JOHN BEAN TECHNOLOGIES CORPORATION CHICAGO, April 29, 2015 /PRNewswire/ --
Highlights:
-- Revenue of $225 million, up 14 percent from prior-year period
-- Segment operating profit of $21.5 million, up 53 percent
-- Diluted earnings per share from continuing operations of $0.27 vs. a
loss per share of $0.16 and adjusted diluted earnings per share from
continuing operations of $0.15 in the prior year
-- Inbound orders increased 17 percent year over year
JBT Corporation (NYSE: JBT), a leading global technology solutions provider to the food processing and air transportation industries, today reported results for the first quarter of 2015.
Revenue for the first quarter of 2015 was $225.0 million, an increase of 13.6 percent from the first quarter of 2014. On a constant currency basis, revenue increased 18.5 percent year over year. Segment operating profit increased 52.5 percent, with margin expansion at both FoodTech and AeroTech. Corporate expense for the quarter was $7.8 million compared to $9.1 million in the year-ago period. In the first quarter of 2014, corporate expense included management succession and consulting costs of $2.4 million. In addition, the Company booked restructuring charges of $10.2 million in the first quarter of 2014.
Diluted earnings per share from continuing operations was $0.27 versus a loss per share from continuing operations of $0.16 in the prior year. Excluding restructuring charges and management succession and consulting costs, adjusted diluted earnings per share from continuing operations was $0.15 in the prior year.
"The benefits of our Next Level strategy are reflected in our strong first quarter results," said Tom Giacomini, Chairman, President and Chief Executive Officer. "We are capturing margin expansion from our organizational simplification and strategic pricing initiatives. Also, investments in our profitable aftermarket business and strategic acquisitions are enhancing our growth rate."
Orders and Backlog
In the first quarter of 2015, inbound orders of $305.9 million increased 17.2 percent and backlog declined slightly from the prior-year period. On a constant currency basis, inbound orders increased 24.0 percent.
2015 Outlook
The Company estimates foreign currency translation headwind of $0.15 per share, higher than the previous estimate of $0.10. Notwithstanding this pressure, the Company continues to project full year 2015 diluted earnings per share in the range of $1.65 - $1.80. As the Company pursues efforts to moderate seasonality of the business and improve operational efficiency, it expects the second and third quarters to be similar with heavier fourth quarter earnings. The Company expects this, along with the wind down of AeroTech's Halvorsen business, will put modest pressure on second quarter comparisons, on a year-over-year basis.
First Quarter 2015 Earnings Conference Call
A conference call is scheduled for 10:00 a.m. EDT on Thursday, April 30, 2015 to discuss first quarter 2015 financial results. Participants may access the conference call by dialing (877) 235-3250 in the U.S. and Canada or (706) 643-5005 for international callers and using conference ID 27606437, 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 April 30, 2015.
JBT Corporation (NYSE: JBT) is a leading global technology solutions provider to the food processing and air transportation industries. JBT Corporation designs, manufactures, tests and services technologically sophisticated systems and products for regional and multi-national industrial food processing customers through its FoodTech segment and for domestic and international air transportation customers through its AeroTech segment. JBT Corporation employs approximately 3,500 people worldwide and operates sales, service, manufacturing and sourcing operations located in over 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 2014 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.
JBT CORPORATION
---------------
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
-------------------------------------------
(Unaudited and in millions, except per share data)
Three Months Ended
March 31,
---------
2015 2014
---- ----
Revenue $225.0 $198.0
Cost of sales 162.0 146.0
----- -----
Gross profit 63.0 52.0
Selling, general and
administrative expense 45.9 43.6
Research and development
expense 3.7 3.5
Restructuring expense - 10.2
Other income, net (0.3) (0.1)
---- ----
Operating income (loss) 13.7 (5.2)
Net interest expense 1.8 1.3
--- ---
Income (loss) from
continuing operations
before income taxes 11.9 (6.5)
Provision (benefit) for
income taxes 3.9 (1.8)
--- ----
Income (loss) from
continuing operations 8.0 (4.7)
Loss from discontinued
operations, net of taxes - (0.1)
--- ----
Net income (loss) $8.0 $(4.8)
Basic earnings (loss) per
share:
Income (loss) from
continuing
operations $0.27 $(0.16)
Loss from discontinued
operations - -
--- ---
Net income (loss) $0.27 $(0.16)
Diluted earnings (loss) per
share:
Income (loss) from
continuing
operations $0.27 $(0.16)
Loss from discontinued
operations - -
--- ---
Net income (loss) $0.27 $(0.16)
Weighted average shares
outstanding
Basic 29.6 29.4
==== ====
Diluted 29.8 29.4
==== ====
JBT CORPORATION
---------------
NON-GAAP FINANCIAL MEASURES
---------------------------
The results for the three months ended March
31, 2015 and 2014 include several items that
affect the comparability of our results.
These include significant expenses that are
not indicative of our on-going operations as
detailed in the table below:
Three Months Ended
March 31,
---------
(In millions) 2015 2014
---- ----
Income (loss) from
continuing operations as
reported $8.0 $(4.7)
Non-GAAP adjustments:
Restructuring expense - 10.2
Management succession costs - 1.5
Strategy and pricing
consulting - 0.9
Impact on tax provision from
Non-GAAP adjustments - (3.4)
--- ----
Adjusted income from
continuing operations $8.0 $4.5
==== ====
(In millions, except EPS)
Income (loss) from
continuing operations as
reported 8.0 (4.7)
--- ----
Total shares and dilutive
securities 29.8 29.4
---- ----
Diluted earnings (loss) per
share from continuing
operations $0.27 $(0.16)
===== ======
Adjusted income from
continuing operations 8.0 4.5
--- ---
Total shares and dilutive
securities 29.8 29.8
---- ----
Adjusted diluted earnings
per share from continuing
operations $0.27 $0.15
===== =====
The above table contains non-GAAP
financial measures, including adjusted
income from continuing operations and
adjusted diluted earnings per share.
Adjusted income from continuing
operations and adjusted diluted
earnings per share are intended to
provide an indication of our underlying
operating results and to enhance
investors' overall understanding of our
financial performance by eliminating
JBT CORPORATION
---------------
NON-GAAP FINANCIAL MEASURES
---------------------------
The tables below show a calculation of EBITDA and adjusted EBITDA by segment and consolidated for JBT.
For the three months ended March 31, 2015:
(In millions) Operating income (loss) Depreciation and Amortization EBITDA Adjustments Adjusted EBITDA
---------------------- ----------------------------- ------ ----------- ---------------
JBT FoodTech $13.1 $5.9 $19.0 $ - $19.0
JBT AeroTech 8.4 0.5 8.9 - 8.9
Corporate expense (7.8) 0.4 (7.4) - (7.4)
Restructuring expense - - - - -
Total $13.7 $6.8 $20.5 $ - $20.5
===== ==== ===== ===================== =====
For the three months ended March 31, 2014:
(In millions) Operating income (loss) Depreciation and Amortization EBITDA Adjustments Adjusted EBITDA
---------------------- ----------------------------- ------ ----------- ---------------
JBT FoodTech $11.8 $4.9 $16.7 $ - $16.7
JBT AeroTech 2.3 0.5 2.8 - 2.8
Corporate expense (9.1) 0.2 (8.9) 2.4 (6.5)
Restructuring expense (10.2) - (10.2) 10.2 -
Total $(5.2) $5.6 $0.4 $12.6 $13.0
===== ==== ==== ===== =====
The tables above provide our operating income (loss) as adjusted by
depreciation and amortization expense booked during the period to
arrive at a segmental and consolidated EBITDA value. Further, we
add back to EBITDA significant expenses that are not indicative of
our ongoing operations to calculate an adjusted EBITDA for the two
periods reported. Given the Company's Next Level focus on growth
through strategic acquisition, management considers adjusted EBITDA
to be an important Non-GAAP measure. This measure allows us to
monitor business performance while excluding the impact of
amortization due to the step up in value of intangible assets. We
use this non-GAAP information on Adjusted EBITDA internally to make
JBT CORPORATION
---------------
BUSINESS SEGMENT DATA
---------------------
(Unaudited and in millions)
Three Months Ended
March 31,
---------
2015 2014
---- ----
Revenue
-------
JBT FoodTech $139.2 $135.5
JBT AeroTech 86.2 62.7
Intercompany eliminations (0.4) (0.2)
---- ----
Total revenue $225.0 $198.0
Operating income (loss)
before income taxes
-----------------------
Segment operating profit
------------------------
JBT FoodTech $13.1 $11.8
JBT AeroTech 8.4 2.3
--- ---
Total segment operating
profit 21.5 14.1
Corporate expense (1) (7.8) (9.1)
Restructuring expense - (10.2)
--- -----
Operating income
(loss) $13.7 $(5.2)
Other business segment
information
----------------------
Adjusted EBITDA
---------------
JBT FoodTech $19.0 $16.7
JBT AeroTech 8.9 2.8
Corporate (7.4) (6.5)
Total Adjusted
EBITDA $20.5 $13.0
Inbound Orders
--------------
JBT FoodTech $206.1 $160.6
JBT AeroTech 100.3 100.5
Intercompany eliminations (0.5) (0.2)
---- ----
Total inbound
orders $305.9 $260.9
March 31,
---------
2015 2014
---- ----
Order Backlog
-------------
JBT FoodTech $255.5 $238.8
JBT AeroTech 179.9 200.6
----- -----
Total order
backlog $435.4 $439.4
(1) Corporate expense includes
corporate staff costs, stock-based
compensation, pension and other
postretirement benefit expenses not
related to service, LIFO
adjustments, certain foreign
exchange gains and losses, and the
impact of unusual or strategic
transactions not representative of
segment operations.
JBT CORPORATION
---------------
CONDENSED CONSOLIDATED BALANCE SHEETS
-------------------------------------
(Unaudited and in millions)
March 31, December 31,
2015 2014
---- ----
Cash and cash
equivalents $19.8 $33.3
Trade receivables, net 145.8 176.2
Inventories 118.0 111.8
Other current assets 70.9 66.6
---- ----
Total current assets 354.5 387.9
Property, plant and
equipment, net 143.2 147.6
Other assets 152.5 162.3
Total assets $650.2 $697.8
Short term debt
and current
portion of long-
term debt $4.0 $4.2
Accounts payable, trade and
other 86.4 89.5
Advance payments and
progress billings 106.5 86.2
Other current liabilities 91.3 106.5
---- -----
Total current liabilities 288.2 286.4
Long-term debt, less
current portion 150.6 173.8
Accrued pension and other
postretirement benefits,
less current portion 82.9 93.1
Other liabilities 24.1 25.3
Common stock and paid-in
capital 65.6 69.9
Retained earnings 171.7 166.4
Accumulated other
comprehensive loss (132.9) (117.1)
Total stockholders' equity 104.4 119.2
----- -----
Total liabilities
and stockholders'
equity $650.2 $697.8
JBT CORPORATION
---------------
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
-----------------------------------------------
(Unaudited and in millions)
Three Months Ended
March 31,
---------
2015 2014
---- ----
Cash Flows From
Operating
Activities:
Income
(loss)
from
continuing
operations $8.0 $(4.7)
Adjustments to
reconcile income to
cash provided by
operating
activities:
Depreciation and
amortization 6.8 5.6
Other 5.4 5.5
Changes in operating
assets and
liabilities:
Trade accounts
receivable, net 26.2 38.4
Inventories (11.7) (22.1)
Accounts payable,
trade and other 0.8 1.4
Advance payments and
progress billings 24.9 6.5
Other -assets and
liabilities, net (29.9) (9.5)
----- ----
Cash provided by
continuing operating
activities 30.5 21.1
---- ----
Cash required by
discontinued
operating activities - (0.1)
--- ----
Cash Flows Required
by Investing
Activities:
Acquisitions, net of
cash acquired - (1.7)
Capital expenditures (7.8) (8.5)
Other 0.3 0.3
Cash required by
investing activities (7.5) (9.9)
---- ----
Cash Flows Required
by Financing
Activities:
Net payments on
credit facilities (22.3) (17.2)
Dividends paid (3.0) (2.8)
Purchase of stock
held in treasury (3.1) -
Other (2.5) (1.7)
---- ----
Cash required by
financing activities (30.9) (21.7)
----- -----
Effect of foreign
exchange rate
changes on cash and
cash equivalents (5.6) 0.3
---- ---
Decrease in cash and
cash equivalents (13.5) (10.3)
Cash and cash
equivalents,
beginning of period 33.3 29.4
---- ----
Cash and
cash
equivalents,
end of
period $19.8 $19.1
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jbt-corporation-starts-2015-with-a-strong-first-quarter-performance-300074516.html
SOURCE JBT Corporation
