John Bean Technologies Q4 Results Miss Estimates

(RTTNews) - John Bean Technologies Corp. (JBT) reported net income for the fourth quarter of $13.6 million or $0.46 per share, compared to $18.5 million or $0.63 per share for the year-ago quarter.

Income from continuing operations for the fourth quarter was 413.7 million or $0.46 per share, compared to $19.0 million or $0.64 per share in the prior year quarter.

Excluding items, adjusted earnings per share from continuing operations was $0.54.

Revenue for the fourth quarter fell 2% to $288.1 million from $292.9 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.57 per share on revenue of $302.30 million for the fourth quarter.

The company said it is currently finalizing restructuring plans, with associated charges expected to be in the range of $10 million to $14 million to be incurred in the first quarter of 2014. The restructuring is projected to deliver between $9 million and $12 million of annualized run rate savings.

For the first quarter, the company expects revenue to increase by about 10% year-over-year. Due to an unfavorable sales mix and higher corporate expense in the quarter, earnings per share from continuing operations is expected to be slightly above breakeven. The estimate excludes restructuring charges the company plans to incur in the first quarter. Analysts currently expect the company to earn $0.15 per share on revenue growth of 4.60% for the first quarter.

For the full year 2014, the company anticipates a revenue growth in the mid-single digit range.