JBT Reports Robust Results in the 2nd Quarter of 2016

CHICAGO, July 26, 2016 /PRNewswire/ — 

Second quarter 2016 Highlights and 2016 Guidance:

• Revenue of $328.8 million, up 29 percent from prior year period
• Segment operating profit of $42.4 million, an increase of 38 percent
• Diluted earnings per share of $0.63 and adjusted diluted earnings per share of $0.67 vs. diluted earnings per share of $0.48 in the second quarter of 2015
• Raises full-year 2016 diluted earnings per share guidance to $2.00 – $2.10, or $2.25 – $2.35 on an adjusted basis, compared with previous guidance of $1.90 – $2.05, or $2.15 – $2.30 on an adjusted basis

JBT Corporation (NYSE: JBT), a leading global technology solutions provider to high-value segments of the food & beverage industry, today reported results for the second quarter of 2016.

Second quarter 2016 revenue increased 29 percent from the same period in 2015, comprised of 14 percent organic growth and 15 percent growth from acquisitions. Segment operating profit increased 38 percent year over year. Segment operating profit margin improved 80 basis points to 12.9 percent in the second quarter of 2016.

Diluted earnings per share from continuing operations was $0.63 for the second quarter of 2016 versus $0.48 in the second quarter of 2015. Excluding restructuring charges of $1.9 million in the second quarter of 2016, adjusted diluted earnings per share was $0.67. There were no restructuring charges in the second quarter of 2015.

“JBT continued to capture the benefits of our Next Level strategy and investments, translating to robust sales growth and improved profitability,” said Tom Giacomini, Chairman, President and Chief Executive Officer. “FoodTech’s protein equipment sales and aftermarket performance were particularly strong in the quarter. Profitability also benefited from strong military sales and a favorable product mix at AeroTech.”

Orders and Backlog

For the second quarter of 2016, inbound orders of $307 million expanded 27 percent, reflecting year-over-year increases of 38 percent and 12 percent, respectively, at FoodTech and AeroTech. Backlog expanded 36 percent year over year. “While orders increased substantially year over year – including a 15 percent increase in organic orders – some FoodTech orders anticipated in the quarter were delayed,” continued Giacomini.

2016 Outlook

“Based on our strong first-half performance and improved profitability, we are raising our full-year 2016 guidance,” concluded Giacomini. For 2016, the Company now anticipates GAAP diluted earnings per share of $2.00 – $2.10, or $2.25 – $2.35 on an adjusted basis. That compares with previous GAAP guidance of $1.90 – $2.05, or $2.15 – $2.30 on an adjusted basis, and diluted earnings per share of $1.88 in 2015. JBT anticipates revenue growth of approximately 16 percent, reflecting organic growth of 5 – 6 percent and 10 percent growth from acquisitions. The Company expects segment operating margin expansion of 50 – 75 basis points, compared with the previous guidance of 25 – 50 basis point expansion. For the third quarter of 2016, the Company anticipates a seasonal decline in earnings from second quarter levels, similar to 2015. The fourth quarter is expected to be seasonally stronger, with performance in line with the fourth quarter of 2015.

Second Quarter 2016 Earnings Conference Call

A conference call is scheduled for 10:00 a.m. EDT on Wednesday, July 27, 2016to discuss second 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 42437631, 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 July 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 4,200 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 periodic filings 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.