JBT reports 17% decline in Q2 2020 revenue

JBT Corporation (NYSE: JBT) has reported a 17% decline in year-over-year second quarter 2020 revenue of USD 412 million, the company said.

The company reported a 20% decline organically and a 2% headwind from foreign exchange translation, somewhat offset by 5% growth from acquisitions.

Operating income in the second quarter of 2020 was USD 48 million and net income was USD 33 million. Adjusted EBITDA of USD 68 million declined 12% year-over-year while adjusted EBITDA margin expanded 80 basis points to 16.6%.

Diluted earnings per share from continuing operations was USD 1.01 for the second quarter of 2020 compared with USD 1.06 for the second quarter of 2019. Adjusted earnings per share was USD 1.09 compared with USD 1.42 in the year-ago period.

Second quarter 2020 orders declined 26% year over year with declines of 15% at FoodTech and 49% at AeroTech. Backlog declined 16% year over year.

JBT generated USD 101 million in cash from operations, or free cash flow of USD 87 million, in the first half of 2020. Liquidity at the end of the quarter, which includes cash plus borrowing capacity, stood at USD 414 million with a leverage ratio of 2.2x net debt to EBITDA, as defined in the company´s credit agreement.

In the third quarter of 2020, the company expects to take restructuring and other charges totaling USD 8 – USD 9 million associated with manufacturing capacity rationalizations at FoodTech and AeroTech.

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.