
|
0.61
|
|
|
$
|
0.04
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
Basic
|
31.8
|
|
|
31.9
|
|
Diluted
|
32.0
|
|
|
32.4
|
|
|
|
|
|
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
March 31,
|
|
2019
|
|
2018
|
|
|
|
|
Income from
continuing operations as reported
|
$
|
19.7
|
|
|
$
|
1.6
|
|
|
|
|
|
Non-GAAP
adjustments:
|
|
|
|
Restructuring
expense
|
5.9
|
|
|
12.7
|
|
M&A related
costs(1)
|
0.7
|
|
|
0.5
|
|
Impact on tax
provision from restructuring expense(2)
|
(1.6)
|
|
|
(3.3)
|
|
Adjusted income from
continuing operations
|
$
|
24.7
|
|
|
$
|
11.5
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations as reported
|
$
|
19.7
|
|
|
$
|
1.6
|
|
Total shares and
dilutive securities
|
32.0
|
|
|
32.4
|
|
Diluted earnings per
share from continuing operations
|
$
|
0.62
|
|
|
$
|
0.05
|
|
|
|
|
|
Adjusted income from
continuing operations
|
$
|
24.7
|
|
|
$
|
11.5
|
|
Total shares and
dilutive securities
|
32.0
|
|
|
32.4
|
|
Adjusted diluted
earnings per share from continuing operations
|
$
|
0.77
|
|
|
$
|
0.35
|
|
|
|
|
|
(1)
Beginning in the first quarter of 2019, we changed our presentation
of non-GAAP measures to exclude M&A related costs, specifically
amortization of inventory step up, integration costs, and
transaction expenses. We evaluate operational performance and
operating trends after excluding certain expenses incurred to
fulfill our acquisition strategy. M&A related costs are
excluded from the prior year results to conform to the current year
presentation.
|
|
(2)
Impact on tax provision was calculated using the Company's annual
effective tax rate of 24.6% and 25.0% for March 31, 2019 and
2018, respectively.
|
|
The above table
reports adjusted income from continuing operations and adjusted
diluted earnings per share from continuing operations, which are
non-GAAP financial measures. We use these measures internally to
make operating decisions and for the planning and forecasting of
future periods, and therefore provide this information to investors
because we believe it allows more meaningful period-to-period
comparisons of our ongoing operating results, without the
fluctuations in the amount of certain costs that do not reflect our
underlying operating results.
|
JBT
CORPORATION
|
NON-GAAP FINANCIAL
MEASURES
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBITDA
|
(Unaudited and in
millions)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
March 31,
|
|
2019
|
|
2018
|
|
|
|
|
Net income
|
$
|
19.7
|
|
|
$
|
1.2
|
|
|
|
|
|
Loss from
discontinued operations, net of taxes
|
—
|
|
|
0.4
|
|
|
|
|
|
Income from
continuing operations as reported
|
19.7
|
|
|
1.6
|
|
|
|
|
|
Provision for income
taxes
|
6.5
|
|
|
0.4
|
|
Net interest
expense
|
3.3
|
|
|
3.7
|
|
Depreciation and
amortization
|
14.7
|
|
|
13.7
|
|
|
|
|
|
EBITDA
|
44.2
|
|
|
19.4
|
|
|
|
|
|
Restructuring
expense
|
5.9
|
|
|
12.7
|
|
M&A related
costs(1)
|
0.7
|
|
|
0.5
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
50.8
|
|
|
$
|
32.6
|
|
|
|
|
|
(1)
Beginning in the first quarter of 2019, we changed our presentation
of non-GAAP measures to exclude M&A related costs, specifically
amortization of inventory step up, integration costs, and
transaction expenses. We evaluate operational performance and
operating trends after excluding certain expenses incurred to
fulfill our acquisition strategy. M&A related costs are
excluded from the prior year results to conform to the current year
presentation.
|
|
The above table
reports EBITDA and Adjusted EBITDA, which are non-GAAP financial
measures. Given the Company's focus on growth through acquisitions,
management believes EBITDA facilitates an evaluation of 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.
|
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
|
|
Q2
2019
|
|
Full Year
2019
|
|
|
|
|
Diluted earnings per
share from continuing operations
|
$0.93 -
$0.98
|
|
$4.00 -
$4.20
|
|
|
|
|
Non-GAAP
adjustments:
|
|
|
|
Restructuring expense
(1)
|
0.11
|
|
0.40
|
M&A related
costs(2)
|
0.05
|
|
0.07
|
|
|
|
|
Impact on tax
provision from Non-GAAP adjustments(3)
|
(0.04)
|
|
(0.12)
|
|
|
|
|
Adjusted diluted
earnings per share from continuing operations
|
$1.05 -
$1.10
|
|
$4.35 -
$4.55
|
|
|
|
|
|
|
|
|
(1) Restructuring
expense is estimated to be approximately $4 million for Q2 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) M&A related
costs are estimated to be between $1-2 million for Q2 and $2-3
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. Beginning in the
first quarter of 2019, we changed our presentation of non-GAAP
measures to exclude M&A related costs, specifically
amortization of inventory step up, integration costs, and
transaction expenses. We evaluate operational performance and
operating trends after excluding certain expenses incurred to
fulfill our acquisition strategy. M&A related costs are
excluded from the prior year results to conform to the current year
presentation.
|
|
|
|
|
(3) Impact on tax
provision was calculated using the Company's expected tax rate to
be incurred on these costs of approximately 25%.
|
JBT
CORPORATION
|
BUSINESS SEGMENT
DATA
|
(Unaudited and in
millions)
|
|
|
|
|
|
Three Months
Ended
March 31,
|
|
2019
|
|
2018
|
Revenue
|
|
|
|
JBT
FoodTech
|
$
|
294.6
|
|
|
$
|
303.6
|
|
JBT
AeroTech
|
122.9
|
|
|
105.6
|
|
Total
revenue
|
$
|
417.5
|
|
|
$
|
409.2
|
|
|
|
|
|
Income before
income taxes
|
|
|
|
Segment operating
profit(1)
|
|
|
|
JBT
FoodTech
|
$
|
38.7
|
|
|
$
|
21.5
|
|
JBT FoodTech
segment operating profit %
|
13.1
|
%
|
|
7.1
|
%
|
|
|
|
|
JBT
AeroTech
|
10.1
|
|
|
7.9
|
|
JBT AeroTech
segment operating profit %
|
8.2
|
%
|
|
7.5
|
%
|
|
|
|
|
Total segment
operating profit(2)
|
48.8
|
|
|
29.4
|
|
Total segment
operating profit %
|
11.7
|
%
|
|
7.2
|
%
|
|
|
|
|
Corporate
expense(1)
|
12.9
|
|
|
10.8
|
|
Restructuring
expense
|
5.9
|
|
|
12.7
|
|
|
|
|
|
Operating
income
|
$
|
30.0
|
|
|
$
|
5.9
|
|
Operating income
%
|
7.2
|
%
|
|
1.4
|
%
|
|
|
|
|
Other business
segment information
|
|
|
|
|
|
Three Months
Ended
March 31,
|
Inbound
Orders
|
2019
|
|
2018
|
JBT
FoodTech
|
$
|
309.1
|
|
|
$
|
320.7
|
|
JBT
AeroTech
|
152.7
|
|
|
121.3
|
|
Total inbound
orders
|
$
|
461.8
|
|
|
$
|
442.0
|
|
|
|
|
|
|
Three Months
Ended
March 31,
|
|
2019
|
|
2018
|
Order
Backlog
|
|
|
|
JBT
FoodTech
|
$
|
423.3
|
|
|
$
|
426.5
|
|
JBT
AeroTech
|
337.5
|
|
|
270.1
|
|
Total order
backlog
|
$
|
760.8
|
|
|
$
|
696.6
|
|
|
|
|
|
(1) Segment operating
profit is defined as total segment revenue less segment operating
expenses. Corporate expense, restructuring expense, interest
income and expense, pension expense other than service, 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 FOR FISCAL YEAR 2018
|
(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)
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
2019
|
|
2018
|
|
|
|
|
Cash and cash
equivalents
|
$
|
43.9
|
|
|
$
|
43.0
|
|
Trade receivables,
net
|
295.8
|
|
|
323.7
|
|
Inventories
|
226.4
|
|
|
206.1
|
|
Other current
assets
|
60.7
|
|
|
45.7
|
|
Total current
assets
|
626.8
|
|
|
618.5
|
|
|
|
|
|
Property, plant and
equipment, net
|
237.5
|
|
|
239.7
|
|
Other
assets
|
657.3
|
|
|
584.3
|
|
Total
assets
|
$
|
1,521.6
|
|
|
$
|
1,442.5
|
|
|
|
|
|
|
|
|
|
Short-term debt and
current portion of long-term debt
|
$
|
—
|
|
|
$
|
0.5
|
|
Accounts payable,
trade and other
|
154.8
|
|
|
191.2
|
|
Advance and progress
payments
|
148.6
|
|
|
145.8
|
|
Other current
liabilities
|
150.1
|
|
|
147.8
|
|
Total current
liabilities
|
453.5
|
|
|
485.3
|
|
|
|
|
|
Long-term debt, less
current portion
|
448.2
|
|
|
387.1
|
|
|
|
|
|
Accrued pension and
other postretirement benefits, less current portion
|
70.3
|
|
|
72.5
|
|
Other
liabilities
|
73.2
|
|
|
40.7
|
|
|
|
|
|
Common stock and
additional paid-in capital
|
229.5
|
|
|
226.9
|
|
Retained
earnings
|
433.1
|
|
|
416.5
|
|
Accumulated other
comprehensive loss
|
(186.2)
|
|
|
(186.5)
|
|
Total stockholders'
equity
|
476.4
|
|
|
456.9
|
|
Total liabilities and
stockholders' equity
|
$
|
1,521.6
|
|
|
$
|
1,442.5
|
|
JBT
CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited and in
millions)
|
|
|
|
|
|
Three Months
Ended
March 31,
|
|
2019
|
|
2018
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
Income from
continuing operations
|
$
|
19.7
|
|
|
$
|
1.6
|
|
|
|
|
|
Adjustments to
reconcile income to cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
14.7
|
|
|
13.7
|
|
Other
|
3.9
|
|
|
3.5
|
|
|
|
|
|
Changes in
operating assets and liabilities:
|
|
|
|
Trade accounts
receivable, net
|
27.8
|
|
|
(0.3)
|
|
Inventories
|
(14.1)
|
|
|
(1.4)
|
|
Accounts payable,
trade and other
|
(37.4)
|
|
|
(0.1)
|
|
Advance and progress
payments
|
3.8
|
|
|
1.6
|
|
Other - assets and
liabilities, net
|
(16.4)
|
|
|
(22.7)
|
|
|
|
|
|
Cash provided
(required) by continuing operating activities
|
2.0
|
|
|
(4.1)
|
|
|
|
|
|
Cash required by
discontinued operating activities
|
(0.1)
|
|
|
(0.6)
|
|
|
|
|
|
Cash provided
(required) by operating activities
|
1.9
|
|
|
(4.7)
|
|
|
|
|
|
Cash flows
required by investing activities:
|
|
|
|
Acquisitions, net of
cash acquired
|
(47.3)
|
|
|
(18.8)
|
|
Capital
expenditures
|
(7.6)
|
|
|
(10.4)
|
|
Other
|
—
|
|
|
0.2
|
|
|
|
|
|
Cash required by
investing activities
|
(54.9)
|
|
|
(29.0)
|
|
|
|
|
|
Cash flows
provided by financing activities:
|
|
|
|
Net proceeds on
credit facilities
|
60.5
|
|
|
33.1
|
|
Dividends
|
(3.2)
|
|
|
(3.2)
|
|
Other
|
(3.6)
|
|
|
—
|
|
|
|
|
|
Cash provided by
financing activities
|
53.7
|
|
|
29.9
|
|
|
|
|
|
Effect of foreign
exchange rate changes on cash and cash equivalents
|
0.2
|
|
|
0.4
|
|
|
|
|
|
Increase (decrease)
in cash and cash equivalents
|
0.9
|
|
|
(3.4)
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
43.0
|
|
|
34.0
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
$
|
43.9
|
|
|
$
|
30.6
|
|
JBT
CORPORATION
|
NON-GAAP FINANCIAL
MEASURES
|
FREE CASH FLOW AND
FREE CASH FLOW CONVERSION
|
(Unaudited and in
millions)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
March 31,
|
|
2019
|
|
2018
|
|
|
|
|
Cash provided
(required) by continuing operating activities
|
$
|
2.0
|
|
|
$
|
(4.1)
|
|
Less: capital
expenditures
|
7.6
|
|
|
10.4
|
|
Plus: proceeds from
sale of fixed assets
|
—
|
|
|
0.2
|
|
Plus: pension
contributions
|
0.2
|
|
|
4.5
|
|
Free cash flow
(FCF)
|
$
|
(5.4)
|
|
|
$
|
(9.8)
|
|
|
|
|
|
The above table
reports Free cash flow, which is a non-GAAP financial measure. We
use Free cash flow internally as a key indicator of our liquidity
and ability to service debt, invest in business combinations, and
return money to shareholders and believe this information is useful
to investors because it provides an understanding of the cash
available to fund these initiatives. For Free cash flow purposes we
consider contributions to pension plans to more comparable to
payment of debt, and therefore excluded these contributions
from the calculation of Free cash flow.
|
View original
content:http://www.prnewswire.com/news-releases/jbt-corporation-reports-first-quarter-2019-results-300840144.html
SOURCE JBT Corporation