JBT Corporation

JBT Corporation (JBT - Snapshot Report) recently declared a third-quarter dividend of 7 cents per share, which translates into an industry-leading yield of 2%. In early August, the company posted second-quarter earnings of 37 cents per share, surpassing the Zacks Consensus Estimate by 54%.

Company Description

JBT Corporation provides technology services to the food processing and air transportation industries. The company designs, manufactures, tests and services technologically sophisticated systems and products for regional and multi-national industrial food processing customers through its JBT FoodTech segment and for domestic and international air transportation customers through its JBT AeroTech segment.

The JBT FoodTech segment offers freezer solutions for freezing food, protein processing solutions that portion, coat and cook food, in-container processing solutions and fruit processing solutions that extract, concentrate, and aseptically process different fruits.

The JBT AeroTech segment provides ground support equipment for cargo loading, aircraft deicing, and aircraft towing.

The company employs approximately 3,300 people worldwide and operates sales, service, manufacturing and sourcing operations located in over 25 countries.

Rewarding Shareholders with Competitive Income

JBT Corporation recently declared a third-quarter dividend of 7 cents per share, noting that it is payable on September 18 to shareholders of record at the close of business on August 28.

The dividend translates into an industry-leading yield of 2%.

Solid Quarterly Results

In early August, the company posted second-quarter earnings of 37 cents per share, surpassing the Zacks Consensus Estimate by 54%. Revenue slipped 17% year-over-year.

Management said it saw strong results despite a challenging economy, citing the closing of an acquisition and the company’s continued strong cash flow generation.

Looking ahead, JBT Corporation expects the operating environment will remain difficult for the second half of 2009 and possibly into 2010. As a result, the company is expecting a sequentially weaker third quarter, followed by a seasonally stronger fourth quarter.

Bullish Projections

The company sees 2009 earnings ranging between 95 cents and $1.15 per share.

Analysts polled by Zacks are calling for 2009 earnings of $1.06 per share, up 2 cents in just the past week and 13 cents above the 1 month-ago level.

For the following year, the Zacks Consensus Estimate of $1.17 per share was increased from last week’s $1.16 and last month’s $1.09.

Read the full analyst report on JBT