JBT Beats on the Top and Bottom Line
Oct 30th 2013 10:22PM
Updated Oct 30th 2013 10:24PM
Food processing and air transportation technology provider JBT reported third-quarter results today after the markets closed, showing that it posted net revenues of $233.5 million, a robust 14% increase from the $205.3 million in the same period in the previous year, and well ahead of the $222.8 million Capital IQ consensus estimate.
Adjusted net income came in at $7.4 million, or $0.27 per share, up 19% from $6.2 million, or $0.19 per share, in the same period in 2012. It was $0.02 per share better than the CapIQ estimates of $0.25 per share.
JBT benefited from strong new equipment sales and higher recurring revenue in both its food and aerospace divisions, but as a higher proportion of revenue came from lower-margin product lines in the quarter, gross margins declined this quarter.
The technology specialist is expecting mid-to-high single-digit percentage growth in its food tech business revenues and low-single-digit percentage revenue growth in air transportation. It lowered its earnings guidance for continuing operations, however, to a range of $1.26 to $1.32 per share from $1.32 to $1.40 per share as a result of incremental management succession plan related expenses and net losses incurred on foreign currency positions this quarter.
Shares of JBT closed trading today down 1.1%, or $0.30, to $27.29.
The article JBT Beats on the Top and Bottom Line originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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