John Bean Technologies Corporation : JBT Corporation Reports First Quarter 2012 Results

CHICAGO, May 2, 2012 /PRNewswire/ -- JBT Corporation (NYSE: JBT), a leading global technology solutions provider to the food processing and air transportation industries, today reported first quarter 2012 results.

Revenue for the first quarter was $204.7 million, up 2 percent compared to the same period last year. First quarter diluted earnings per share from continuing operations was $0.14 compared to $0.17 in the prior-year period. Inbound orders of $238.1 million increased 12 percent year-over-year. First quarter backlog of $279.4 million was down 6 percent compared to the same period last year, but increased 14 percent sequentially. Cash generated from operating activities totaled $16.1 million for the quarter. Debt, net of cash, was $123.8 million at quarter end, a decline of $7.3 million from $131.1 million at December 31, 2011.

"Our first quarter performance was in line with our expectations. New equipment and aftermarket volumes were up year-over-year in FoodTech. Aftermarket revenue was also up in AeroTech, but was offset by lower new equipment revenue," said Charlie Cannon, Chairman and Chief Executive Officer. "Strong order activity in both segments, coupled with expected benefits from our recently implemented strategic actions, supports our projection for significant margin expansion and earnings growth in the second half of 2012," concluded Cannon.

JBT FoodTech

JBT FoodTech's first quarter revenue of $116.3 million increased 9 percent from the same period in 2011. This increase was across most product lines, partially offset by lower freezing and chilling equipment sales in Europe. In addition, strong aftermarket volume contributed to the segment revenue increase. Segment operating profit of $6.7 million increased 18 percent from the prior-year quarter, largely driven by the higher aftermarket volume. The increase was partially offset by costs incurred in North America related to the learning curve for production of high capacity freezers and consulting costs for an operational efficiency project conducted in the quarter. First quarter inbound orders of $146.9 million increased 10 percent compared to the prior year and 20 percent sequentially as a result of strong order activity for freezing and chilling and in-container processing equipment. Backlog of $129.1 million was essentially in line relative to the first quarter of 2011, but increased 31 percent sequentially.

JBT AeroTech

JBT AeroTech's first quarter revenue of $85.8 million declined 7 percent from the same period in 2011. An increase in overall aftermarket volume was more than offset by lower gate equipment sales as a result of a production gap in the passenger boarding bridge product line, as anticipated. Operating profit margin of 6 percent decreased 210 basis points due to lower passenger boarding bridge production volume, and higher costs in ground support equipment. First quarter inbound orders totaled $88.6 million, up 15 percent from the prior year primarily due to order activity in the passenger boarding bridge product line. Backlog was $150.3 million, a decline of 11 percent year-over-year, but up 2 percent sequentially.

Corporate Items

Corporate items in the first quarter excluding net interest expense were $4.2 million, essentially in line with the prior-year period.

Cash generated by operating activities was $16.1 million. The Company ended the quarter with debt, net of cash, of $123.8 million, a decline of $7.3 million from $131.1 million at December 31, 2011. Net interest expense for the quarter was $1.6 million, essentially flat relative to the first quarter of 2011.

Income tax expense in the first quarter of 2012 reflected an effective income tax rate for the full year of 35 percent.

Capital expenditures for the quarter totaled $5.2 million, and depreciation and amortization totaled $5.9 million.

2012 Outlook

The Company expects modest top-line growth in 2012 driven primarily by continued growth in emerging markets. More importantly, strategic actions initiated in 2011 and typically stronger seasonal results in the second half of the year are expected to drive margin expansion in 2012. As a result, the Company projects its 2012 diluted earnings per share from continuing operations to be in the range of $1.35 - $1.45. The Company will provide further market updates during tomorrow's scheduled earnings call.

First Quarter Earnings Conference Call

The Company will hold a conference call at 10:00 AM EDT on Thursday, May 3, 2012 to discuss the first quarter 2012 results. The call can be accessed live by dialing (877) 235-3250 or (706) 643-5005 and using conference ID 69099207, or through the Investor Relations link on JBT Corporation's 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 PM EDT on May 3, 2012.

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 JBT FoodTech segment and for domestic and international air transportation customers through its JBT AeroTech segment. JBT Corporation employs approximately 3,300 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 2011 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.

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SOURCE JBT Corporation

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