John Bean Technologies Corp.(JBT), a technology solutions provider for the food processing and air transportation industries, Tuesday reported a decline in second-quarter net income, which still beat estimates by a penny. The result echoed a slump in revenue. The company also reaffirmed its full-year earnings guidance.
Net income declined to $7.7 million, or 26 cents per share from $10.3 million, or 35 cents per share in the year-ago period. Income from continuing operations was $7.9 million, or 27 cents per share compared with $10.4 million, or 35 cents per share last year.
On average, 4 analysts polled by Thomson Reuters expected the company to report earnings of 26 cents per share in its second quarter. Analyst estimates typically exclude special items.
During the quarter, Net revenue came down by fifteen percent to $214.4 million from $252.5 million in the same quarter prior year.
JBT FoodTech' second-quarter revenue decreased 6 percent in constant currency to $137.5 million, while JBT AeroTech' revenue fell 20% to $77.7 million from last year.
Looking forward, the company believes the strong second quarter results and its strategic saving plans will help it reach its full-year 2012 Earnings Per Share (EPS) guidance. The company is reaffirming its full-year EPS and continues to expect it in the range of $1.35 per share to $1.45 per share. On average, 4 analysts polled by Thomson Reuters expect the company to report a full-year EPS of $1.43 per share. Analyst estimates typically exclude special items.
The higher end of the company's expectation is above Street view. John Bean also expects modest top-line and margin widening for the full-year 2012.
On Monday, John Bean Technologies closed at $14.50 on the NYSE.
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