Monday, John Bean Technologies Corp. (JBT), a global technology solutions provider, reported a 28% decline in earnings for the second quarter as revenues declined 17% hurt by challenging global economic environment. The company also provided forecast for fiscal 2009.
Net income for the quarter declined 28% to $9.7 million or $0.34 per share from $13 million or $0.47 per share in the same period last year. Restructuring charges and negative translation impact from the stronger U.S. dollar accounted for $0.07 of the decline.
Earnings from continuing operations for the quarter were $9.7 million or $0.34 per share, down from $11.3 million or $0.41 share from the prior year period. On average, six analysts polled by Thomson Reuters expected the company to earn $0.24 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter were $230.2 million, down 17% from $276.8 million in the corresponding period last year and 11% on constant currency basis. Three analysts expected the company to report revenue of $205.03 million for the quarter.
JBT FoodTech's revenue decreased 8% to $145.5 million from $158.5 million in the same period last year primarily due to generally stronger U.S. dollar exchange rates than in the prior-year quarter.
JBT AeroTech's revenue was $83.7 million, down 29% from $117.1 million in the same period last year primarily due to continued weak demand for ground support equipment as a result of lower passenger and freight traffic in the airline and airfreight industries.
Charlie Cannon, chairman and chief executive officer, said, "we expect the operating environment will remain difficult for the second half of 2009 and possibly into 2010. As a result, we are currently expecting a sequentially weaker third quarter, followed by a seasonally stronger fourth quarter."
Looking forward, the company expects 2009 earnings per share to be in the range of $0.95-$1.15 compared to Street analysts' current estimate of $0.93 per share.
JBT said that the lower end of the range assumes no pickup in demand for either JBT AeroTech ground support equipment or JBT FoodTech European and Latin American markets. The upper end of the range assumes a modest seasonal recovery in demand for JBT AeroTech ground support equipment and improvement in the European market for JBT FoodTech product lines.
JBT rose $0.77 or 5.56% and closed Monday's regular trading session at $14.63. After hours, JBT rose further $0.22 or 1.50% and traded at $14.85.
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