12 February 2014
JBT Corp. (NYSE: JBT) said it expects to report fourth quarter 2013 revenue of approximately USD290m, a decline of USD5m from the prior-year quarter.
Segment operating profit is expected to be approximately USD34m, a decline of USD2m from the prior-year period. Total corporate items, excluding net interest expense, amounted to approximately USD14m in the quarter, an increase of USD6m year over year. The increase was a direct result of management succession expenses related to the recent CEO and CFO transitions, severance charges associated with other management changes previously announced, and external consulting costs.
In addition, higher than anticipated self-insured healthcare expenses contributed to the increase in corporate items.
As a result, fourth quarter consolidated operating income is expected to be approximately USD20m, down USD9m from last year´s fourth quarter. Fourth quarter diluted earnings per share from continuing operations is expected to be in the range of USD0.44 to USD0.47, compared to a record high USD0.64 in the fourth quarter of 2012.
JBT is a leading global technology solutions provider to the food processing and air transportation industries. The company designs, manufactures, tests and services technologically sophisticated systems and products for regional and multi-national industrial food processing customers through its JBT FoodTech segment and for domestic and international air transportation customers through its JBT AeroTech segment. Its website is at www.jbtcorporation.com.