CHICAGO, April 29, 2020 /PRNewswire/ --
Highlights:
- Exceeds guidance for first quarter 2020 and withdraws
full-year 2020 guidance due to COVID-19 uncertainties
- Focused on protecting the health and safety of associates
globally while maintaining ability to service
customers
- Maintains solid balance sheet and liquidity position
while proactively managing operations and costs
- Plays a very important role in sustaining supply of food
to the world
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 2020. Comparisons in this news release are to the
comparable period of the prior year, unless otherwise noted.
"We have entered a challenging new environment since our last
earnings release with the COVID-19 pandemic," said Tom Giacomini, Chairman, President, and Chief
Executive Officer. "JBT's priorities are the health and safety of
our employees, supporting our customers, the continued strength of
our company, and maximizing opportunities created by the changes in
our markets. I am extremely thankful and proud of our JBT team
members who are contributing above and beyond to support these
priorities. From the onset of the pandemic, it has been clear,
based on our customers' direction, that JBT has a very important
role to play supporting them in sustaining the supply of food to
the world."
First Quarter 2020
"JBT's revenues exceeded the first quarter guidance we provided
on our year-end earnings call," said Brian
Deck, Executive Vice President and Chief Financial Officer.
"Earnings exceeded our guidance due to revenue contribution,
favorable mix, and cost control measures."
Revenue of $457.7 million in the
first quarter of 2020 increased 10 percent, as growth of 3 percent
organically and 8 percent from acquisitions was partially offset by
a 1 percent headwind from foreign exchange translation.
First quarter 2020 operating income was $43.7
million and net income was $29.0
million. Adjusted EBITDA expanded 28 percent to $65.7
million, with a 210 basis point margin improvement to 14.4 percent
of sales.
FoodTech revenue increased 5 percent as 11 percent growth from
acquisitions more than offset a 3 percent decline organically and a
3 percent headwind from foreign exchange translation. FoodTech
operating profit margin was unchanged at 13.1 percent while
adjusted EBITDA margin expanded 50 basis points to 18.2
percent.
AeroTech revenue increased 20 percent, essentially all organic.
AeroTech operating profit margin increased 430 basis points to 12.5
percent while adjusted EBITDA margin expanded 400 basis points to
13.3 percent.
Diluted earnings per share from continuing operations
was $0.90 for the first quarter of 2020 compared with
$0.62 for the first quarter of 2019.
Adjusted earnings per share was $1.01 compared
with $0.77 in the year-ago period.
First quarter 2020 orders increased 2 percent year over year
with a 2 percent increase at FoodTech and a 1 percent increase at
AeroTech. Backlog declined 7 percent year over year with a similar
decline at both FoodTech and AeroTech.
COVID-19 Business Update
The business environment has changed substantially with the
onset of the COVID-19 pandemic during the first quarter of 2020.
FoodTech end markets have experienced disruption including
significant shifts in food channels reflecting steep declines in
demand in food service, including restaurants, offset with outsized
demand for packaged food, meat and staples in retail. Some AeroTech
end markets have been severely impacted by a decline in global
passenger air travel, partially offset by resilience in
infrastructure, cargo and military end markets. All end markets
have also endured the unprecedented challenges of operating in an
environment with unforeseen governmental restrictions and
shutdowns. All of these factors generate customer challenges often
resulting in constrained capital expenditures, and the need for
strong ongoing support.
While the majority of JBT's daily operations have been
fully functional to support these critical infrastructure
industries, we have also enacted strict operational adjustments to
better protect the health of our employees and others, including
significant travel restrictions, increased facility cleaning,
social distancing protocols, staggered shifts, and work from home
requirements. JBT is quickly reacting to this new reality to better
assure the overall safety of our employees while meeting the
near-term demand from customers.
"We are focused on aligning JBT's cost structure with market
conditions, including a hiring freeze; significant cuts to
discretionary spending; reductions in executive
compensation, incentive compensation, and work hours; temporary
furloughs and, where necessary, layoffs," continued Deck. "The
actions yielded year over year savings of approximately
$6 million, or $0.14 per share, in the first quarter with a
$15 million year over year reduction
in our cost structure anticipated in the second quarter, or
$9 million sequentially."
"We believe cash on hand and availability under our revolver
provides JBT adequate liquidity, and we are focusing our capital
allocation on debt reduction as we manage through the uncertainty
of the pandemic," concluded Deck. As of March 31, 2020, JBT had liquidity of $328 million and maintained a leverage ratio of
2.4 times net debt to EBITDA, as defined in the bank agreement.
Outlook
Given the tremendous uncertainty in the marketplace resulting
from the pandemic, and based on current information available to
management, the Company foresees a 10 - 15 percent sequential
decline in revenue in the second quarter of 2020, with an estimated
5 percent decline at FoodTech and an estimated 30 percent decline
at AeroTech. While operating results in both segments will benefit
from cost reductions, the anticipated revenue decline at AeroTech
is expected to drive significant margin contraction. FoodTech
operating margins could remain consistent sequentially.
Directionally, FoodTech may experience further sequential revenue
declines in the third quarter while AeroTech revenue could be flat
to up sequentially.
The Company is withdrawing earnings guidance for full year 2020
due to the limited visibility into the length of the pandemic and
the severity of its impact on JBT, its customers, and
suppliers.
"We are confident in JBT's ability to manage through the
challenges and capitalize on the opportunities created from the
changes in our markets, by leveraging our operating discipline,
diverse customer base and product offering, strong competitive
position, and benefits of our recurring revenue stream," concluded
Giacomini.
First Quarter 2020 Earnings Conference Call
A conference call is scheduled for 10:00
a.m. ET on Thursday, April 30, 2020, 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 4293219 or through the link on our
website at https://www.jbtc.com/investors. 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, 2020.
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 6,400 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
JBT's ability to control. Forward-looking statements include, among
others, statements relating to the expected impact of the COVID-19
pandemic on our business and our results of operations, our plans
to mitigate the impact of the pandemic, our future financial
performance, our strategic plans, our restructuring plans and
expected cost savings from those plans and our liquidity. These
risks and uncertainties include, but are not limited to: the
duration of the COVID-19 pandemic and the effects of the pandemic
on our ability to operate our business and facilities, on our
customers, on our supply chains and on the economy generally;
fluctuations in our financial results; unanticipated delays or
acceleration in our sales cycles; deterioration of economic
conditions; disruptions in the political, regulatory, economic and
social conditions of the countries in which we conduct business;
changes to trade regulation, quotas, duties or tariffs; risks
associated with current and future acquisitions; potential effects
of the U.K.'s exit from the E.U.; fluctuations in currency exchange
rates; difficulty in implementing our business strategies;
increases in energy or raw material prices and availability of raw
materials; changes in food consumption patterns; impacts of
pandemic illnesses, food borne illnesses and diseases to various
agricultural products; weather conditions and natural disasters;
impact of climate change and environmental protection initiatives;
risks related to corporate social responsibility; our ability to
comply with the laws and regulations governing our U.S. government
contracts; acts of terrorism or war; termination or loss of major
customer contracts and risks associated with fixed-price contracts;
customer sourcing initiatives; competition and innovation in our
industries; our ability to develop and introduce new or enhanced
products and services and keep pace with technological
developments; difficulty in developing, preserving and protecting
our intellectual property or defending claims of infringement;
catastrophic loss at any of our facilities and business continuity
of our information systems; cyber-security risks; loss of key
management and other personnel; potential liability arising out of
the installation or use of our systems; our ability to comply with
U.S. and international laws governing our operations and
industries; increases in tax liabilities; work stoppages;
fluctuations in interest rates and returns on pension assets;
availability of and access to financial and other resources; and
other factors described under the captions "Risk Factors" in the
Company's most recent Annual Report on Form 10-K and the Company's
most recent Quarter Report on Form 10-Q filed by JBT with the
Securities and Exchange Commission. In addition, many of our
risks and uncertainties are currently amplified by and will
continue to be amplified by the COVID-19 pandemic. Given the highly
fluid nature of the COVID-19 pandemic, it is not possible to
predict all such risks and uncertainties and there may be
additional risks that we consider material or which are
unknown. JBT cautions shareholders and prospective investors
that actual results may differ materially from those indicated by
the forward-looking statements. JBT undertakes no obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future developments,
subsequent events or changes in circumstances or otherwise.
We provide non-GAAP financial measures in order to increase
transparency in our operating results and trends. These
non-GAAP measures eliminate certain costs or benefits from, or
changes the calculation of, a measure as calculated under U.S.
GAAP. By eliminating these items, we believe we provide a more
meaningful comparison of our ongoing operating results, consistent
with how management evaluates performance. Management uses these
non-GAAP measures in financial and operational evaluation, planning
and forecasting.
These calculations may differ from similarly-titled measures
used by other companies. The non-GAAP financial measures disclosed
are not intended to be used as a substitute for, nor should they be
considered in isolation of, financial measures prepared in
accordance with U.S. GAAP.
JBT
CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
(Unaudited and in
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2020
|
|
2019
|
|
|
|
|
Revenue
|
$
|
457.7
|
|
|
$
|
417.5
|
|
Cost of
sales
|
314.7
|
|
|
289.9
|
|
|
|
|
|
Gross
profit
|
143.0
|
|
|
127.6
|
|
Gross profit
%
|
31.2
|
%
|
|
30.6
|
%
|
|
|
|
|
Selling, general and
administrative expense
|
97.3
|
|
|
91.7
|
|
Restructuring
expense
|
2.0
|
|
|
5.9
|
|
|
|
|
|
Operating
income
|
43.7
|
|
|
30.0
|
|
Operating income
%
|
9.5
|
%
|
|
7.2
|
%
|
|
|
|
|
Pension expense,
other than service cost
|
1.0
|
|
|
0.5
|
|
Net interest
expense
|
4.8
|
|
|
3.3
|
|
Income from
continuing operations before income taxes
|
37.9
|
|
|
26.2
|
|
Provision for income
taxes
|
8.9
|
|
|
6.5
|
|
Income from
continuing operations
|
29.0
|
|
|
19.7
|
|
Loss from
discontinued operations, net of taxes
|
—
|
|
|
—
|
|
Net income
|
$
|
29.0
|
|
|
$
|
19.7
|
|
|
|
|
|
Basic earnings per
share:
|
|
|
|
Income from continuing
operations
|
$
|
0.91
|
|
|
$
|
0.62
|
|
Loss from discontinued
operations
|
—
|
|
|
—
|
|
Net income
|
$
|
0.91
|
|
|
$
|
0.62
|
|
|
|
|
|
Diluted earnings per
share:
|
|
|
|
Income from continuing
operations
|
$
|
0.90
|
|
|
$
|
0.62
|
|
Loss from discontinued
operations
|
—
|
|
|
(0.01)
|
|
Net income
|
$
|
0.90
|
|
|
$
|
0.61
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
Basic
|
31.9
|
|
|
31.8
|
|
Diluted
|
32.1
|
|
|
32.0
|
|
|
|
|
|
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,
|
|
2020
|
|
2019
|
|
|
|
|
Income from
continuing operations as reported
|
$
|
29.0
|
|
|
$
|
19.7
|
|
|
|
|
|
Non-GAAP
adjustments:
|
|
|
|
Restructuring
expense
|
2.0
|
|
|
5.9
|
|
M&A related
costs
|
2.5
|
|
|
0.7
|
|
Impact on tax
provision from Non-GAAP adjustments(1)
|
(1.1)
|
|
|
(1.6)
|
|
Adjusted income from
continuing operations
|
$
|
32.4
|
|
|
$
|
24.7
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations as reported
|
$
|
29.0
|
|
|
$
|
19.7
|
|
Total shares and
dilutive securities
|
32.1
|
|
|
32.0
|
|
Diluted earnings per
share from continuing operations
|
$
|
0.90
|
|
|
$
|
0.62
|
|
|
|
|
|
Adjusted income from
continuing operations
|
$
|
32.4
|
|
|
$
|
24.7
|
|
Total shares and
dilutive securities
|
32.1
|
|
|
32.0
|
|
Adjusted diluted
earnings per share from continuing operations
|
$
|
1.01
|
|
|
$
|
0.77
|
|
|
|
|
|
(1) Impact on
tax provision was calculated using the Company's annual tax rate
excluding discrete adjustments of 24.0% and 24.6% for March 31,
2020 and 2019, 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,
|
|
2020
|
|
2019
|
|
|
|
|
Net income
|
$
|
29.0
|
|
|
$
|
19.7
|
|
|
|
|
|
Loss from
discontinued operations, net of taxes
|
—
|
|
|
—
|
|
|
|
|
|
Income from
continuing operations as reported
|
29.0
|
|
|
19.7
|
|
|
|
|
|
Income tax
provision
|
8.9
|
|
|
6.5
|
|
Interest expense,
net
|
4.8
|
|
|
3.3
|
|
Depreciation and
amortization
|
17.5
|
|
|
14.7
|
|
|
|
|
|
EBITDA
|
60.2
|
|
|
44.2
|
|
|
|
|
|
Restructuring
expense
|
2.0
|
|
|
5.9
|
|
Pension expense,
other than service cost
|
1.0
|
|
|
0.5
|
|
M&A related
costs
|
2.5
|
|
|
0.7
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
65.7
|
|
|
$
|
51.3
|
|
|
|
|
|
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
|
BUSINESS SEGMENT
DATA
|
(Unaudited and in
millions)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2020
|
|
2019
|
Revenue
|
|
|
|
JBT
FoodTech
|
$
|
309.7
|
|
|
$
|
294.6
|
|
JBT
AeroTech
|
148.0
|
|
|
122.9
|
|
Total
revenue
|
$
|
457.7
|
|
|
$
|
417.5
|
|
|
|
|
|
Income before
income taxes
|
|
|
|
Segment operating
profit(1)(2):
|
|
|
|
JBT
FoodTech
|
$
|
40.7
|
|
|
$
|
38.7
|
|
JBT FoodTech
segment operating profit %
|
13.1
|
%
|
|
13.1
|
%
|
|
|
|
|
JBT
AeroTech
|
18.5
|
|
|
10.1
|
|
JBT AeroTech
segment operating profit %
|
12.5
|
%
|
|
8.2
|
%
|
|
|
|
|
Total segment
operating profit
|
59.2
|
|
|
48.8
|
|
Total segment
operating profit %
|
12.9
|
%
|
|
11.7
|
%
|
|
|
|
|
Corporate
expense
|
13.5
|
|
|
12.9
|
|
Restructuring
expense
|
2.0
|
|
|
5.9
|
|
Operating
income
|
$
|
43.7
|
|
|
$
|
30.0
|
|
Operating
income %
|
9.5
|
%
|
|
7.2
|
%
|
|
|
|
|
Other business
segment information
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
Inbound
orders
|
2020
|
|
2019
|
JBT
FoodTech
|
$
|
315.5
|
|
|
$
|
309.1
|
|
JBT
AeroTech
|
154.6
|
|
|
152.7
|
|
Total inbound
orders
|
$
|
470.1
|
|
|
$
|
461.8
|
|
|
|
|
|
|
As of March
31,
|
|
2020
|
|
2019
|
Order
Backlog
|
|
|
|
JBT
FoodTech
|
$
|
395.0
|
|
|
$
|
423.3
|
|
JBT
AeroTech
|
310.0
|
|
|
337.5
|
|
Total order
backlog
|
$
|
705.0
|
|
|
$
|
760.8
|
|
|
|
|
|
(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
|
NON-GAAP FINANCIAL
MEASURES
|
RECONCILIATION OF
OPERATING PROFIT TO ADJUSTED EBITDA BY SEGMENT
|
(Unaudited and in
millions)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2020
|
(In
millions)
|
JBT
FoodTech
|
|
JBT
AeroTech
|
|
Corporate
(Unallocated)
|
|
Consolidated
|
Operating
profit
|
$
|
40.7
|
|
|
$
|
18.5
|
|
|
$
|
(15.5)
|
|
|
$
|
43.7
|
|
Restructuring
expense
|
—
|
|
|
—
|
|
|
2.0
|
|
|
2.0
|
|
M&A related
costs
|
—
|
|
|
—
|
|
|
2.5
|
|
|
2.5
|
|
Adjusted operating
profit
|
40.7
|
|
|
18.5
|
|
|
(11.0)
|
|
|
48.2
|
|
Depreciation and
amortization
|
15.6
|
|
|
1.2
|
|
|
0.7
|
|
|
17.5
|
|
Adjusted
EBITDA
|
$
|
56.3
|
|
|
$
|
19.7
|
|
|
$
|
(10.3)
|
|
|
$
|
65.7
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
309.7
|
|
|
$
|
148.0
|
|
|
$
|
—
|
|
|
$
|
457.7
|
|
Operating profit
%
|
13.1
|
%
|
|
12.5
|
%
|
|
|
|
9.5
|
%
|
Adjusted operating
profit %
|
13.1
|
%
|
|
12.5
|
%
|
|
|
|
10.5
|
%
|
Adjusted EBITDA
%
|
18.2
|
%
|
|
13.3
|
%
|
|
|
|
14.4
|
%
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2019
|
(In
millions)
|
JBT
FoodTech
|
|
JBT
AeroTech
|
|
Corporate
(Unallocated)
|
|
Consolidated
|
Operating
profit
|
$
|
38.7
|
|
|
$
|
10.1
|
|
|
$
|
(18.8)
|
|
|
$
|
30.0
|
|
Restructuring
expense
|
—
|
|
|
—
|
|
|
5.9
|
|
|
5.9
|
|
M&A related
costs
|
0.4
|
|
|
0.3
|
|
|
—
|
|
|
0.7
|
|
Adjusted operating
profit
|
39.1
|
|
|
10.4
|
|
|
(12.9)
|
|
|
36.6
|
|
Depreciation and
amortization
|
12.9
|
|
|
1.0
|
|
|
0.8
|
|
|
14.7
|
|
Adjusted
EBITDA
|
$
|
52.0
|
|
|
$
|
11.4
|
|
|
$
|
(12.1)
|
|
|
$
|
51.3
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
294.6
|
|
|
$
|
122.9
|
|
|
$
|
—
|
|
|
$
|
417.5
|
|
Operating profit
%
|
13.1
|
%
|
|
8.2
|
%
|
|
|
|
7.2
|
%
|
Adjusted operating
profit %
|
13.3
|
%
|
|
8.5
|
%
|
|
|
|
8.8
|
%
|
Adjusted EBITDA
%
|
17.7
|
%
|
|
9.3
|
%
|
|
|
|
12.3
|
%
|
|
|
|
|
|
|
|
|
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
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Unaudited and in
millions)
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
2020
|
|
2019
|
|
|
|
|
Cash and cash
equivalents
|
$
|
75.4
|
|
|
$
|
39.5
|
|
Trade receivables,
net of allowances
|
338.7
|
|
|
363.3
|
|
Inventories
|
237.2
|
|
|
245.0
|
|
Other current
assets
|
51.7
|
|
|
60.4
|
|
Total current
assets
|
703.0
|
|
|
708.2
|
|
|
|
|
|
Property, plant and
equipment, net
|
261.3
|
|
|
265.6
|
|
Other
assets
|
919.9
|
|
|
941.1
|
|
Total
assets
|
$
|
1,884.2
|
|
|
$
|
1,914.9
|
|
|
|
|
|
|
|
|
|
Short-term debt and
current portion of long-term debt
|
$
|
0.3
|
|
|
$
|
0.9
|
|
Accounts payable,
trade and other
|
159.2
|
|
|
198.6
|
|
Advance and progress
payments
|
102.5
|
|
|
107.0
|
|
Other current
liabilities
|
150.1
|
|
|
168.0
|
|
Total current
liabilities
|
412.1
|
|
|
474.5
|
|
|
|
|
|
Long-term debt, less
current portion
|
733.6
|
|
|
698.3
|
|
|
|
|
|
Accrued pension and
other post-retirement benefits, less current portion
|
71.4
|
|
|
73.9
|
|
Other
liabilities
|
96.4
|
|
|
98.7
|
|
|
|
|
|
Common stock and
additional paid-in capital
|
232.0
|
|
|
229.5
|
|
Retained
earnings
|
557.6
|
|
|
532.8
|
|
Accumulated other
comprehensive loss
|
(218.9)
|
|
|
(192.8)
|
|
Total stockholders'
equity
|
570.7
|
|
|
569.5
|
|
Total Liabilities and
Stockholders' Equity
|
$
|
1,884.2
|
|
|
$
|
1,914.9
|
|
JBT
CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited and in
millions)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2020
|
|
2019
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
Income from
continuing operations
|
$
|
29.0
|
|
|
$
|
19.7
|
|
|
|
|
|
Adjustments to
reconcile income to cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
17.5
|
|
|
14.7
|
|
Other
|
4.4
|
|
|
3.9
|
|
|
|
|
|
Changes in
operating assets and liabilities:
|
|
|
|
Trade accounts
receivable, net
|
14.7
|
|
|
27.8
|
|
Inventories
|
(2.8)
|
|
|
(14.1)
|
|
Accounts payable,
trade and other
|
(36.3)
|
|
|
(37.4)
|
|
Advance and progress
payments
|
(0.8)
|
|
|
3.8
|
|
Other - assets and
liabilities, net
|
(11.9)
|
|
|
(16.4)
|
|
|
|
|
|
Cash provided by
continuing operating activities
|
13.8
|
|
|
2.0
|
|
|
|
|
|
Cash required by
discontinued operating activities
|
—
|
|
|
(0.1)
|
|
|
|
|
|
Cash provided
by operating activities
|
13.8
|
|
|
1.9
|
|
|
|
|
|
Cash flows
required by investing activities:
|
|
|
|
Acquisitions, net of
cash acquired
|
—
|
|
|
(47.3)
|
|
Capital
expenditures
|
(9.2)
|
|
|
(7.6)
|
|
Other
|
0.8
|
|
|
—
|
|
|
|
|
|
Cash required by
investing activities
|
(8.4)
|
|
|
(54.9)
|
|
|
|
|
|
Cash flows
provided by financing activities:
|
|
|
|
Net proceeds on
credit facilities
|
37.5
|
|
|
60.5
|
|
Dividends
|
(3.2)
|
|
|
(3.2)
|
|
Other
|
—
|
|
|
(3.6)
|
|
|
|
|
|
Cash provided by
financing activities
|
34.3
|
|
|
53.7
|
|
|
|
|
|
Effect of foreign
exchange rate changes on cash and cash equivalents
|
(3.8)
|
|
|
0.2
|
|
|
|
|
|
Increase in
cash and cash equivalents
|
35.9
|
|
|
0.9
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
39.5
|
|
|
43.0
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
$
|
75.4
|
|
|
$
|
43.9
|
|
JBT
CORPORATION
|
NON-GAAP FINANCIAL
MEASURES
|
FREE CASH
FLOW
|
(Unaudited and in
millions)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2020
|
|
2019
|
|
|
|
|
Cash provided by
continuing operating activities
|
$
|
13.8
|
|
|
$
|
2.0
|
|
Less: capital
expenditures
|
9.2
|
|
|
7.6
|
|
Plus: proceeds from
sale of fixed assets
|
0.8
|
|
|
—
|
|
Plus: pension
contributions
|
0.2
|
|
|
0.2
|
|
Free cash flow
(FCF)
|
$
|
5.6
|
|
|
$
|
(5.4)
|
|
|
|
|
|
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 exclude these contributions from the
calculation of Free cash flow.
|
Investors & Media: Megan
Rattigan +1 312 861 6048
View original
content:http://www.prnewswire.com/news-releases/jbt-corporation-reports-first-quarter-2020-results-301049702.html
SOURCE JBT Corporation