PR Newswire
CHICAGO, April 29, 2019
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 | ||||||
| 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 Werbung Mehr Nachrichten zur John Bean Technologies Aktie kostenlos abonnieren
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