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The Next Level JBT Corporation 2013 Annual Report Financial Highlights

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The Next Level JBT Corporation 2013 Annual Report Financial Highlights The Next Level JBT Corporation 2013 Annual Report Financial Highlights Revenue Operating Income Return on (dollars in millions) (dollars in millions) Invested Capital $956 $917 $934 20.8% 18.2% $60.9 16.2% $53.2 $53.2 42% 45% 44% 6.6% 5.6% 5.7% ■ Total Revenue ■ Operating Income ■ Recurring Revenue1 ■ Operating Income % 2 011 2012 2013 2 011 2012 2013 2 011 2012 2013 (in millions, except per share and return on invested capital data) 2013 2012 % changes Operating Results Revenue $ 934.2 $ 917.3 1.8% Operating income $ 53.2 $ 60.9 -12.6% Income from continuing operations $ 34.0 $ 37.1 -8.4% Net income $ 33.1 $ 36.2 -8.6% Operating income as percent of revenue 5.7% 6.6% Per share of common stock Income from continuing operations per share, diluted $ 1.15 $ 1.26 -8.7% Other information Inbound orders $ 1,027.6 $ 971.9 5.7% Backlog $ 376.5 $ 283.1 33.0% Cash fl ows from continuing operating activities $ 63.1 $ 86.6 -27.1% Return on invested capital 2 18.2% 20.8% 1 Recurring revenue includes aftermarket parts and services, equipment leases and airport services. 2 Return on invested capital is defi ned as net income from continuing operations plus net after tax interest expense divided by average invested capital. Average invested capital is defi ned as the average of the beginning and ending (1) owners’ equity plus (2) long-term debt and less (3) cash and cash equivalents. JBT / 2013 / AR A new management team is now in place at JBT Corporation. Our mandate: to build upon the company’s considerable strengths and take our performance to the next level. We have reviewed our business with a fresh perspective, and we are taking actions to accelerate growth and deliver benefits from operational excellence—all while creating value for our customers. JBT / 2013 / AR Dear fellow share owners: Since JBT Corporation began its journey as an independent company in 2008—and dating back to the founding of the John Bean Spray Pump Company in 1884—this has been a company of market leaders, problem solvers and relationship builders. JBT is now in the very capable hands of a new leadership team. I’m very proud of what we achieved during my time as President and CEO of this company, and could not be more confi dent that the new team will be successful. With my Navy background, I’ve often used nautical analogies in my past messages to you. I’ll use one now: Since I took the helm of a newly independent JBT in 2008, we have successfully navigated some rough seas, including the worst recession seen in generations. The way we managed that downturn and kept sailing demonstrated clearly that JBT is a very strong ship. Our new CEO Tom Giacomini brings a new skill-set to accelerate our company’s growth and margin expansion. I worked closely with Tom over the last six months to ensure a smooth transition. During that time I was struck not only by his business acumen, but also his values and commitment to serving our investors. I am passing the helm to a solid leader. I would like to thank our great Board of Directors and all the wonderful colleagues I’ve worked with over the years, in particular my teammate Ron Mambu. I know he shares the pride I feel when I look at what we’ve accomplished as a company. We are both confi dent there are even greater levels of performance in JBT’s future. Charles H. Cannon Executive Chairman of the Board 2 JBT / 2013 / AR CEO Message Dear fellow share owners: JBT is a global industry leader in the food and aviation equipment markets. Both have positive long-term growth trajectories. The company enjoys leading Thomas W. Giacomini market positions and solid President and Chief Executive Officer financials coupled with strong recurring revenue and a healthy balance sheet. We are building on these strengths to achieve the next level of performance as we move forward. I am very pleased to have the opportunity to lead JBT. My leadership experience and background aligns well with our objective to accelerate growth and deliver benefits from operational excellence, while creating value for our customers. I have been impressed with our people, the company’s deep customer relationships and broad global reach, and JBT’s market-leading products and services capabilities. We have assembled an accomplished management team, with an excellent mix of history with the business and fresh outside perspectives, committed to taking JBT to the next level of performance. We are finalizing our strategy and look forward to sharing our approach at JBT’s first investor day in May of 2014. 3 JBT / 2013 / AR CEO Message 2013 FINANCIAL RESULTS: A SOLID BASE TO BUILD UPON expected to increase demand for our ground support equipment Our total revenue was $934 million in 2013, up 2 percent year business in the future. over year. Segment operating profi t increased as well, to $91 million for the year. This 4 percent improvement was driven We remain bullish about our prospects in Asia. To accelerate primarily by margin improvement initiatives. JBT’s progress in Asia we moved our regional headquarters to Shanghai and have strengthened the management team to FoodTech full-year revenue and segment operating profi t grew by spearhead these important growth initiatives. 4 percent and 10 percent, respectively. Both operating profi t and margin were record highs for FoodTech, with margin expanding IN A GREAT POSITION TO ACHIEVE THE NEXT LEVEL 60 basis points. JBT has great potential. The majority of our businesses are number one or two in the markets they serve, with strong AeroTech revenue was essentially fl at. Operating profi t margin recurring revenue and cash fl ow. We enjoy a solid fi nancial contracted by 60 basis points, primarily driven by unfavorable position, which supports our ability to invest behind margin product mix resulting from lower military equipment sales. expansion activities and accelerated growth, both organic and through value creating acquisitions. Full-year 2013 diluted earnings per share from continuing operations were $1.15. Excluding the impact of management Our new management team is in place. We have identifi ed succession, diluted earnings per share from continuing operations signifi cant opportunities to expand margin across the company. were fl at at $1.26. We are now in implementation mode, building our operational excellence system centered on three key areas: pricing, Operating cash fl ow was solid again at $63 million in productivity and lean initiatives delivering improved lead times, 2013, some of which we invested in operational effi ciency working capital and product quality. I am a fi rm believer, through improvement projects while also increasing our dividend experience, that operational excellence will create signifi cant by a robust 29 percent. advantage for us in the marketplace. 2013 was a good year for investors, with JBT’s stock price In 2013, JBT achieved a number of meaningful accomplishments appreciating approximately 65 percent between January 1 as I have discussed in the preceding paragraphs. None of these and December 31, 2013. accomplishments would have been possible without the hard work and dedication of our team members and I thank them for POSITIVE LONG-TERM PROSPECTS their results and their willingness to embrace all of the positive FoodTech will continue to benefi t from favorable macroeconomic change underway at JBT. trends including rising incomes and evolving diets in emerging markets, creating increased demand for processed foods. In addition, I would like to thank the Board of Directors for this An excellent example is FoodTech freezer sales in China that opportunity, and Charlie Cannon in particular for his efforts and tripled in 2013, driven by equipment sold to regional customers support in making the leadership transition seamless. This is supplying local markets. Improving North American poultry an exciting time to be associated with JBT. I am looking forward processing economics along with increased protein consumption to the rewarding journey ahead. will aid our freezing and protein processing businesses. In addition, growing demand in Asia and the Middle East for dairy Sincerely, products will continue to benefi t our in-container business. I am encouraged by AeroTech order activity in the second half of the year, refl ecting positive global trends in air transportation. Thomas W. Giacomini Signifi cant investments in airport expansion and new hubs in President and Chief Executive Offi cer the Middle East and Asia support our gate equipment business. JBT Corporation Sustained global air passenger and cargo industry profi tability is 4 JBT / 2013 / AR JBT 2013 Board of Directors Pictured (left to right): JAMES M. RINGLER THOMAS W. GIACOMINI C. MAURY DEVINE Has served as Chairman of Teradata Corporation Became the President and Chief Executive Offi cer Served in various positions within Exxon Mobil since 2007; previously held senior management of JBT Corporation as well as a member of the Corporation from 1994 to 2000 including positions with Illinois Tool Works, Inc., Premark JBT Board of Directors in September 2013. Prior President and Managing Director of Exxon Mobil International, Inc., White Consolidated Industries to joining JBT, served as Vice President of Dover Norway and Secretary of Mobil Corporation; and The Tappan Company; currently a Board Corporation and President and Chief Executive previously held positions within the U.S. Member of FMC Technologies, Inc., The Dow Offi cer of Dover Engineered Systems. Previously, Government; currently a Board Member of FMC Chemical Company, Ingredion Incorporated, and served as President and Chief Executive Offi cer Technologies, Inc.
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