John Bean Technologies (JBT) Q4 Earnings & Sales Top Estimates
Zacks Investment Research | Feb 19, 2020 09:20PM ET
John Bean Technologies Corporation (NYSE:JBT) reported adjusted earnings of $1.50 per share in fourth-quarter 2019, surpassing the Zacks Consensus Estimate of $1.39. The bottom-line figure, however, declined 10.2% from prior-year quarter figure of $1.67.
On a reported basis, the company’s earnings per share came in at $1.31 compared with the prior-year quarter’s $1.34.
The company’s revenues of $545.5 million in the reported quarter outpaced the Zacks Consensus Estimate of $530 million. Also, the top line improved 1% year over year. Acquisition growth of 9% helped offset a drop of 2% in organic sales, an unfavorable impact of foreign exchange of 1% and a 5% decline thanks to the absence of the ASC 606 transition benefit recorded in fourth-quarter 2018.
Orders in the JBT FoodTech segment increased 7.6%, year on year, to $372.1 million in the reported quarter. Orders in the JBT AeroTech segment summed $112.2 million, reflecting a year-over-year drop of 13.8%.
Backlog in the FoodTech segment edged down 1% year over year to $401.3 million. The AeroTech segment’s backlog came in at $304.6 million in the reported quarter, flat compared with the prior year quarter.
Cost and Margins
Cost of sales slid 0.3% year over year to $377.6 million in the fourth quarter. Gross profit improved 5.9% year over year to $167.9 million. Gross margin came in at 30.8% compared with the year-earlier quarter’s 29.5%.
Selling, general and administrative expenses flared up 21% year over year to $103.3 million. Adjusted operating profit fell 6.7% year over year to $69 million. Adjusted operating margin was 12.6% compared with prior-year quarter’s 13.7%.
In the reported quarter, adjusted EBITDA came in at $87.2 million, down 1.7% year over year. In the December-end quarter, AeroTech's margins expanded year over year, while margins at FoodTech declined primarily due to higher incentive compensation expense.
John Bean Technologies Corporation Price, Consensus and EPS Surprise
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