Food processing and air transportation technology provider JBT (JBT 0.84%) reported third-quarter results today after the markets closed, showing that it posted net revenues of $233.5 million, a robust 14% increase from the $205.3 million in the same period in the previous year, and well ahead of the $222.8 million Capital IQ consensus estimate.
Adjusted net income came in at $7.4 million, or $0.27 per share, up 19% from $6.2 million, or $0.19 per share, in the same period in 2012. It was $0.02 per share better than the CapIQ estimates of $0.25 per share.
JBT benefited from strong new equipment sales and higher recurring revenue in both its food and aerospace divisions, but as a higher proportion of revenue came from lower-margin product lines in the quarter, gross margins declined this quarter.
The technology specialist is expecting mid-to-high single-digit percentage growth in its food tech business revenues and low-single-digit percentage revenue growth in air transportation. It lowered its earnings guidance for continuing operations, however, to a range of $1.26 to $1.32 per share from $1.32 to $1.40 per share as a result of incremental management succession plan related expenses and net losses incurred on foreign currency positions this quarter.
Shares of JBT closed trading today down 1.1%, or $0.30, to $27.29.
