Exhibit 99.1

 

 

 

News Release

 

 

JBT Corporation

70 W. Madison Suite 4400

Chicago, IL 60602

 


For Release: Immediate


Investors:

Debarshi Sengupta

+1 312. 861.6933

Media:

Jeff Miller 

+1 312. 861.6461


 

JBT Corporation Reports Fourth Quarter 2012 Results


 

Fourth Quarter Highlights (Continuing Operations):

 

o

Record fourth quarter revenue of $293 million, operating income of $29 million, and diluted earnings per share from continuing operations of $0.64

 

o

Inbound orders of $232 million and backlog of $283 million, a year-over-year increase of 12 percent and 15 percent, respectively

 

o

Repurchased nearly $4 million of common stock

 

Full year 2012 Highlights (Continuing Operations):

 

o

JBT FoodTech segment operating profit margin of almost 10 percent, up 190 basis points year-over-year

 

o

Record JBT AeroTech segment operating profit margin of over 9 percent, up 50 basis points year-over-year

 

o

Diluted earnings per share from continuing operations of $1.26

 

o

Record cash flow from operating activities of $87 million, resulting in debt, net of cash, of $92 million at year-end

 

o

Replaced existing revolving credit facility with a new $300 million, 5-year facility


 

CHICAGO, March 6, 2013—JBT Corporation

(NYSE: JBT), a leading global technology solutions provider to the food processing and air transportation industries, today reported fourth quarter and full year 2012 results.   


Revenue for the fourth quarter was a record high of $293 million, an increase of 8 percent from the prior year quarter. This increase was largely driven by record fourth quarter revenue in JBT FoodTech. Gross profit margin of 26 percent expanded 150 basis points, resulting primarily from margin improvement initiatives executed earlier in the year. The gross profit margin expansion in turn drove record operating income of $28.8 million, compared to $12.2 million operating income, net of $10.3 million in restructuring charges, in the prior year period. Fourth quarter 2012 diluted earnings per share from continuing operations was $0.64, also a record high. This compares to fourth quarter 2011 diluted earnings per share from continuing operations of $0.25, net of $0.23 per diluted share in restructuring charges. Fourth quarter inbound orders of $232.2 million and backlog of $283.1 million increased 12 percent and 15 percent, respectively, over the same period last year. Year-end backlog was up 24 percent from the prior year level after excluding $17.5 million of backlog associated with two contracts with the U.S. Air Force that had been cancelled, as discussed in the Company’s third quarter 2012 earnings call.

 

 
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The following information was filed by John Bean Technologies Corp (JBT) on Wednesday, March 6, 2013 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.

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