Technology solutions provider JBT Corporation (NYSE: JBT), serving the food & beverage industry, has reported second quarter 2019 revenue of USD 493.3 million, the company said.
Second quarter 2019 revenue was essentially flat year over year, consisting of 4 percent organic growth and 5 percent from acquisitions, offset by a 2 percent headwind from foreign exchange translation and a 6 percent decline attributable to the absence of the ASC 606 transition benefit recorded in the second quarter of 2018.
Operating income was USD 47.0 million in the second quarter of 2019, including restructuring expense of USD 4.3 million and M&A costs of USD 10.8 million. Net income for the period was USD 33.7 million. Adjusted EBITDA expanded 17 percent to USD 77.7 million, with a 230 basis point margin improvement to 15.8 percent.
Second quarter 2019 orders declined 12 percent from the year-ago period at both FoodTech and AeroTech. Backlog was flat compared with the second quarter of 2018.
In the second quarter of 2019, JBT recorded restructuring charges of USD 4.3 million as part of the previously announced, companywide program to reshape operations.
For the third quarter of 2019, JBT projects revenue of USD 500 million – USD 510 million. The company expects diluted earnings per share from continuing operations of USD 0.90 – USD 0.95 or USD 1.05 – USD 1.10 on an adjusted basis.
JBT Corporation (NYSE: JBT) is a global technology solutions provider to high-value segments of the food & beverage industry with focus on proteins, liquid foods and automated system solutions. JBT designs, produces and services sophisticated products and systems for multi-national and regional customers through its FoodTech segment. JBT also sells critical equipment and services to domestic and international air transportation customers through its AeroTech segment.