CHICAGO, April 26, 2016 /PRNewswire/ --

First-quarter 2016 Highlights:


    --  Revenue of $267.1 million, up 19 percent from prior-year period
    --  Segment operating profit of $27.3 million, up 27 percent
    --  Diluted earnings per share of $0.17 and adjusted earnings per share of
        $0.34 vs. diluted earnings per share of $0.27 in the first quarter of
        2015
    --  Inbound orders increased 13 percent; order backlog up 39 percent year
        over year

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 2016.

Revenue for the first quarter of 2016 increased 18.7 percent from the prior year, with organic growth of 3.6 percent. Segment operating profit increased 27.0 percent year over year. Segment operating profit margin increased 67 basis points to 10.2 percent for the first quarter of 2016.

Diluted earnings per share from continuing operations was $0.17 for the first quarter of 2016 versus $0.27 in the first quarter of 2015. Excluding restructuring charges of $7.2 million in the first quarter of 2016, adjusted diluted earnings per share from continuing operations was $0.34.

"JBT's Next Level strategy and investments continue to enhance growth and profitability," said Tom Giacomini, Chairman, President and Chief Executive Officer. "We are particularly pleased with the performance of the FoodTech aftermarket business in the quarter, which contributed to year-over-year margin expansion."

Orders and Backlog

For the first quarter of 2016, inbound orders of $344 million increased 12.5 percent, reflecting an 8.1 percent increase in FoodTech orders and a 21.3 percent increase in AeroTech orders. Backlog expanded 39.0 percent year over year.

Optimization Program

JBT recorded restructuring charges of $7.2 million in the first quarter of 2016 associated with its optimization program and continues to expect total pretax restructuring charges of $11 - $13 million for the full year. The optimization program will realign FoodTech's Protein business in North America and Liquid Foods business in Europe; accelerate JBT's strategic sourcing initiatives; and consolidate smaller facilities. The Company expects to achieve around $2 million in savings in 2016 and more than $8 million in run rate savings by late 2017.

2016 Outlook

For 2016, JBT re-affirms its prior guidance and continues to anticipate revenue growth of approximately 15 percent, reflecting organic growth of 4 - 5 percent and external growth from acquisitions of about 10 percent. The Company expects total segment operating margin in 2016 to expand 25 - 50 basis points relative to 2015. The Company forecasts adjusted diluted earnings per share in the range of $2.15 - $2.30 in 2016, and $1.90 - $2.05 on a GAAP basis.

First Quarter 2016 Earnings Conference Call

A conference call is scheduled for 10:00 a.m. EDT on Wednesday, April 27, 2016 to discuss first 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 94587862, 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 27, 2016.

John Bean Technologies Corporation (JBT) is a leading global technology solutions provider to high-value segments of the food & beverage industry with a 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 JBT FoodTech segment. JBT also sells critical equipment and services to domestic and international air transportation customers through its JBT AeroTech segment. JBT Corporation employs approximately 4,200 people worldwide and operates sales, service, manufacturing and sourcing operations in more than 25 countries. For more information, please visit http://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.



                                                       JBT CORPORATION
                                                       ---------------

                                         CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                         -------------------------------------------

                                     (Unaudited and in millions, except per share data)



                                                                 Three Months Ended

                                                                      March 31,
                                                                      ---------

                                                                  2016                  2015
                                                                  ----                  ----


    Revenue                                                               $267.1                   $225.0

    Cost of sales                                                190.3                       160.5
                                                                 -----                       -----


                   Gross profit                                   76.8                        64.5


    Selling, general and
     administrative
     expense                                                      53.9                        47.4

    Research and
     development expense                                           5.5                         3.7

    Restructuring
     expense                                                       7.2                           -

    Other expense
     (income), net                                                 0.5                       (0.3)
                                                                   ---                        ----


    Operating income                                               9.7                        13.7


    Net interest expense                                           2.0                         1.8
                                                                   ---                         ---

    Income from
     continuing
     operations before
     income taxes                                                  7.7                        11.9

    Provision for income
     taxes                                                         2.5                         3.9
                                                                   ---                         ---

    Income from
     continuing
     operations                                                    5.2                         8.0

    Loss from
     discontinued
     operations, net of
     taxes                                                       (0.1)                          -
                                                                  ----                         ---

    Net income                                                              $5.1                     $8.0
                                                                            ====                     ====


    Basic earnings per share:

    Income from
     continuing
     operations                                                            $0.18                    $0.27

    Loss from
     discontinued
     operations                                                 (0.01)                          -
                                                                 -----                         ---

    Net income                                                             $0.17                    $0.27
                                                                           =====                    =====


    Diluted earnings per share:

    Income from
     continuing
     operations                                                            $0.17                    $0.27

    Loss from
     discontinued
     operations                                                      -                          -
                                                                   ---                        ---

    Net income                                                             $0.17                    $0.27
                                                                           =====                    =====


    Weighted average shares outstanding

    Basic                                                         29.5                        29.6
                                                                  ====                        ====

    Diluted                                                       29.8                        29.8
                                                                  ====                        ====


                                                      JBT CORPORATION
                                                      ---------------

                                                NON-GAAP FINANCIAL MEASURES
                                                ---------------------------

                                     (Unaudited and in millions, except per share data)


    The results for the three months ended March 31, 2016 and 2015 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,
                                                                      ---------

                                                                   2016                  2015
                                                                   ----                  ----


    Income from continuing operations as
     reported                                                               $5.2                                         $8.0


    Non-GAAP adjustments:

    Restructuring expense                                           7.2                               -


    Impact on tax provision from Non-GAAP
     adjustments                                                  (2.3)                              -
                                                                   ----                             ---


    Adjusted income from continuing
     operations                                                            $10.1                                         $8.0
                                                                           =====                                         ====



    Income from continuing operations as
     reported                                                               $5.2                                         $8.0
                                                                            ----                                         ----

    Total shares and dilutive securities                           29.8                            29.8
                                                                   ----                            ----

    Diluted earnings per share from
     continuing operations                                                 $0.17                                        $0.27
                                                                           =====                                        =====


    Adjusted income from continuing
     operations                                                            $10.1                                         $8.0
                                                                           -----                                         ----

    Total shares and dilutive securities                           29.8                            29.8
                                                                   ----                            ----

    Adjusted diluted earnings per share
     from continuing operations                                            $0.34                                        $0.27
                                                                           =====                                        =====



    The above table contains non-GAAP financial measures, including adjusted income from continuing operations and
     adjusted diluted earnings per share from continuing operations.  Adjusted income from continuing operations and
     adjusted diluted earnings per share from continuing operations are intended to provide an indication of our
     underlying operating results and to enhance investors' overall understanding of our financial performance by
     eliminating the effects of certain items that are not comparable from one period to the next. In addition, this
     information is used as a basis for evaluating Company performance and for the planning and forecasting of future
     periods. This information is not intended to be considered in isolation or as a substitute for financial measures
     prepared in accordance with GAAP.


                                                                                                             JBT CORPORATION
                                                                                                             ---------------

                                                                                                       NON-GAAP FINANCIAL MEASURES
                                                                                                       ---------------------------

                                                                                            (Unaudited and in millions, except per share data)


    The tables below show a reconciliation from Operating income to EBITDA and adjusted EBITDA by segment and consolidated for JBT.


    For the three months ended March 31, 2016:

                                          Operating             Depreciation                                                             Adjusted
                                            income                   and                                                                   EBITDA
                                                                Amortization                EBITDA              Adjustments
                                         ----------            -------------                ------              -----------              ---------

    JBT FoodTech                                       $18.8                                              $7.6                                          $26.4                                    $                  -                        $26.4

    JBT AeroTech                                8.5                                 0.6                                   9.1                                -                                 9.1

    Corporate expense                        (10.4)                                0.4                                (10.0)                               -                              (10.0)

    Restructuring
     expense                                  (7.2)                                  -                                (7.2)                             7.2                                    -

    Total                                               $9.7                                              $8.6                                          $18.3                                                    $7.2                         $25.5
                                                        ====                                              ====                                          =====                                                    ====                         =====


    For the three months ended March 31, 2015:

                                          Operating             Depreciation                                                             Adjusted
                                            income                   and                                                                   EBITDA
                                                                Amortization                EBITDA              Adjustments
                                         ----------            -------------                ------              -----------              ---------

    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
                                                       =====                                              ====                                          =====                                  ===                ===                        =====


    The tables above provide our operating income 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 acquisitions, 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 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.  This information is not intended to nor should it be
     considered in isolation or as a substitute for financial measures prepared in accordance with GAAP.


                                             JBT CORPORATION
                                             ---------------

                                          BUSINESS SEGMENT DATA
                                          ---------------------

                                       (Unaudited and in millions)


                                                Three Months Ended

                                                   March 31,
                                                   ---------

                                               2016                   2015
                                               ----                   ----

    Revenue
    -------

    JBT FoodTech                                       $177.5                                        $139.2

    JBT AeroTech                               90.1                             86.2

    Intercompany
     eliminations                             (0.5)                           (0.4)
                                               ----                             ----

    Total revenue                                      $267.1                                        $225.0
                                                       ======                                        ======


    Income before income taxes
    --------------------------

    Segment operating profit
    ------------------------

    JBT FoodTech                                        $18.8                                         $13.1

    JBT AeroTech                                8.5                              8.4
                                                ---                              ---

    Total segment
     operating profit                          27.3                             21.5


    Corporate expense
     (1)                                    (10.4)                           (7.8)

    Restructuring
     expense                                  (7.2)                               -
                                               ----                              ---


    Operating income                                     $9.7                                         $13.7
                                                         ====                                         =====


    Other business segment information
    ----------------------------------


    Adjusted EBITDA
    ---------------

    JBT FoodTech                                        $26.4                                         $19.0

    JBT AeroTech                                9.1                              8.9

    Corporate                                (10.0)                           (7.4)

    Total adjusted
     EBITDA                                             $25.5                                         $20.5
                                                        =====                                         =====


    Inbound Orders
    --------------

    JBT FoodTech                                       $222.7                                        $206.1

    JBT AeroTech                              121.7                            100.3

    Intercompany
     eliminations                             (0.4)                           (0.5)
                                               ----                             ----

    Total inbound
     orders                                            $344.0                                        $305.9
                                                       ======                                        ======


                                                As of March 31,
                                                ---------------

                                               2016                   2015
                                               ----                   ----

    Order Backlog
    -------------

    JBT FoodTech                                       $360.3                                        $255.5

    JBT AeroTech                              244.8                            179.9
                                              -----                            -----

    Total order
     backlog                                           $605.1                                        $435.4
                                                       ======                                        ======


    (1) Corporate expense includes corporate staff-related expenses, 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,

                                   2016                      2015
                                   ----                      ----


    Cash and cash
     equivalents                            $36.0                           $37.2

    Trade
     receivables,
     net                          210.9                              212.5

    Inventories                   136.9                              104.9

    Other current
     assets                        46.7                               41.6
                                   ----                               ----

    Total current
     assets                       430.5                              396.2


    Property,
     plant and
     equipment,
     net                          188.8                              181.1

    Other assets                  302.9                              298.8

    Total assets                           $922.2                          $876.1
                                           ======                          ======



    Short term
     debt and
     current
     portion of
     long-term
     debt                                    $2.0                            $2.2

    Accounts
     payable,
     trade and
     other                        110.5                              110.7

    Advance and
     progress
     payments                     138.2                              115.8

    Other current
     liabilities                  120.5                              124.4
                                  -----                              -----

    Total current
     liabilities                  371.2                              353.1


    Long-term
     debt, less
     current
     portion                      297.4                              280.6


    Accrued
     pension and
     other
     postretirement
     benefits,
     less current
     portion                       85.6                               90.7

    Other
     liabilities                   30.2                               22.0


    Common stock
     and paid-in
     capital                       65.9                               65.8

    Retained
     earnings                     213.2                              211.1

    Accumulated
     other
     comprehensive
     loss                       (141.3)                           (147.2)

    Total
     stockholders'
     equity                       137.8                              129.7
                                  -----                              -----

    Total
     liabilities
     and
     stockholders'
     equity                                $922.2                          $876.1
                                           ======                          ======


                                              JBT CORPORATION
                                              ---------------

                              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                              -----------------------------------------------

                                        (Unaudited and in millions)


                                                   Three Months Ended

                                                     March 31,
                                                     ---------

                                                  2016                  2015
                                                  ----                  ----


    Cash Flows From Operating
     Activities:

    Income from
     continuing
     operations                                            $5.2                        $8.0


    Adjustments to reconcile income
     to cash provided by operating
     activities:

    Depreciation and
     amortization                                  8.6                            6.8

    Other                                          3.5                            5.4


    Changes in operating assets and
     liabilities:

    Trade accounts
     receivable, net                               4.6                           26.2

    Inventories                                 (29.6)                        (11.7)

    Accounts payable,
     trade and other                             (1.6)                           0.8

    Advance payments
     and progress
     billings                                     19.9                           24.9

    Other -assets and
     liabilities, net                           (10.4)                        (29.9)
                                                 -----                          -----


    Cash provided by
     continuing
     operating
     activities                                    0.2                           30.5
                                                   ---                           ----


    Cash required by
     discontinued
     operating
     activities                                      -                             -
                                                   ---                           ---


    Cash Flows required by Investing
     Activities:

    Acquisitions, net
     of cash acquired                            (3.2)                             -

    Capital
     expenditures                               (11.4)                         (7.8)

    Proceeds from
     disposal of
     assets                                        0.4                            0.3


    Cash required by
     investing
     activities                                 (14.2)                         (7.5)
                                                 -----                           ----


    Cash Flows provided (required) by
     Financing Activities:

    Net proceeds
     (payments) on
     credit facilities                            16.4                         (22.3)

    Dividends                                    (3.1)                         (3.0)

    Purchase of
     treasury stock                              (1.1)                         (3.1)

    Other                                        (1.1)                         (2.5)
                                                  ----                           ----


    Cash provided
     (required) by
     financing
     activities                                   11.1                         (30.9)
                                                  ----                          -----


    Effect of foreign
     exchange rate
     changes on cash
     and cash
     equivalents                                   1.7                          (5.6)
                                                   ---                           ----


    Decrease in cash
     and cash
     equivalents                                 (1.2)                        (13.5)


    Cash and cash
     equivalents,
     beginning of
     period                                       37.2                           33.3
                                                  ----                           ----


    Cash and cash
     equivalents, end
     of period                                            $36.0                       $19.8
                                                          =====                       =====

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SOURCE JBT Corporation