Revenue during the quarter grew 28.98 percent to $344.50 million from $267.10 million in the previous year period. Gross margin for the quarter contracted 42 basis points over the previous year period to 28.33 percent. Total expenses were 94.05 percent of quarterly revenues, down from 96.37 percent for the same period last year. This has led to an improvement of 232 basis points in operating margin to 5.95 percent.

Operating income for the quarter was $20.50 million, compared with $9.70 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $33.10 million compared with $25.50 million in the prior year period. At the same time, adjusted EBITDA margin improved 6 basis points in the quarter to 9.61 percent from 9.55 percent in the last year period.

"Our first quarter performance reflected strong customer activity and healthy business conditions," said Tom Giacomini, chairman, president and chief executive officer.

For financial year 2017, JBT Corporation projects revenue to grow in the range of 4 percent to 6 percent. The company forecasts diluted earnings per share from continuing operations to be in the range of $2.95 to $3.10.

For the second-quarter 2017, JBT Corporation expects revenue to be $380 million. The company projects diluted earnings per share from continuing operations to be $0.50.

Operating cash flow improves significantly
JBT Corporation has generated cash of $23.80 million from operating activities during the quarter, up 11,800 percent or $23.60 million, when compared with the last year period.

The company has spent $68.40 million cash to meet investing activities during the quarter as against cash outgo of $14.20 million in the last year period.

Cash flow from financing activities was $53.50 million for the quarter, up 381.98 percent or $42.40 million, when compared with the last year period.

Cash and cash equivalents stood at $42.90 million as on Mar. 31, 2017, up 19.17 percent or $6.90 million from $36 million on Mar. 31, 2016.