Tuesday, global technology solutions provider, John Bean Technologies Corp. (JBT), reported an increase in profit for the fourth quarter as revenues rose 5% mainly due to sales growth in JBT FoodTech segment.
The Chicago, Illinois-based company's net income slightly increased to $10.7 million or $0.37 per share from $10.1 million or $0.36 per share in the year-ago period.
Income from continuing operations rose to $10.6 million from $10.3 million in the comparable quarter last year. Earnings per share from continuing operations for the quarter was $0.37, flat compared to the prior-year quarter.
In the current quarter, the company incurred restructuring charges of $0.4 million to continue to reduce costs and recorded a $1.4 million loss reserve related to product liability litigation in Tunisia. Additionally, the company reported a lower tax rate in the quarter due to recognition of international withholding tax credits and certain deferred tax assets amounting to $1.1 million associated with a foreign subsidiary.
On average,six analysts polled by Thomson Reuters expect the company to report profit of $0.33 per share for the quarter. Analysts' estimates typically exclude one-time items.
Fourth quarter revenue was $246 million, a 5% increase from $234.5 million in the prior-year quarter. Analysts had a consensus revenue estimate of $224.05 million for the quarter. JBT FoodTech's revenue for the quarter was $161.4 million, up 21% from $132.9 million in the corresponding quarter last year. In constant currencies, revenue increased 13% due to strong demand for freezing equipment in Asia and shipment of two large sterilization projects in the U.S.
Revenue from JBT AeroTech was $84.8 million, down 18% from $103 million, reflecting continued weak demand for the segments ground support equipment product line from both airline and airfreight industries.
For the year 2009, the company reported net income of $32.8 million or $1.15 per share compared to $44.2 million or $1.59 per share a year-ago. Pro-forma net income for 2008, was $40.2 million or $1.45 per share. Total revenue decreased to $841.6 million from $1.03 billion in the prior year.
Street analysts estimated earnings of $1.12 per share on revenue of $816.53 million for the full year.
JBT closed Tuesday's regular trading session at $17.10, up $0.49 or 2.95% on a volume of 0.22 million shares on the NYSE.
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