This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

John Bean Technologies Corporation Q1 2010 Earnings Call Transcript

Now, I will turn the call over to Charlie.

Charlie Cannon

Thanks, Cindy and good morning, everyone. I will begin with a brief update of our performance for the quarter, followed by a discussion of current market conditions for our two segments, as well as our outlook for 2010. Ron will then provide more detail on our financial results.

Given the challenging conditions we faced in 2009 and the lower backlog entering the year, this was a solid quarter with revenue and EBIT results in line with our expectations recognizing that the first quarter is seasonally our weakest.

For the quarter, revenue was unchanged from last year at $169 million while EBIT declined 6% to $7.9 million. Diluted earnings per share were $0.14. On a bright note, both orders and backlog were up sequentially 25% and 35% respectively. Inbound orders also increased 29% year-over-year.

Now let me provide some color on what is driving these trends. Our business is looking up. As I communicated in early March, many of our markets were showing signs of improvement. This trend continued throughout the first quarter. We saw FoodTech inbound in Europe and North America strengthening from the low levels of 2009. Our airline and air freight customers reported improved operating results. Air travel and air freight volumes are forecasted to grow, all of which bodes well for JBT.

Now, let me turn to each of our segments. First, JBT FoodTech. Order sizes for our FoodTech product lines continue to be smaller relative to our historical standard. This was the main contributor to the year-over-year decline in first quarter backlog. However, we are starting to see slightly larger projects for line expansion as some of our customers ramp up production due to increased consumption. We are hopeful that the small ball trend I mentioned in our March year-end call may reverse as the economy improves.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
JBT $43.36 0.00%
AAPL $93.99 0.00%
FB $102.01 0.00%
GOOG $682.40 0.00%
TSLA $151.04 0.00%


Chart of I:DJI
DOW 15,973.84 +313.66 2.00%
S&P 500 1,864.78 +35.70 1.95%
NASDAQ 4,337.5120 +70.6750 1.66%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs