Exhibit 99.1

 

 

News Release

 

JBT Corporation

70 W. Madison

Suite 4400

 

For Release: Immediate  

 

 

 

Investors & Media:

Debarshi Sengupta 

+1 312 861 6933 

 

JBT Corporation Reports Record Segment Operating Profit for 2014 and Provides Guidance for 2015

 

Highlights:

 

 

o

Full-year 2014 revenue of $984 million, up 5 percent from 2013

 

 

o

Record segment operating profit of $103 million, up 12 percent from 2013

 

 

o

Diluted earnings per share from continuing operations of $1.03 vs. $1.15 in 2013

 

 

o

Adjusted diluted earnings per share from continuing operations of $1.56 vs. $1.26 in 2013

 

 

o

Full-year 2015 diluted earnings per share guidance of $1.65 - $1.80, including an estimated foreign currency translation headwind of $0.10 per share

 

 

CHICAGO, February 17, 2015—John Bean Technologies Corporation (NYSE: JBT), a leading global technology solutions provider to the food processing and air transportation industries, today reported results for the fourth quarter and full year 2014.

 

Revenue for 2014 was $984.2 million, an increase of 5.4 percent versus 2013. Segment operating profit increased 12.5 percent, driven by margin expansion and operating leverage. Excluding the impact of foreign currency translation, revenue and segment operating profit increased 6.9 percent and 13.9 percent, respectively. Corporate expense for the year was $37.5 million including $8.8 million in management succession and consulting costs. In addition, the Company recorded $14.5 million of restructuring charges for the year.

 

Diluted earnings from continuing operations was $1.03 per share in 2014 compared to $1.15 per share in 2013. Excluding restructuring charges and management succession and consulting costs, adjusted diluted earnings per share from continuing operations increased 24 percent to $1.56 compared to $1.26 in 2013.       

 

“2014 was a year of transformation for JBT and we are ahead of schedule toward meeting our 2017 Next Level strategic goals,” said Tom Giacomini, Chairman, President and Chief Executive Officer. “At the same time, we posted solid growth in 2014 and captured margin improvement from our organization simplification, strategic pricing initiatives, and the expansion of our aftermarket business. The three acquisitions we completed in 2014 strengthen our protein processing and liquid food portfolios in alignment with our strategy.”

  

 
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The following information was filed by John Bean Technologies Corp (JBT) on Tuesday, February 17, 2015 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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