JBT FoodTech Q3 revenue up 9%

JBT Foodtech Results:

JBT FoodTech's third quarter revenue of $124.8 million increased 9 percent from the prior year quarter, reflecting continued strong demand for freezing and protein processing product lines, partially offset by softness in sterilization and tomato processing equipment.

JBT FoodTech's operating profit was $11.9 million, up 14 percent year-over-year primarily due to higher sales volume, while operating margin expanded to 9.5 percent.

Third quarter inbound orders of $127.1 million increased by 2 percent from the prior year quarter and were essentially in line with the second quarter of 2010.

Backlog of $116.9 million declined 10 percent from the prior year quarter. Several large orders received in 2008 that remained in backlog at the end of third quarter 2009 impacted the year-over-year comparison. However, backlog increased 2 percent sequentially.

Overall JBT Corporation results:

Revenue for the quarter was $216.5 million, up 10 percent from the prior year quarter. Third quarter diluted earnings per share from continuing operations were $0.32, up 10 percent from $0.29 for the same period a year ago. Gross profit margin declined 150 basis points from the same period last year, primarily a function of product mix during the quarter;however, income from continuing operations before income taxes as a percent of revenue increased to 6.7 percent. Third quarter inbound orders of $239.5 million and backlog of $342.3 million increased from the prior year quarter by 19 percent and 31 percent, respectively. Inbound orders were steady sequentially versus the second quarter of 2010, while backlog levels increased 7 percent sequentially. Debt, net of cash, was $132.6 million, up $8.0 million from the second quarter of 2010 primarily due to a $10.2 million contribution to the Company's U.S. pension plan.

"We are encouraged by the steady flow of our inbound activity with orders in both our FoodTech and AeroTech segments showing continued strength. While the economic outlook remains uncertain in a number of our geographies, we believe the recovery in demand for our product lines will continue,"said Charlie Cannon, Chairman and Chief Executive Officer. "We are pleased with our third quarter results, which were led by recovery in product lines that were most significantly impacted by the recession: specifically, freezing, protein processing and ground support equipment."