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JBT Corporation Reports Continued Growth in the Third Quarter of 2016
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PR Newswire
CHICAGO, Oct. 26, 2016
CHICAGO, Oct. 26, 2016 /PRNewswire/ --
Third-quarter 2016 Highlights and 2016 Guidance:
- Revenue of $349.6 million, up 28 percent from prior year period
- Segment operating profit of $40.2 million, an increase of 34 percent
- Inbound orders increased 21 percent year over year
- Diluted earnings per share from continuing operations of $0.69 vs. $0.43 in the third quarter of 2015
- Raises full-year 2016 diluted earnings per share guidance to $2.05 - $2.15 or $2.30 - $2.40 on an adjusted basis, inclusive of a projected $0.06 - $0.10 per share reduction from fourth quarter acquisitions
JBT Corporation (NYSE: JBT), a leading global technology solutions provider to high-value segments of the food & beverage industry, today reported results for the third quarter of 2016.
Third quarter 2016 revenue increased 28 percent from the same period in 2015, comprised of 17 percent organic growth and 11 percent growth from acquisitions. Segment operating profit increased 34 percent year over year. Segment operating profit margin improved 50 basis points to 11.5 percent in the third quarter of 2016. The third quarter results benefitted from strong aftermarket performance and a few customer shipments that had been anticipated in the fourth quarter.
Diluted earnings per share from continuing operations was $0.69 for the third quarter of 2016, including acquisition-related costs of $2 million pretax, or $0.04 per share, and a discrete tax benefit of $1.5 million, or $0.05 per share, associated with R&D credits. Diluted earnings per share from continuing operations was $0.43 in the third quarter of 2015.
"We are very pleased to report another quarter of robust earnings growth and expanded profitability," said Tom Giacomini, Chairman, President and Chief Executive Officer. "Our investments in the business, including selective strategic acquisitions, have made us a stronger equipment and service provider, deepening relationships with our customers."
Orders and Backlog
For the third quarter of 2016, inbound orders of $347 million increased 21 percent, reflecting year-over-year increases of 27 percent and 9 percent at FoodTech and AeroTech, respectively. Backlog increased 25 percent year over year.
Acquisitions
On October 14, 2016, JBT completed the acquisition of Cooling and Applied Technologies (C.A.T.), Inc. The purchase price was $90 million, before customary post-closing adjustments. C.A.T. is a leading producer of chillers, injection, marination, weighing, freezing, and refrigeration systems, primarily for the poultry industry. On October 3, 2016, JBT announced a definitive agreement to purchase Tipper Tie, Inc., a leading provider of engineered production and packaging solutions, and related consumables to the food industry. The purchase price is $160 million, before customary post-closing adjustments.
"Both acquisitions add highly complementary product lines to JBT's protein platform, enabling us to offer customers a more complete production solution to their operating challenges," added Giacomini. "The acquisitions also create value for shareholders, with significant projected earnings accretion in 2017 and 2018."
The acquisition of C.A.T. is expected to add annual revenue of approximately $50 million. JBT expects transaction costs and purchase price accounting associated with the acquisition to result in a $0.03 - $0.05 per share negative impact in the fourth quarter of 2016. The Company expects C.A.T. to contribute $0.05 - $0.10 per share to earnings in 2017, inclusive of the impact of continuing purchase price accounting and integration costs. In 2018, the Company anticipates earnings accretion associated with the acquisition of $0.15 - $0.20 per share.
The acquisition of Tipper Tie, slated to close in the fourth quarter of 2016, is expected to add annual revenue of approximately $90 million. JBT projects the acquisition of Tipper Tie to result in dilution of $0.03 - $0.05 per share in the fourth quarter of 2016 and accretion of approximately $0.08 - $0.12 per share in 2017 and $0.23 - $0.28 per share in 2018.
2016 Outlook
"We are raising our full-year 2016 guidance, while absorbing $0.06 to $0.10 per share associated with fourth quarter acquisitions," concluded Giacomini.
Due to strong top-line growth in 2016 and the expected contribution from the recently announced acquisitions, JBT raises its full-year revenue guidance to approximately 20 percent growth – comprised of 7 percent organic growth and 13 percent growth from acquisitions. That compares with the previous forecast of 16 percent revenue growth, with 5 to 6 percent organic growth and 10 percent growth from acquisitions. Segment operating margins are expected to increase 25 to 50 basis points. Excluding the impact of the fourth-quarter acquisitions, the Company continues to expect segment margin expansion of 50 to 75 basis points.
For 2016, the Company anticipates diluted earnings per share of $2.05 - $2.15, or $2.30 - $2.40 on an adjusted basis. That compares with previous guidance of $2.00 - $2.10, or $2.25 - $2.35 on an adjusted basis, and diluted earnings per share of $1.88 in 2015.
2016 Investor Day
JBT Corporation will be hosting its 2016 Investor Day on Thursday, November 3, at the Omni Berkshire Place Hotel in New York, NY. The presentation will be simultaneously webcast in listen-only mode from 12:30 p.m. until 3:30 p.m. EDT. The webcast and presentation materials will be accessible through the Investor Relations link on JBT's website at http://ir.jbtcorporation.com or through a direct link at http://www.wsw.com/webcast/cc/jbt2/. An online audio replay of the presentation will be available on JBT's Investor Relations website starting at approximately 6:00 p.m. EDT on November 3, 2016.
At the Investor Day, Giacomini and the senior management team will present the Company's Elevate strategy and financial framework.
Third Quarter 2016 Earnings Conference Call
A conference call is scheduled for 10:00 a.m. EDT on Thursday, October 27, 2016 to discuss third quarter 2016 financial results. Participants may access the conference call by dialing (877) 201-0168 in the U.S. and Canada or (647) 788-4901 for international callers and using conference ID 91012572, 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. EDT on October 27, 2016.
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 4,300 people worldwide and operates sales, service, manufacturing and sourcing operations in more than 25 countries. For more information, please visit www.jbtcorporation.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: Debarshi Sengupta +1 312 861 6933
| JBT CORPORATION | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| (Unaudited and in millions, except per share data) | |||||||||||||||
| | | | | | | | | ||||||||
| | | | | | | | | ||||||||
| | Three Months Ended | | Nine Months Ended | ||||||||||||
| | September 30, | | September 30, | ||||||||||||
| | 2016 | | 2015 | | 2016 | | 2015 | ||||||||
| | | | | | | | | ||||||||
| Revenue | $ | 349.6 | | | $ | 273.3 | | | $ | 945.5 | | | $ | 752.9 | |
| Cost of sales | 255.5 | | | 197.1 | | | 678.8 | | | 538.0 | | ||||
| | | | | | | | | ||||||||
| Gross profit | 94.1 | | | 76.2 | | | 266.7 | | | 214.9 | | ||||
| | | | | | | | | ||||||||
| Selling, general and administrative expense | 56.5 | | | 48.1 | | | 168.4 | | | 142.1 | | ||||
| Research and development expense | 6.3 | | | 5.0 | | | 17.7 | | | 13.0 | | ||||
| Restructuring expense | 0.3 | | | — | | | 9.4 | | | — | | ||||
| Other expense (income), net | 1.5 | | | 2.0 | | | 2.1 | | | 1.8 | | ||||
| | | | | | | | | ||||||||
| Operating income | 29.5 | | | 21.1 | | | 69.1 | | | 58.0 | | ||||
| | | | | | | | | ||||||||
| Net interest expense | 2.8 | | | 1.5 | | | 7.0 | | | 5.3 | | ||||
| Income from continuing operations before income taxes | 26.7 | | | 19.6 | | | 62.1 | | | 52.7 | | ||||
| Provision for income taxes | 6.1 | | | 6.9 | | | 17.5 | | | 17.6 | | ||||
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