JBT Corp reports Q2 inbound orders of $242.4M

JBT Corp, a global technology solutions provider to the food processing and air transportation industries, says its second quarter inbound orders of $242.4 million and backlog of $319.3 million increased from the prior year quarter by 33% and 24%, respectively.

Inbound orders matched the level achieved in the first quarter of 2010 and backlog levels increased 12% sequentially.

Revenue for the quarter was $208.3 million, down 10% from the prior year quarter.

"We are very pleased with our second quarter order activity. Inbound orders and backlog were up significantly year-over-year, indicative of the steady recovery we are seeing in many of our market segments. We are encouraged with this trend and are cautiously optimistic that our end markets will continue to improve," said Charlie Cannon, Chairman and CEO.

JBT FoodTech's second quarter revenue of $135.6 million declined 7% from the prior year quarter as higher current year demand for freezing and protein processing product lines was more than offset by unfavorable year-over-year comparisons due to the delivery of two large projects totaling $30.1 million in the second quarter of 2009.

The division's operating profit was $15.2 million, down 8% year-over-year due to the lower volume, partially offset by lower expenses from cost reduction initiatives implemented last year and the absence of restructuring charges of $0.7 million recorded in the second quarter of 2009.

Operating margin for the quarter was 11.2%.

Second quarter inbound orders of $126.8 million increased 14% or 11% in constant currencies from the prior year quarter, driven primarily by higher demand for freezing and protein processing product lines from the bakery and poultry market segments.

Inbound orders were largely unchanged from the first quarter of 2010.

Backlog of $114.6 million declined 4% but remained flat in constant currencies when compared to the prior year quarter.

Backlog declined 7% sequentially.