First Quarter 2022 Highlights:
- Achieved orders of $566
million, representing a 16% increase year over
year
- Revenue of $469 million and
earnings per share of $0.80, or
$0.87 as adjusted
- Record backlog of $1.1
billion increased 43% year over year
- Hosted an Investor Day in March and introduced the
Elevate 2.0 strategy
CHICAGO, April 26,
2022 /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 2022.
"Our first quarter orders and record backlog demonstrate the
strong demand environment for our products and solutions," said
Brian Deck, President and Chief
Executive Officer. "At the same time, persistent supply chain,
inflation, and labor disruptions are impacting our productivity and
margins. As we move through the remainder of the year, our priority
remains working hand in hand with our customers and suppliers to
mitigate these operating challenges and uncertainty."
Comparisons in this news release are to the comparable period of
the prior year, unless otherwise noted.
First Quarter 2022
"Revenue at both FoodTech and AeroTech was slightly better than
our outlook as Omicron-related absenteeism and productivity
improved in the back half of the quarter," said Matt Meister, Executive Vice President and Chief
Financial Officer.
FoodTech orders increased 7 percent compared to the first
quarter of 2021. AeroTech orders increased 53 percent, primarily
driven by continued recovery in mobile equipment.
First quarter 2022 FoodTech revenue of $356 million increased 14 percent year over year,
including 4 percent from acquisitions, which was partially offset
by a 3 percent foreign exchange headwind. Operating profit was
$40 million. Adjusted EBITDA of
$58 million was flat, and adjusted
EBITDA margin contracted 240 basis points to 16.3 percent.
AeroTech revenue of $113 million
increased 7 percent year over year. Operating profit was
$7 million. Adjusted EBITDA of
$8 million declined $3 million.
Adjusted EBITDA margin contracted 360 basis points to 7.1 percent,
but improved 330 basis points sequentially.
In total, consolidated JBT revenue of $469 million increased 12 percent year over year.
Operating income was $31 million and
net income was $26 million. Adjusted
EBITDA of $54 million decreased 8
percent, and adjusted EBITDA margin declined 250 basis points to
11.5 percent.
Diluted earnings per share from net income was $0.80 for the first quarter of 2022 compared with
$0.84 for the first quarter of 2021.
Adjusted earnings per share was $0.87, compared with $0.90 in the year-ago period. Included in both
GAAP and adjusted earnings per share was a $0.10 gain from two discrete tax items.
JBT generated cash from operations of $39
million, which included $47
million in inventory investments to support the expected
revenue growth in 2022. Free cash flow was $15 million, representing a conversion rate of 57
percent. Excluding capital expenditures of $14 million associated with the digital strategy,
free cash flow conversion was approximately 110 percent. Liquidity
at quarter end stood at $687 million,
and the Company's leverage ratio was 2.4x net debt to trailing
twelve months adjusted EBITDA.
Second Quarter and Full Year 2022
Guidance
The Company's outlook for 2022 continues to reflect a higher
level of uncertainty associated with supply chain, inflation, and
labor constraints.
For the second quarter of 2022, JBT expects year over year
consolidated revenue growth of 15 - 17 percent. At FoodTech,
organic revenue growth is forecast to be 11 - 13 percent with
acquisitions adding approximately 4 percent, which will be
partially offset by approximately 2 percent foreign exchange
headwind. At AeroTech, revenue growth is expected to be 20 - 25
percent.
The Company anticipates second quarter 2022 FoodTech operating
margin to be 13 - 14 percent with adjusted EBITDA margin of 17.5 -
18.5 percent. AeroTech operating margin is projected to be 7.0 -
8.0 percent with adjusted EBITDA margin of 8.0 - 9.0
percent.
Quarterly corporate expense is forecast at approximately 2.8
percent of sales with interest expense of approximately
$2.5 million. The quarterly tax rate
is expected to be 22 - 23 percent, excluding discrete items.
Second quarter 2022 earnings per share guidance is $1.00 - $1.15 on a
GAAP basis and $1.05 - $1.20 as adjusted.
For full year 2022, JBT expects year over year FoodTech revenue
growth of 15 - 18 percent. AeroTech's year over year revenue growth
expectations have increased to 18 - 22 percent.
Margins are forecast to improve sequentially through the
remainder of 2022. For the full year, FoodTech operating margin is
estimated to be 13.75 - 14.75 percent with adjusted EBITDA margin
of 18.5 - 19.5 percent. AeroTech operating margin is projected to
be 8.5 - 9.5 percent with adjusted EBITDA margin of 9.5 - 10.5
percent.
The estimated full year 2022 effective tax rate is 22 - 23
percent, excluding discrete items.
Full year 2022 earnings per share guidance is $4.70 - $5.00 on a
GAAP basis and $5.00 - $5.30 as adjusted.
March
2022 Investor Day Highlights
JBT hosted an Investor Day in New York
City on March 24, 2022,
introducing the Elevate 2.0 strategy. The presentation included
details about our digital transformation, automation and
sustainable solutions, and our portfolio strategy. We also
announced JBT's vision to become a pure play food and beverage
technology solutions provider. In connection with this, JBT is
exploring strategic alternatives for AeroTech. A replay of the
Investor Day is available on the Company's Investor Relations
website at https://ir.jbtc.com/events-and-presentations/.
2021 ESG Report: Make It
BETTER
On April 11, 2022, JBT published
its first ESG report, outlining achievements in key areas:
sustainable solutions, operations, people, diversity and inclusion,
and governance. The report details how JBT is providing solutions
for our customers to reduce their environmental footprint, how we
strive to operate our own facilities efficiently and safely, and
how we offer a workplace of choice that welcomes everyone and seeks
to maximize their potential. The ESG report and supplemental
information is available on the Company's ESG website at
https://www.jbtc.com/about-us/esg/.
First Quarter 2022 Earnings
Conference Call
A conference call is scheduled for 10:00
a.m. ET on Wednesday, April 27, 2022, to discuss first
quarter 2022 results. Participants may access the conference call
through online registration at
https://conferencingportals.com/event/lguQsHOL. A simultaneous
webcast and audio replay of the call will be available on the
Company's Investor Relations website at
https://ir.jbtc.com/events-and-presentations/.
Earnings
Presentation
An earnings presentation is also available on the Company's
Investor Relations website at
https://ir.jbtc.com/events-and-presentations/.
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 6,800 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
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 strategic plans, our
restructuring plans and expected cost savings from those plans, our
liquidity and our covenant compliance. The factors that could cause
our actual results to differ materially from expectations include
but are not limited to the following factors: 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
workforce resulting in higher labor absenteeism, on our supply
chains due to extended delivery times and unavailability of
required components and freight, on our cost of labor due to higher
labor turnover and shortage of skilled labor 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 acquisitions or strategic investments;
fluctuations in currency exchange rates; increases in energy or raw
material prices, freight costs, and inflationary pressures; 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; our ability to comply
with the laws and regulations governing our U.S. government
contracts; acts of terrorism or war, including the recent conflict
between Russia and Ukraine; termination or loss of major customer
contracts and risks associated with fixed-price contracts,
particularly during periods of high inflation; customer sourcing
initiatives; competition and innovation in our industries;
difficulty in implementing our business strategies, including the
timing of our previously announced review of strategic alternatives
for the AeroTech platform, our ability to identify or develop any
strategic alternatives, execute on material aspects of such
strategic alternatives, and whether we can achieve the potential
benefits of such strategic alternatives. 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 such as network intrusion or ransomware schemes; 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" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" in the Company's most recent Annual Report
on Form 10-K filed by JBT with the Securities and Exchange
Commission and in any subsequently filed Form 10-Q. 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. 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 change 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.
Investors & Media: Kedric
Meredith, 312.861.6034
JBT CORPORATION
|
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME
|
(Unaudited and in millions, except per share
data)
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
2022
|
|
2021
|
|
|
|
|
Revenue
|
$
469.2
|
|
$
417.8
|
Cost of
sales
|
329.7
|
|
284.6
|
|
|
|
|
Gross profit
|
139.5
|
|
133.2
|
Gross profit
%
|
29.7%
|
|
31.9%
|
|
|
|
|
Selling, general and
administrative expense
|
108.4
|
|
94.4
|
Restructuring
expense
|
0.5
|
|
1.0
|
|
|
|
|
Operating income
|
30.6
|
|
37.8
|
Operating income
%
|
6.5%
|
|
9.0%
|
|
|
|
|
Net interest
expense
|
2.1
|
|
2.1
|
Net income before
income taxes
|
28.5
|
|
35.7
|
Provision for income
taxes
|
2.9
|
|
8.7
|
Net
income
|
$
25.6
|
|
$
27.0
|
|
|
|
|
Basic earnings per
share:
|
|
|
|
Net
income
|
$
0.80
|
|
$
0.84
|
|
|
|
|
Diluted earnings per
share:
|
|
|
|
Net
income
|
$
0.80
|
|
$
0.84
|
|
|
|
|
Weighted average shares
outstanding
|
|
|
|
Basic
|
32.0
|
|
32.0
|
Diluted
|
32.1
|
|
32.1
|
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,
|
|
2022
|
|
2021
|
|
|
|
|
Net Income
|
$
25.6
|
|
$
27.0
|
|
|
|
|
Non-GAAP
adjustments:
|
|
|
|
Restructuring related costs
|
|
|
|
Restructuring
expense
|
0.5
|
|
1.0
|
Inventory impairment due to
restructuring
|
0.2
|
|
—
|
M&A related cost(1)
|
2.6
|
|
1.4
|
Impact on tax provision from Non-GAAP
adjustments(2)
|
(0.9)
|
|
(0.6)
|
Adjusted net
income
|
$
28.0
|
|
$
28.8
|
|
|
|
|
|
|
|
|
Net income
|
$
25.6
|
|
$
27.0
|
Total shares and
dilutive securities
|
32.1
|
|
32.1
|
Diluted earnings per
share from net income
|
$
0.80
|
|
$
0.84
|
|
|
|
|
Adjusted net
income
|
$
28.0
|
|
$
28.8
|
Total shares and
dilutive securities
|
32.1
|
|
32.1
|
|
|
|
|
Adjusted diluted
earnings per share from net income
|
$
0.87
|
|
$
0.90
|
|
|
|
|
|
|
(1) M&A related
costs include integration costs, amortization of inventory step-up
from business combinations, earn out adjustments to fair
value, advisory and transaction costs for both potential and
completed M&A transactions and strategy.
|
|
|
|
|
(2) Impact on tax
provision was calculated using the enacted rate for the relevant
jurisdiction for the quarters ended March 31, 2022 and 2021,
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,
|
|
2022
|
|
2021
|
|
|
|
|
Net income
|
$
25.6
|
|
$
27.0
|
|
|
|
|
Income tax
provision
|
2.9
|
|
8.7
|
Interest expense,
net
|
2.1
|
|
2.1
|
Depreciation and
amortization
|
19.9
|
|
18.3
|
|
|
|
|
EBITDA
|
50.5
|
|
56.1
|
|
|
|
|
Restructuring related
costs
|
|
|
|
Restructuring expense
|
0.5
|
|
1.0
|
Inventory impairment due to restructuring
|
0.2
|
|
—
|
M&A related
cost(1)
|
2.6
|
|
1.4
|
|
|
|
|
Adjusted
EBITDA
|
$
53.8
|
|
$
58.5
|
|
|
|
|
|
|
(1) M&A related
costs include integration costs, amortization of inventory step-up
from business combinations, earn out adjustments to fair
value, advisory and transaction costs for both potential and
completed M&A transactions and strategy.
|
|
|
|
|
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,
|
|
2022
|
|
2021
|
Revenue
|
|
|
|
JBT FoodTech
|
$
356.3
|
|
$
311.8
|
JBT AeroTech
|
112.9
|
|
106.0
|
Total revenue
|
$
469.2
|
|
$
417.8
|
|
|
|
|
Income before income taxes
|
|
|
|
Segment operating
profit(1)(2):
|
|
|
|
JBT FoodTech
|
$
39.9
|
|
$
41.5
|
JBT FoodTech segment operating profit
%
|
11.2%
|
|
13.3%
|
|
|
|
|
JBT AeroTech
|
6.8
|
|
9.9
|
JBT AeroTech segment operating profit
%
|
6.0%
|
|
9.3%
|
|
|
|
|
Total segment operating profit
|
46.7
|
|
51.4
|
Total segment operating profit
%
|
10.0%
|
|
12.3%
|
|
|
|
|
Corporate
expense
|
15.6
|
|
12.6
|
Restructuring
expense
|
0.5
|
|
1.0
|
Operating income
|
$
30.6
|
|
$
37.8
|
Operating income
%
|
6.5%
|
|
9.0%
|
|
|
|
|
Other business segment
information
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
Inbound orders
|
2022
|
|
2021
|
JBT FoodTech
|
$
411.8
|
|
$
385.7
|
JBT AeroTech
|
153.7
|
|
100.4
|
Total inbound orders
|
$
565.5
|
|
$
486.1
|
|
|
|
|
|
As of March 31,
|
Order Backlog
|
2022
|
|
2021
|
JBT FoodTech
|
$
691.2
|
|
$
488.7
|
JBT AeroTech
|
410.5
|
|
280.8
|
Total order backlog
|
$
1,101.7
|
|
$
769.5
|
|
|
|
|
|
|
(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,
2022
|
(In millions)
|
JBT FoodTech
|
|
JBT AeroTech
|
|
Corporate
(Unallocated)
|
|
Consolidated
|
Operating
profit
|
$
39.9
|
|
$
6.8
|
|
$
(16.1)
|
|
$
30.6
|
Restructuring related costs
|
|
|
|
|
|
|
|
Restructuring
expense
|
—
|
|
—
|
|
0.5
|
|
0.5
|
Inventory impairment due to
restructuring
|
0.2
|
|
—
|
|
—
|
|
0.2
|
M&A related cost(1)
|
0.3
|
|
—
|
|
2.3
|
|
2.6
|
Adjusted operating
profit
|
40.4
|
|
6.8
|
|
(13.3)
|
|
33.9
|
Depreciation and amortization
|
17.7
|
|
1.2
|
|
1.0
|
|
19.9
|
Adjusted
EBITDA
|
$
58.1
|
|
$
8.0
|
|
$
(12.3)
|
|
$
53.8
|
|
|
|
|
|
|
|
|
Total
revenue
|
$
356.3
|
|
$
112.9
|
|
$
—
|
|
$
469.2
|
Operating profit
%
|
11.2%
|
|
6.0%
|
|
|
|
6.5%
|
Adjusted operating
profit %
|
11.3%
|
|
6.0%
|
|
|
|
7.2%
|
Adjusted EBITDA
%
|
16.3%
|
|
7.1%
|
|
|
|
11.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
2021
|
(In millions)
|
JBT FoodTech
|
|
JBT AeroTech
|
|
Corporate
(Unallocated)
|
|
Consolidated
|
Operating
profit
|
$
41.5
|
|
$
9.9
|
|
$
(13.6)
|
|
$
37.8
|
Restructuring expense
|
—
|
|
—
|
|
1.0
|
|
1.0
|
M&A related cost(1)
|
0.5
|
|
—
|
|
0.9
|
|
1.4
|
Adjusted operating
profit
|
42.0
|
|
9.9
|
|
(11.7)
|
|
40.2
|
Depreciation and amortization
|
16.3
|
|
1.4
|
|
0.6
|
|
18.3
|
Adjusted
EBITDA
|
$
58.3
|
|
$
11.3
|
|
$
(11.1)
|
|
$
58.5
|
|
|
|
|
|
|
|
|
Total
revenue
|
$
311.8
|
|
$
106.0
|
|
$
—
|
|
$
417.8
|
Operating profit
%
|
13.3%
|
|
9.3%
|
|
|
|
9.0%
|
Adjusted operating
profit %
|
13.5%
|
|
9.3%
|
|
|
|
9.6%
|
Adjusted EBITDA
%
|
18.7%
|
|
10.7%
|
|
|
|
14.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) M&A related
costs include integration costs, amortization of inventory step-up
from business combinations, earn out adjustments to fair
value, advisory and transaction costs for both potential and
completed M&A transactions and strategy.
|
|
|
|
|
|
|
|
|
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,
|
|
2022
|
|
2021
|
|
|
|
|
Cash and cash
equivalents
|
$
84.2
|
|
$
78.8
|
Trade receivables, net
of allowances
|
340.9
|
|
333.5
|
Inventories
|
275.6
|
|
229.1
|
Other current
assets
|
76.4
|
|
77.3
|
Total current assets
|
777.1
|
|
718.7
|
|
|
|
|
Property, plant and
equipment, net
|
269.2
|
|
267.6
|
Other assets
|
1,163.6
|
|
1,155.1
|
Total assets
|
$
2,209.9
|
|
$
2,141.4
|
|
|
|
|
|
|
|
|
Short-term debt and
current portion of long-term debt
|
$
0.1
|
|
$
—
|
Accounts payable, trade
and other
|
212.5
|
|
186.0
|
Advance and progress
payments
|
218.7
|
|
190.2
|
Other current
liabilities
|
164.6
|
|
173.7
|
Total current liabilities
|
595.9
|
|
549.9
|
Long-term debt, less
current portion
|
669.9
|
|
674.4
|
|
|
|
|
Accrued pension and
other post-retirement benefits, less current portion
|
53.2
|
|
57.6
|
Other
liabilities
|
107.3
|
|
109.0
|
|
|
|
|
Common stock and
additional paid-in capital
|
216.2
|
|
214.5
|
Retained
earnings
|
755.8
|
|
733.4
|
Accumulated other
comprehensive loss
|
(188.4)
|
|
(197.4)
|
Total stockholders' equity
|
783.6
|
|
750.5
|
Total liabilities and
stockholders' equity
|
$
2,209.9
|
|
$
2,141.4
|
JBT CORPORATION
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
(Unaudited and in millions)
|
|
|
|
|
|
Three Months Ended March 31,
|
|
2022
|
|
2021
|
|
|
|
|
Cash flows from operating
activities:
|
|
|
|
Net
income
|
$
25.6
|
|
$
27.0
|
|
|
|
|
Adjustments to reconcile income to cash provided by
operating activities:
|
|
|
|
Depreciation and amortization
|
19.9
|
|
18.3
|
Other
|
3.4
|
|
2.8
|
|
|
|
|
Changes in operating assets and
liabilities:
|
|
|
|
Trade accounts receivable, net
|
(6.5)
|
|
20.1
|
Inventories
|
(47.2)
|
|
(0.9)
|
Accounts payable, trade and other
|
27.2
|
|
11.1
|
Advance and progress payments
|
28.4
|
|
11.3
|
Other - assets and liabilities, net
|
(11.7)
|
|
(4.0)
|
|
|
|
|
Cash provided by operating
activities
|
39.1
|
|
85.7
|
|
|
|
|
Cash flows from investing
activities:
|
|
|
|
Acquisitions, net of cash acquired
|
(0.4)
|
|
(15.9)
|
Capital expenditures
|
(26.7)
|
|
(8.9)
|
Other
|
0.1
|
|
0.6
|
|
|
|
|
Cash required by investing
activities
|
(27.0)
|
|
(24.2)
|
|
|
|
|
Cash flows from financing
activities:
|
|
|
|
Net
payments on credit facilities
|
(4.4)
|
|
(46.8)
|
Dividends
|
(3.2)
|
|
(3.2)
|
|
|
|
|
Cash required by financing
activities
|
(7.6)
|
|
(50.0)
|
|
|
|
|
Effect of foreign
exchange rate changes on cash and cash equivalents
|
0.9
|
|
(1.5)
|
|
|
|
|
Increase in cash and cash
equivalents
|
5.4
|
|
10.0
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
78.8
|
|
47.5
|
|
|
|
|
Cash and cash
equivalents, end of period
|
$
84.2
|
|
$
57.5
|
|
|
|
|
JBT CORPORATION
|
NON-GAAP FINANCIAL MEASURES
|
FREE CASH FLOW
|
(Unaudited and in millions)
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
2022
|
|
2021
|
|
|
|
|
Cash provided by operating
activities
|
$
39.1
|
|
$
85.7
|
Less: capital
expenditures
|
26.7
|
|
8.9
|
Plus: proceeds from
disposal of assets
|
0.1
|
|
0.6
|
Plus: pension
contributions
|
2.0
|
|
0.2
|
Free cash flow
(FCF)
|
$
14.5
|
|
$
77.6
|
|
|
|
|
|
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 be more comparable to payment of
debt, and therefore exclude these contributions from the
calculation of
Free cash flow.
|
JBT CORPORATION
|
NET DEBT CALCULATION
|
(Unaudited and in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
March 31,
|
|
Change from
|
|
Change from
|
|
2022
|
|
2021
|
|
2021
|
|
Prior Year-End
|
|
Prior Year
|
Total debt
|
$
670.0
|
|
$
674.4
|
|
$
469.8
|
|
$
(4.4)
|
|
$
200.2
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
(84.2)
|
|
(78.8)
|
|
(57.5)
|
|
(5.4)
|
|
(26.7)
|
|
|
|
|
|
|
|
|
|
|
Net debt
|
$
585.8
|
|
$
595.6
|
|
$
412.3
|
|
$
(9.8)
|
|
$
173.5
|
|
|
|
|
|
|
|
|
|
|
JBT CORPORATION
|
BANK TOTAL NET LEVERAGE RATIO
CALCULATION
|
(Unaudited and in millions)
|
|
|
|
|
|
Four Quarters Ended
|
|
March 31, 2022
|
Total debt
|
$
670.0
|
Cash and cash
equivalents
|
(84.2)
|
Other items considered
debt under the credit agreement
|
18.0
|
Consolidated total
indebtedness(1)
|
$
603.8
|
|
|
Last four quarters
Adjusted EBITDA
|
$
247.2
|
Other adjustments net
to earnings under the credit agreement
|
3.1
|
Consolidated
EBITDA(1)
|
$
250.3
|
|
|
Bank total net leverage ratio (Consolidated Total
Indebtedness / Consolidated EBITDA)
|
2.4
|
|
|
(1) As defined in the
credit agreement
|
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
|
|
Guidance
|
|
Q2 2022
|
|
Full Year 2022
|
|
|
|
|
Diluted earnings per
share from net income
|
$1.00 -
$1.15
|
|
$4.70 -
$5.00
|
|
|
|
|
Non-GAAP
adjustments:
|
|
|
|
Restructuring related costs(1)
|
—
|
|
0.04
|
M&A related costs(2)
|
0.07
|
|
0.35
|
|
|
|
|
Impact on tax provision
from Non-GAAP adjustments(3)
|
(0.02)
|
|
(0.09)
|
|
|
|
|
Adjusted diluted
earnings per share from net income
|
$1.05 -
$1.20
|
|
$5.00 -
$5.30
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Restructuring related
costs is estimated to be approximately $1 million for the full year
2022. The mid-point amount has been divided by
our estimate of 32.1 million total shares and dilutive securities
to derive earnings per share.
|
(2)
|
M&A related costs
are estimated to be approximately $2-3 million and $10-12 million
for the second quarter 2022 and full year 2022,
respectively. The mid-point amount has been divided by our estimate
of 32.1 million total shares and dilutive securities to derive
earnings per share.
|
(3)
|
Impact on tax provision
was calculated using the Company's effective tax rate of
approximately 22-23%.
|
View original
content:https://www.prnewswire.com/news-releases/jbt-corporation-reports-first-quarter-2022-results-301533484.html
SOURCE JBT Corporation