Diluted earnings per share of $1.30 up 13 percent year-over-year
Revenue of $880 million up 5 percent from 2009
Debt, net of cash, of $133.4 million at year end
CHICAGO, March 1, 2011—JBT Corporation (NYSE: JBT), a leading global technology solutions provider to the food processing and air transportation industries, today reported fourth quarter 2010 results.
Revenue for the quarter was $286.6 million, up 17 percent from the prior-year quarter. Gross profit margin increased 100 basis points to 25.6 percent from the same period last year. Fourth quarter diluted earnings per share from continuing operations were $0.56, up 51 percent from $0.37 for the same period a year ago. During the quarter, the Company benefitted from $2.0 million in lower LIFO reserves due to lower inventory levels and less inflation than previously assumed. Additionally, the Company recorded restructuring charges of $2.8 million in connection with its initiatives to continue to reduce operating costs. The net impact of these two items was a reduction of $0.02 in diluted earnings per share. Operating income as a percent of revenue increased 280 basis points in the fourth quarter to 9.9 percent, driven primarily by improved profitability from higher volume. Fourth quarter inbound orders of $231.1 million and backlog of $286.8 million increased from the prior-year quarter by 19 percent and 36 percent, respectively. Debt, net of cash, was $133.4 million at quarter end, essentially unchanged from the third quarter of 2010.
Full-year revenue of $880.4 million was up five percent versus 2009. Gross profit margin of 26.2 percent was flat versus 2009. The Company recorded $3.7 million in restructuring charges during 2010 versus $3.9 million in 2009. Operating income as a percent of revenue increased 70 basis points to 7.6 percent. Full-year operating income was $67.1 million, up 16 percent from last year. Full-year diluted earnings per share from continuing operations were $1.30, a 13 percent increase compared to 2009.
The following information was filed by John Bean Technologies Corp (JBT) on Wednesday, March 2, 2011 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate John Bean Technologies Corp's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed, and by John Bean Technologies Corp.
Ticker: JBT CIK: 1433660 Form Type:10-K Annual Report Accession Number: 0001437749-11-001273 Submitted to the SEC: Thu Mar 03 2011 4:03:11 PM EST Accepted by the SEC: Thu Mar 03 2011 Period: Friday, December 31, 2010 Industry: Special Industry Machinery No Metalworking Machinery