JBT Corporation (NYSE: JBT) has reported first quarter revenue of USD 457.7 million, an increase of 10%, compared to the prior year, the company said.
First quarter 2020 operating income was USD 43.7 million and net income was USD 29.0 million. Adjusted EBITDA expanded 28 percent to USD 65.7 million, with a 210 basis point margin improvement to 14.4 percent of sales.
FoodTech revenue increased 5 percent as 11 percent growth from acquisitions more than offset a 3 percent decline organically and a 3 percent headwind from foreign exchange translation. FoodTech operating profit margin was unchanged at 13.1 percent while adjusted EBITDA margin expanded 50 basis points to 18.2 percent.
AeroTech revenue increased 20 percent, essentially all organic. AeroTech operating profit margin increased 430 basis points to 12.5 percent while adjusted EBITDA margin expanded 400 basis points to 13.3 percent.
Diluted earnings per share from continuing operations was USD 0.90 for the first quarter of 2020 compared with USD 0.62 for the first quarter of 2019. Adjusted earnings per share was USD 1.01 compared with USD 0.77 in the year-ago period.
First quarter 2020 orders increased 2 percent year over year with a 2 percent increase at FoodTech and a 1 percent increase at AeroTech. Backlog declined 7 percent year over year with a similar decline at both FoodTech and AeroTech.
JBT is a global technology solutions provider to high-value segments of the food & beverage industry.