U.S. News

John Bean has lower 1Q profit on slow air traffic


John Bean Technologies, whose clients include food processing and air transportation companies, reported Monday that its first-quarter net income edged lower due to a slowdown in the latter sector.

The company also forecast full-year profit roughly in line with analyst expectations.

JBT said it earned $4 million, or 14 cents per share in the first quarter, compared with $4.1 million, or 15 cents per share, a year earlier.

Revenue was $169 million, flat with a year ago. Food industry business rose 7 percent, but work for air transportation companies fell 8 percent.

Analysts expected the company to earn 15 cents per share on revenue of $171.5 million.

Chairman and CEO Charlie Cannon said the order backlog was lower than usual at the start of the year, but the company saw improvement in its customers' markets and expects positive trends in ordering to continue. The company predicts earnings in the second half will surpass the year-ago figures.

The company expects to earn between $1.15 and $1.30 per share for all of 2010. Analysts were forecasting $1.25 per share.

Shares of John Bean Technologies Corp. rose $1.05, or 6.4 percent, to $17.58 in midday trading.