JOHN BEAN TECH CORP (JBT, Financial) filed Quarterly Report for the period ended 2012-06-30.
John Bean Technologies Corporation has a market cap of $424.1 million; its shares were traded at around $15.94 with a P/E ratio of 11.7 and P/S ratio of 0.4. The dividend yield of John Bean Technologies Corporation stocks is 1.9%.
JBT FoodTech s revenue decreased by $16.8 million, or $8.6 million in constant currency, in the second quarter of 2012 compared to the same period in 2011. New equipment revenue decreased by $15.2 million, driven primarily by lower sales in the project-based tomato and fruit processing equipment business. In the second quarter of 2011, we completed several large projects totaling approximately $17 million, driving the unfavorable comparison. Sales of freezing and chilling products and protein processing products were relatively unchanged, as higher sales in North America, Asia-Pacific and Latin America were offset by lower sales in Europe. Recurring revenue increased by $6.4 million and partially offset the decrease in new equipment revenue. The increase in recurring revenue was driven by higher aftermarket sales of in-container processing products and higher aftermarket sales and leasing revenue from juice and fruit processing products.
JBT AeroTech s operating profit was relatively unchanged in the second quarter of 2012 compared to the same period in 2011. Lower sales volume resulted in a decrease in profit of $3.8 million. This decrease was mostly offset by higher gross profit margin across several product lines, which resulted in $1.3 million of higher profit, and a $1.4 million gain on the transfer of the French hospital AGV contracts and services. Operating profit margins increased from 7.8% to 9.7%.
JBT FoodTech s operating profit increased by $1.1 million in the six months ended June 30, 2012 compared to the same period in 2011. Operating profit margins increased from 7.5% to 8.2%. The increase in operating profit was driven by $2.4 million of higher gross profit. Higher sales volume resulted in $0.8 million of higher profit, while higher gross profit margin resulted in $1.6 million of higher profit. Gross profit margin increased as a result of the favorable impact of higher aftermarket revenue and savings from our cost reduction initiatives. General and administrative expenses were $2.0 million higher primarily as a result of consulting costs related to an operational efficiency project conducted in the first quarter. The remaining difference in operating profit was primarily due to lower research and development expenditures.
JBT AeroTech s operating profit decreased by $2.5 million in the six months ended June 30, 2012 compared to the same period in 2011. Operating profit margins decreased from 8.1% to 7.8% as a result of lower gross profit. Lower sales volume resulted in a decrease in profit of $5.1 million. Gross profit margin remained relatively flat. The decrease in profit was partially offset by a $1.4 million gain on the transfer of the French hospital AGV contracts and services.
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John Bean Technologies Corporation has a market cap of $424.1 million; its shares were traded at around $15.94 with a P/E ratio of 11.7 and P/S ratio of 0.4. The dividend yield of John Bean Technologies Corporation stocks is 1.9%.
Highlight of Business Operations:
In the second quarter of 2012, total revenue decreased by $38.1 million compared to the same period in 2011, while income from continuing operations decreased by $2.5 million. JBT FoodTech and JBT AeroTech revenue decreased approximately 11% and 20%, respectively. However, segment operating profit in both segments remained relatively unchanged as a result of higher gross profit margin driven by higher aftermarket revenue and savings from our cost reduction initiatives. Backlog at June 30, 2012 was $308.0 million, an increase of $62.0 million since December 31, 2011. Debt, net of cash, at June 30, 2012 was $104.9 million, a decrease of $26.2 million since December 31, 2011.JBT FoodTech s revenue decreased by $16.8 million, or $8.6 million in constant currency, in the second quarter of 2012 compared to the same period in 2011. New equipment revenue decreased by $15.2 million, driven primarily by lower sales in the project-based tomato and fruit processing equipment business. In the second quarter of 2011, we completed several large projects totaling approximately $17 million, driving the unfavorable comparison. Sales of freezing and chilling products and protein processing products were relatively unchanged, as higher sales in North America, Asia-Pacific and Latin America were offset by lower sales in Europe. Recurring revenue increased by $6.4 million and partially offset the decrease in new equipment revenue. The increase in recurring revenue was driven by higher aftermarket sales of in-container processing products and higher aftermarket sales and leasing revenue from juice and fruit processing products.
JBT AeroTech s operating profit was relatively unchanged in the second quarter of 2012 compared to the same period in 2011. Lower sales volume resulted in a decrease in profit of $3.8 million. This decrease was mostly offset by higher gross profit margin across several product lines, which resulted in $1.3 million of higher profit, and a $1.4 million gain on the transfer of the French hospital AGV contracts and services. Operating profit margins increased from 7.8% to 9.7%.
JBT FoodTech s operating profit increased by $1.1 million in the six months ended June 30, 2012 compared to the same period in 2011. Operating profit margins increased from 7.5% to 8.2%. The increase in operating profit was driven by $2.4 million of higher gross profit. Higher sales volume resulted in $0.8 million of higher profit, while higher gross profit margin resulted in $1.6 million of higher profit. Gross profit margin increased as a result of the favorable impact of higher aftermarket revenue and savings from our cost reduction initiatives. General and administrative expenses were $2.0 million higher primarily as a result of consulting costs related to an operational efficiency project conducted in the first quarter. The remaining difference in operating profit was primarily due to lower research and development expenditures.
JBT AeroTech s operating profit decreased by $2.5 million in the six months ended June 30, 2012 compared to the same period in 2011. Operating profit margins decreased from 8.1% to 7.8% as a result of lower gross profit. Lower sales volume resulted in a decrease in profit of $5.1 million. Gross profit margin remained relatively flat. The decrease in profit was partially offset by a $1.4 million gain on the transfer of the French hospital AGV contracts and services.
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