John Bean Technologies Corp (JBT) has reported a 10.53 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $23.10 million, or $0.77 a share in the quarter, compared with $20.90 million, or $0.70 a share for the same period last year. On the other hand, adjusted net income from continuing operations for the quarter stood at $25.40 million, or $0.85 a share compared with $20.90 million or $0.70 a share, a year ago. Revenue during the quarter grew 14.28 percent to $405 million from $354.40 million in the previous year period. Gross margin for the quarter contracted 60 basis points over the previous year period to 28.15 percent. Total expenses were 91.53 percent of quarterly revenues, up from 91.25 percent for the same period last year. That has resulted in a contraction of 28 basis points in operating margin to 8.47 percent.
Operating income for the quarter was $34.30 million, compared with $31 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $48.50 million compared with $39.70 million in the prior year period. At the same time, adjusted EBITDA margin improved 77 basis points in the quarter to 11.98 percent from 11.20 percent in the last year period.
"We ended the year with another strong performance, delivering excellent full-year gains in revenue and profitability," said Tom Giacomini, chairman, president and chief executive officer. "And we are energized by JBT's outlook for 2017 and beyond."
For financial year 2017, John Bean Technologies Corp forecasts revenue to grow at 15 percent. It projects diluted earnings per share to be in the range of $3.05 to $3.20 for the same period.
Operating cash flow drops significantly
John Bean Technologies Corp has generated cash of $67.40 million from operating activities during the year, down 39.77 percent or $44.50 million, when compared with the last year. The company has spent $266.80 million cash to meet investing activities during the year as against cash outgo of $185.10 million in the last year.
Cash flow from financing activities was $194.90 million for the year, up 132.30 percent or $111 million, when compared with the last year.
Cash and cash equivalents stood at $33.20 million as on Dec. 31, 2016, down 10.75 percent or $4 million from $37.20 million on Dec. 31, 2015.
Working capital increases sharply
John Bean Technologies Corp has recorded an increase in the working capital over the last year. It stood at $92 million as at Dec. 31, 2016, up 113.46 percent or $48.90 million from $43.10 million on Dec. 31, 2015. Current ratio was at 1.23 as on Dec. 31, 2016, up from 1.12 on Dec. 31, 2015.
Debt increases substantially
John Bean Technologies Corp has witnessed an increase in total debt over the last one year. It stood at $498.70 million as on Dec. 31, 2016, up 76.34 percent or $215.90 million from $282.80 million on Dec. 31, 2015. Total debt was 42 percent of total assets as on Dec. 31, 2016, compared with 32.28 percent on Dec. 31, 2015. Debt to equity ratio was at 2.77 as on Dec. 31, 2016, up from 2.18 as on Dec. 31, 2015. Interest coverage ratio deteriorated to 14.29 for the quarter from 20.67 for the same period last year.
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