JBT Corp. (JBT) Tops Q1 EPS by 5c

JBT Corp. (NYSE: JBT) reported Q1 EPS of $0.58, $0.05 better than the analyst estimate of $0.53. Revenue for the quarter came in at $345 million versus the consensus estimate of $314.69 million.

First-Quarter 2017 Highlights:

• Revenue of $345 million, up 29 percent from prior year period
• Segment operating profit of $30.1 million, an increase of 10 percent
• Diluted earnings per share from continuing operations of $0.58, including a $0.19 discrete tax benefit; this compares with $0.17, or $0.34 on an adjusted basis, in the first quarter of 2016
• Inbound orders of $404 million, ahead 18 percent
• Completed a 2.3 million share equity offering, with net proceeds of $184 million

2017 Outlook

As a result of the equity offering, the Company expects higher net income, due to lower interest expense. However, with the increased share count, there will be modest EPS dilution. The Company now forecasts full-year diluted earnings per share from continuing operations of $2.95 - $3.10.

While the Company\'s operating income guidance is unchanged, it now expects slightly higher revenue growth and lower segment margins. JBT is raising its forecast for organic revenue growth to 4 to 6 percent, compared with previous guidance of 3 to 5 percent, bringing the total revenue growth forecast to 16 percent, inclusive of 11 percent growth from acquisitions. The Company also expects segment operating margin expansion of 25 to 50 basis points in 2017, compared with the previous guidance of approximately 50 basis points.

The Company estimates second quarter 2017 revenues of approximately $380 million and income from continuing operations of $0.50 per diluted share. Segment operating profit will reflect continued acquisition-related items and a similar product mix to the first quarter.

For earnings history and earnings-related data on JBT Corp. (JBT) click here.

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