Continues to enjoy robust market conditions and order activity
Challenged by FoodTech margins, but expects significant improvement through 2018
Continues to expect double-digit revenue and pre-restructuring earnings growth with full-year guidance adjusted to reflect benefit from new revenue recognition standards and shortfall in first-quarter margins
Initiates restructuring program of approximately $50 million, expected to contribute run-rate savings of $45 million by year-end 2019
CHICAGO, May 1, 2018—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 2018.
“With record orders and strong market conditions, JBT remains on track to deliver double-digit revenue and pre-restructuring earnings growth in 2018,” said Tom Giacomini, Chairman, President and Chief Executive Officer. “While FoodTech margins were pressured in the first quarter, we expect meaningful improvement throughout 2018.”
First quarter 2018 revenue increased 19 percent from the first quarter of 2017, with a 3 percent decline in organic revenues, a 3 percent gain from acquisitions, a 4 percent foreign exchange benefit, and a 15 percent gain from the new revenue recognition standard, ASC 606, adopted January 1, 2018. Of the 15 percent from ASC 606, 10 percent represented previously recognized revenue and 5 percent was from accelerated/deferred revenue.
Operating income of $5.9 million declined $14.3 million from the year-ago period, including a restructuring charge of $12.7 million in the first quarter of 2018. Total segment operating profit of $29.4 million declined 2 percent, impacted by short-term operational execution issues and new product launch inefficiencies. Total segment operating profit included $13 million benefit from ASC 606, of which $7 million was related to previously recognized revenue and $6 million was associated with accelerated/deferred revenue.
The following information was filed by John Bean Technologies Corp (JBT) on Tuesday, May 1, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: JBT CIK: 1433660 Form Type:10-Q Quarterly Report Accession Number: 0001433660-18-000016 Submitted to the SEC: Fri May 04 2018 3:40:51 PM EST Accepted by the SEC: Fri May 04 2018 Period: Saturday, March 31, 2018 Industry: Special Industry Machinery No Metalworking Machinery