0001437749-15-002847.txt : 20150218 0001437749-15-002847.hdr.sgml : 20150216 20150217163203 ACCESSION NUMBER: 0001437749-15-002847 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20150217 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150217 DATE AS OF CHANGE: 20150217 FILER: COMPANY DATA: COMPANY CONFORMED NAME: John Bean Technologies CORP CENTRAL INDEX KEY: 0001433660 STANDARD INDUSTRIAL CLASSIFICATION: SPECIAL INDUSTRY MACHINERY (NO METALWORKING MACHINERY) [3550] IRS NUMBER: 911650317 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34036 FILM NUMBER: 15623230 BUSINESS ADDRESS: STREET 1: 70 W MADISON STREET 2: SUITE 4400 CITY: CHICAGO STATE: IL ZIP: 60602 BUSINESS PHONE: 312 861-5900 MAIL ADDRESS: STREET 1: 70 W MADISON STREET 2: SUITE 4400 CITY: CHICAGO STATE: IL ZIP: 60602 8-K 1 jbtc20150217_8k.htm FORM 8-K jbtc20150217_8k.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): February 17, 2015

 

 

John Bean Technologies Corporation

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

001-34036

 

91-1650317

(State or other jurisdiction

of incorporation)

 

(Commission File Number)

 

(IRS Employer

Identification No.)

 

70 West Madison Street

Chicago, Illinois 60602

(Address of Principal executive offices, including Zip Code)

 

(312) 861-5900

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 
 

 

Item 2.02

Results of Operations and Financial Condition.

 

On February 17, 2015, John Bean Technologies Corporation (the “Company”) issued a press release announcing financial results for its fourth quarter ended December 31, 2014. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

The information, including Exhibit 99.1, furnished in this report is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Registration statements or other documents filed with the Securities and Exchange Commission shall not incorporate this information by reference, except as otherwise expressly stated in such filing.

 

Item 9.01

Financial Statements and Exhibits.

 

 

(d)

Exhibits.

 

 

 

 

Exhibit No.

  

Description

99.1

  

Press release issued February 17, 2015

 

 
2 
 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

 

 

 

 

John Bean Technologies Corporation

 

 

 

Date: February 17, 2015

 

By:

 

/s/ Megan J. Rattigan

 

 

Name

 

Megan J. Rattigan

 

 

Title

 

Vice President, Controller, and duly authorized officer

 

 EX-99.1 2 ex99-1.htm EXHIBIT 99.1 ex99-1.htm

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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JBT Corporation

Add 1

 

Fourth Quarter 2014

 

Revenue for the fourth quarter was $295.4 million, an increase of 2.5 percent from the prior-year quarter. Segment operating profit was essentially flat relative to prior year. Excluding the impact of foreign currency translation in the quarter, revenue and segment operating profit increased 5.8 percent and 1.4 percent, respectively. Corporate expense in the quarter was $10.3 million, including $3.1 million in management succession and consulting costs. Separately, the Company recorded a $2.0 million restructuring charge. Diluted earnings from continuing operations was $0.51 per share in the fourth quarter of 2014 compared with $0.46 per share in the year-ago period. Excluding restructuring charges and management succession and consulting costs, adjusted diluted earnings per share from continuing operations was $0.61 in the fourth quarter of 2014 compared to $0.54 in the year-ago period.

 

Orders and Backlog

 

For 2014, inbound orders declined 6.1 percent to $964.9 million and backlog declined 2.6 percent to $366.7 million from the year-ago period. Excluding the impact of foreign currency translation, inbound orders declined 3.1 percent, while backlog increased 1.4 percent. Though most of the businesses booked well for the year, AeroTech experienced expected difficult comparisons in 2014 following an exceptionally strong 2013. Additionally, inbound order rate comparisons were weaker in Europe and Asia. The Company remains optimistic about the demand trends in Asia and the overall order pipeline for 2015.

 

2015 Outlook

 

“We look forward to another year of solid growth and expanded profitability in 2015, tempered somewhat by the continued currency headwind,” added Giacomini. Projected revenue growth of 4 percent in 2015 reflects a 3 percent unfavorable foreign currency translation effect. The Company expects segment operating margins to expand 50 to 100 basis points, resulting from continued benefits from its restructuring actions and Next Level operational initiatives. Based on these expectations, the diluted earnings per share from continuing operations guidance for full year 2015 is $1.65 - $1.80, which includes an estimated foreign currency translation headwind of $0.10 per share.

 

 

2014 Earnings Conference Call

 

A conference call is scheduled for 10:00 a.m. ET on Wednesday, February 18, 2015 to discuss fourth quarter and full year 2014 financial results. Participants may access the conference call by dialing (877) 235-3250 or (706) 643-5005 and using conference ID 80764918, 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. ET on February 18, 2015.

 

###

  

 
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JBT Corporation

Add 2

 

JBT Corporation (NYSE: JBT) is a leading global technology solutions provider to the food processing and air transportation industries. JBT Corporation designs, manufactures, tests and services technologically sophisticated systems and products for regional and multi-national industrial food processing customers through its FoodTech segment and for domestic and international air transportation customers through its AeroTech segment. JBT Corporation employs approximately 3,500 people worldwide and operates sales, service, manufacturing and sourcing operations located in over 25 countries. For more information, please visit www.jbtcorporation.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 2013 Annual Report on Form 10-K filed by the Company 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.

  

 
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JBT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited and in millions, except per share data)

 

   

Three Months Ended

    

Twelve Months Ended

  
   

December 31,

    

December 31,

  
   

2014

    

2013

    

2014

    

2013

  
                                 

Revenue

   $ 295.4     $ 288.1     $ 984.2     $ 934.2  

Cost of sales

     219.2       218.8       723.5       701.3  
                                 

Gross profit

     76.2       69.3       260.7       232.9  
                                 

Selling, general and administrative expense

     47.3       43.7       179.3       164.3  

Research and development expense

     4.0       3.4       14.6       14.0  

Restructuring expense

     2.0       1.6       14.5       1.6  

Other (income) expense, net

     0.7       0.4       1.6       (0.2 )
                                 

Operating income

     22.2       20.2       50.7       53.2  
                                 

Net interest expense

     1.5       1.2       6.0       5.4  

Income from continuing operations before income taxes

  

20.7

   

19.0

      44.7       47.8  

Provision for income taxes

     5.6       5.3       13.9       13.8  

Income from continuing operations

     15.1       13.7       30.8       34.0  

Income (loss) from discontinued operations, net of taxes

     0.1       (0.1 )     -       (0.9 )

Net income

   $ 15.2     $ 13.6     $ 30.8     $ 33.1  
                                 

Basic earnings per share:

                                

Income from continuing operations

   $ 0.51     $ 0.47     $ 1.04     $ 1.16  

(Income) loss from discontinued operations

     0.01       -       -       (0.03 )

Net income

   $ 0.52     $ 0.47     $ 1.04     $ 1.13  
                                 

Diluted earnings per share:

                                

Income from continuing operations

   $ 0.51     $ 0.46     $ 1.03     $ 1.15  

Loss from discontinued operations

     -       -       -       (0.04 )

Net income

   $ 0.51     $ 0.46     $ 1.03     $ 1.11  
                                 

Weighted average shares outstanding

                                

Basic

     29.6       29.3       29.5       29.2  

Diluted

     29.9       29.8       29.9       29.7  

 

 
 
 

 

JBT CORPORATION

NON-GAAP FINANCIAL MEASURE

 

 

The results for the three and twelve months ended December 31, 2014 and 2013 include several items that affect the comparability of our results. These include significant expenses that are not indicative of our on-going operations as detailed in the table below:

 

   

Three Months Ended

    

Twelve Months Ended

  
   

December 31,

    

December 31,

  

(In millions)

  

2014

    

2013

    

2014

    

2013

  
                                 

Income from continuing operations as reported

   $ 15.1     $ 13.7     $ 30.8     $ 34.0  
                                 

Non-GAAP adjustments:

                                

Restructuring expense

     2.0       1.6       14.5       1.6  

Management succession costs

     3.0       1.5       6.4       2.7  

Strategy and pricing consulting

     0.1       1.0       2.4       1.0  
                                 

Impact on tax provision from Non-GAAP adjustments

     (1.9 )     (1.6 )     (7.5 )     (2.0 )
                                 

Adjusted income from continuing operations

   $ 18.3     $ 16.2     $ 46.6     $ 37.3  
                                 

(In millions, except EPS)

                                
                                 

Income from continuing operations as reported

     15.1       13.7       30.8       34.0  

Total shares and dilutive securities

     29.9       29.8       29.9       29.7  

Diluted earnings per share from continuing operations

   $ 0.51     $ 0.46     $ 1.03     $ 1.15  
                                 

Adjusted income from continuing operations

     18.3       16.2       46.6       37.3  

Total shares and dilutive securities

     29.9       29.8       29.9       29.7  

Adjusted diluted earnings per share from continuing operations

   $ 0.61     $ 0.54     $ 1.56     $ 1.26  

 

The above table contains non-GAAP financial measures, including adjusted income from continuing operations and adjusted diluted earnings per share. Adjusted income from continuing operations and adjusted diluted earnings per share are intended to provide an indication of our underlying operating results and to enhance investors’ overall understanding of our financial performance by eliminating the effects of certain items that are not comparable from one period to the next. In addition, this information is used as a basis for evaluating Company performance and for the planning and forecasting of future periods. This information is not intended to be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP.

 

 
 
 

 

JBT CORPORATION

BUSINESS SEGMENT DATA

(Unaudited and in millions)

 

   

Three Months Ended

    

Twelve Months Ended

  
   

December 31,

    

December 31,

  
   

2014

    

2013

    

2014

    

2013

  

Revenue

                                
                                 

JBT FoodTech

   $ 177.7     $ 187.3     $ 634.7     $ 611.1  

JBT AeroTech

     117.9       100.9       350.2       323.6  

Intercompany eliminations

     (0.2 )     (0.1 )     (0.7 )     (0.5 )

Total revenue

   $ 295.4     $ 288.1     $ 984.2     $ 934.2  
                                 
                                 
                                 

Income before income taxes

                                
                                 

Segment operating profit

                                

JBT FoodTech

   $ 22.3     $ 21.8     $ 72.7     $ 64.5  

JBT AeroTech

     12.2       12.9       30.0       26.8  

Total segment operating profit

     34.5       34.7       102.7       91.3  
                                 

Corporate expense (1)

     (10.3 )     (12.9 )     (37.5 )     (36.5 )

Restructuring expense

     (2.0 )     (1.6 )     (14.5 )     (1.6 )
                                 

Operating income

     22.2       20.2       50.7       53.2  
                                 

Net interest expense

     1.5       1.2       6.0       5.4  
                                 

Income from continuing operations before income taxes

   $ 20.7     $ 19.0     $ 44.7     $ 47.8  

 

(1) Corporate expense generally includes corporate staff costs, stock-based compensation, pension and other postretirement benefit expenses not related to service, LIFO adjustments, and the impact of unusual or strategic transactions not representative of segment operations.

 

 
 
 

 

JBT CORPORATION

BUSINESS SEGMENT DATA

(Unaudited and in millions)

 

   

Three Months Ended

    

Twelve Months Ended

  
   

December 31,

    

December 31,

  
   

2014

    

2013

    

2014

    

2013

  

Inbound Orders

                                
                                 

JBT FoodTech

   $ 160.5     $ 177.6     $ 612.0     $ 655.4  

JBT AeroTech

     70.7       120.8       353.6       372.7  

Other and intercompany eliminations

     (0.2 )     (0.1 )     (0.7 )     (0.5 )
                                 

Total inbound orders

   $ 231.0     $ 298.3     $ 964.9     $ 1,027.6  

 

 

   

December 31,

                  
   

2014

    

2013

                  

Order Backlog

                                
                                 

JBT FoodTech

   $ 200.5     $ 213.7                  

JBT AeroTech

     166.2       162.8                  
                                 

Total order backlog

   $ 366.7     $ 376.5                  

 

 
 
 

 

JBT CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited and in millions)

 

   

December 31,

    

December 31,

  
   

2014

    

2013

  
                 
                 

Cash and cash equivalents

   $ 33.3     $ 29.4  

Trade receivables, net

     176.2       186.4  

Inventories

     111.8       117.6  

Other current assets

     66.6       63.2  

Total current assets

     387.9       396.6  
                 

Property, plant and equipment, net

     147.6       132.7  

Other assets

     162.3       91.9  

Total assets

   $ 697.8     $ 621.2  
                 
                 

Short term debt and current portion of long-term debt

   $ 4.2     $ 6.3  

Accounts payable, trade and other

     89.5       88.1  

Advance payments and progress billings

     86.2       88.3  

Other current liabilities

     106.5       94.9  

Total current liabilities

     286.4       277.6  
                 

Long-term debt, less current portion

     173.8       94.1  

Accrued pension and other postretirement benefits, less current portion

     93.1       52.5  

Other liabilities

     25.3       42.6  
                 

Common stock and paid-in capital

     69.9       68.0  

Retained earnings

     166.4       146.5  

Accumulated other comprehensive loss

     (117.1 )     (60.1 )

Total stockholders' equity

     119.2       154.4  

Total liabilities and stockholders' equity

   $ 697.8     $ 621.2  

 

 
 
 

 

JBT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited and in millions)

 

   

Twelve Months Ended

  
   

December 31,

  
   

2014

    

2013

  
                 

Cash Flows From Operating Activities:

                

Income from continuing operations

   $ 30.8     $ 34.0  
                 

Adjustments to reconcile income to cash provided by operating activities:

                

Depreciation and amortization

     25.3       25.0  

Other

     14.0       10.4  
                 

Changes in operating assets and liabilities:

                

Trade accounts receivable, net

     9.8       0.8  

Inventories

     7.7       (9.6 )

Accounts payable, trade and other

     2.1       (1.9 )

Advance payments and progress billings

     1.4       14.1  

Other - assets and liabilities, net

     (13.1 )     (9.7 )
                 

Cash provided by continuing operating activities

     78.0       63.1  
                 

Cash required by discontinued operating activities

     (0.3 )     (1.1 )
                 

Cash Flows From Investing Activities:

                

Acquisitions, net of cash acquired

     (91.3 )     -  

Capital expenditures

     (36.7 )     (29.2 )

Other

     1.4       1.1  
                 

Cash required by investing activities

     (126.6 )     (28.1 )
                 

Cash Flows From Financing Activities:

                

Net proceeds (payments) on credit facilities

     77.9       (89.5 )

Dividends paid

     (10.7 )     (10.1 )

Purchase of stock held in treasury

     (2.8 )     (0.2 )

Other

     (2.5 )     (1.8 )
                 

Cash provided (required) by financing activities

     61.9       (101.6 )
                 

Effect of foreign exchange rate changes on cash and cash equivalents

     (9.1 )     (1.9 )
                 

Increase (decrease) in cash and cash equivalents

     3.9       (69.6 )
                 

Cash and cash equivalents, beginning of period

     29.4       99.0  
                 

Cash and cash equivalents, end of period

   $ 33.3     $ 29.4  
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