John Bean Technologies Corporation announced a 29% increase in its quarterly dividend. The company's board of directors declared its second quarter 2013 cash dividend of $0.09 per share of outstanding common stock. The dividend will be payable on June 11, 2013 to stockholders of record at the close of business on May 28, 2013.

John Bean Technologies Corporation announced unaudited earnings results for the first quarter ended March 31, 2013. For the quarter, the company announced revenue of $185.7 million compared to $204.7 million for the same period a year ago, due to lower sales across both JBT FoodTech and JBT AeroTech. Operating profit was $6.6 million compared to $7.8 million for the same period a year ago, due to a combination of lower sales and higher corporate items in the quarter. Income from continuing operations before income taxes was $27.1 million compared to $10.7 million for the same period a year ago. Income from continuing operations was $5.2 million compared to $6.2 million for the same period a year ago. Net income was $4.1 million or $0.14 per diluted share compared to $73.9 million or $013 per diluted share for the same period a year ago. Cash provided by continuing operating activities was $17.9 million compared to $16.1 million in the same period last year. Capital expenditures were $8.3 million compared to $5.2 million in the same period last year. The company for full year 2013, expected to achieve mid-to-high single digit percentage revenue growth in 2013, with revenue and earnings back-half loaded. Full year 2013 diluted earnings per share estimated to be in the range of $1.38 to $1.52. The upper end of the range reflects potential for additional revenue opportunities across some of its businesses. Driving the lower end of the range are the challenging market conditions in Europe and Middle East and the potential impact of sequestration measures on some military Loader sales. For the full year, the company continues to forecast capital expenditures of about $35 million. The increase from 2012 is driven by the planned spending on the replacement of its Lakeland, Florida manufacturing facility, which began in the first quarter. Effective income tax rate expected to be 33.5%, within its previously guided range of 33% to 34%.

John Bean Technologies Corporation, Q1 2013 Earnings Call, May 08, 2013