John Bean Technologies Corporation (NYSE:JBT) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
John Bean Technologies Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 11.11% to $0.30 in the quarter versus EPS of $0.27 in the year-earlier quarter.
Revenue: Rose 5.83% to $226.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: John Bean Technologies Corporation reported adjusted EPS income of $0.30 per share. By that measure, the company beat the mean analyst estimate of $0.27. It beat the average revenue estimate of $223.3 million.
Quoting Management: “Our second quarter earnings came in ahead of our expectations. The sales and margin increases in FoodTech were particularly strong. In addition, healthy order activity and improved margins in the segment are setting up FoodTech for record performance this year,” said Charlie Cannon, Chairman and Chief Executive Officer. “As expected, we saw a significant pickup in AeroTech orders in the quarter. However, customer driven delays on a couple of anticipated large project wins for passenger boarding bridges have caused projected revenue to slip into 2014, adversely impacting earnings expectations for 2013 relative to prior guidance. As a result, we are updating full year 2013 diluted earnings per share from continuing operations guidance to be in the range of $1.32 to $1.40,” concluded Cannon.
Key Stats (on next page)…
Revenue increased 22.19% from $185.7 million in the previous quarter. EPS increased 114.29% from $0.14 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $0.36 to a profit $0.38. For the current year, the average estimate is a profit of $1.46, which is the same with that ninety days ago.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)