JBT Corp. (JBT) announced preliminary third quarter 2012 results. Third quarter earnings per share from continuing operations is expected to be in the range of $0.19 to $0.21, including a lower tax rate in the quarter, compared to $0.28 in the third quarter of 2011.
The company expects third quarter inbound orders to be approximately $260 million and backlog to be approximately $345 million, representing a year-over-year increase of 22 percent and 11 percent, respectively, and a sequential increase of 7 percent and 12 percent, respectively.
Third quarter revenue is expected to be approximately $205 million, a decline of 11 percent from the prior-year quarter primarily due to shifts in delivery schedules of several orders.
Analysts polled by Thomson Reuters expect the company to report earnings of $0.38 per share on revenues of $236.45 million for the third-quarter.
Consolidated operating income for the third quarter is expected to be approximately $10 million, down 28 percent from last year's third quarter. This decrease is largely attributable to almost $4 million in mark-to-market gains reported on foreign currency transactions in the third quarter of last year, relative to a small loss expected in the third quarter of this year.
The company updated its full-year 2012 earnings guidance in a range of $1.22 to $1.28 per share, as a result of lower than previously forecasted sales volume and further shifts in delivery schedules to 2013 of certain large orders. Previously, the company expected full-year earnings to be in the range of $1.35 to $1.45 per share. Analysts expect the company to report earnings of $1.39 per share for fiscal 2012.
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