JOHN BEAN TECH CORP (JBT) filed Quarterly Report for the period ended 2009-09-30.
JOHN BEAN TECHNOLOGIES CORPORATION is a leading global solutions provider to the food processing and air transportation industries. The Company designs manufactures tests and services technologically sophisticated systems and products for regional and multi-national industrial food processing customers through its JBT FoodTech segment and for domestic and international air transportation customers through its JBT AeroTech segments. John Bean Tech Corp has a market cap of $485.7 million; its shares were traded at around $17.61 with a P/E ratio of 14.5 and P/S ratio of 0.4. The dividend yield of John Bean Tech Corp stocks is 1.6%.
Highlight of Business Operations:
Our total revenue of $196.4 million represented a decrease of $60.2 million in the third quarter of 2009 compared to the same period in 2008. Both of our segments were affected by the continued challenging industry and economic conditions. JBT FoodTech revenue decreased by $22.8 million, excluding unfavorable impact of foreign currency translation of $6.0 million, primarily due to a decline in sales volume of our freezing and chilling, protein processing and in-container processing products. JBT AeroTech revenue decreased by $36.6 million primarily due to a decline in sales volume for our ground support products.
Cost of sales was $52.8 million lower in the third quarter of 2009 compared to the same period in 2008, while gross profit (revenue less cost of sales) decreased by $7.4 million in the same period. The decrease in gross profit was driven by lower sales volume, resulting in $14.3 million of lower gross profit, and unfavorable impact of foreign currency translation, resulting in $2.2 million of lower gross profits. However, gains on foreign currency transactions primarily related to derivative instruments partially offset the decrease in gross profit by $5.5 million. Additionally, profit margins improved due to a higher proportion of revenue from aftermarket parts and services resulting in $3.6 million of incremental gross profit.
JBT FoodTech s revenue of $114.0 million represented a decrease of $28.8 million in the third quarter of 2009 compared to the same period in 2008. Continued challenging economic conditions in Europe and Latin America affected sales of our JBT FoodTech products. Sales of our freezing and chilling products and protein processing products in Europe declined by $7.4 million and in Latin America by $9.7 million. Sales of our in-container processing products declined by $3.4 million due to delayed timing of shipments of orders which were shipped in the fourth quarter of 2009. Sales of our freezing and chilling products and protein processing products in North America in the ready meals market increased by $8.1 million but were mostly offset by decreases in other markets. The remaining decrease in revenue was primarily due to an unfavorable impact of foreign currency translation.
JBT FoodTech s operating profit of $10.4 million represented a decrease of $2.7 million in the third quarter of 2009 compared to the same period in 2008. Lower sales volume resulted in a decrease in profits of $7.0 million, which was partially offset by $3.3 million of higher profit margins due to a higher proportion of revenue from aftermarket parts and services and $1.0 million due to lower selling, general and administrative costs.
JBT AeroTech s revenue of $78.6 million represented a decrease of $36.6 million in the third quarter of 2009 compared to the same period in 2008. Continued weak demand for ground support products due to the global recession resulted in $24.7 million in lower sales. Lower sales of our gate equipment products resulted in a decrease in revenue of $9.1 million. Lower sales of our automated systems products resulted in a decrease in revenue of $1.9 million.
JBT AeroTech s operating profit of $5.5 million represented a decrease of $6.0 million in the third quarter of 2009 compared to the same period in 2008. Lower sales volume resulted in a decrease in profits of $7.5 million, but was partially offset by $1.0 million in lower selling costs. Lower profit margins driven by restructuring charges resulted in $0.5 million in lower profits. The remaining offset was due to lower general and administrative costs and a reduction in research and development costs.
JBT is in the portfolios of John Keeley of Keeley Fund Management.
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