JBT Corporation Reports Third Quarter 2009 Results

JBT Corporation (NYSE: JBT), a leading global technology solutions provider to the food processing and air transportation industries, today reported third quarter 2009 results. 

Third quarter inbound orders of $202.1 million and backlog of $272.0 million increased sequentially from the second quarter of 2009.  Total revenue of $196.4 million for the quarter declined 23 percent from the third quarter of 2008.

Specific on the JBT FoodTech division:

JBT FoodTech's third quarter revenue of $114.0 million declined 20 percent versus the same period last year. In constant currencies, revenue was down 16 percent due to continued weakness in Western Europe and Latin America, reflecting lower order activity since the onset of the financial crisis in the latter part of 2008.

JBT FoodTech's operating profit was $10.4 million. Operating margin was 9.1 percent, largely unchanged from the same period last year.

Inbound orders totaled $129.8 million for the quarter, a decline of 6 percent from the same period a year ago and essentially flat in constant currencies. Inbound orders were 14 percent higher sequentially versus the second quarter of 2009, reflecting a slight improvement in Europe and the Middle East and continued strength in Asia Pacific.

Backlog of $141.2 million was down 6 percent from the prior-year quarter and up 13 percent sequentially from the second quarter 2009.