JBT Marel (JBTM) FY2019 results: revenue $1.9 billion, up 1.4% on the year
JBT Marel Corp. (JBTM) reported revenue of $1.9 billion for fiscal 2019, the year ended 31 December 2019, up 1.4% on the year before. Net income was $129 million, up 23.9%, and diluted earnings per share $4.02. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2020.
Revenue
$1.9 billion
+1.4% on the year
FY2012FY2019
Operating margin
9.7%
7.5% a year earlier
FY2012FY2019
Net income
$129 million
+23.9% on the year
FY2012FY2019
Diluted EPS
$4.02
+24.5% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,946
1,920
1,635
+1.4%
Cost of revenue
1,348
1,382
1,164
-2.5%
Gross profit
264
234
190
+12.8%
Gross margin
13.5%
12.2%
11.6%
Research and development
28.5
26.9
28.7
+5.9%
Selling, general and administrative
396
347
325
+14.3%
Operating income
188
144
144
+30.9%
Operating margin
9.7%
7.5%
8.8%
Interest expense
18.8
13.9
13.6
+35.3%
Pre-tax income
167
129
132
+29.4%
Income tax
37.6
24.6
50.1
+52.8%
Effective tax rate
22.5%
19.1%
37.9%
Net income
129
104
80.5
+23.9%
Net margin
6.6%
5.4%
4.9%
Diluted EPS
$4.02
$3.23
$2.53
+24.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
110
154
105
-28.4%
Capital expenditure
37.9
39.8
37.9
-4.8%
Free cash flow
72.3
114
66.7
-36.6%
Free cash flow margin
3.7%
5.9%
4.1%
Cash from investing
-402
-94.4
-140
Cash from financing
288
-48.3
34.7
Depreciation and amortisation
65.6
57.7
51.7
+13.7%
Share-based compensation
9.4
9.7
9.0
-3.1%
Buybacks
0.0
20.0
5.0
Dividends paid
12.7
13.1
12.7
-3.1%
Dividend per share
$0.40
$0.40
$0.40
0.0%
Diluted shares, weighted
32m
32m
32m
-0.6%
Shares outstanding at period end
32m
32m
32m
+0.5%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
570
457
442
+24.6%
Debt
698
387
383
+80.4%
Operating lease liabilities
22.3
n/a
n/a
Other liabilities
625
598
566
+4.4%
Total liabilities and equity
1,915
1,442
1,391
+32.7%
Fixed assets
266
240
233
+10.8%
Goodwill
529
321
302
+64.6%
Intangible assets
326
214
217
+52.4%
Cash and equivalents
39.5
43.0
34.0
-8.1%
Receivables
289
253
226
+14.0%
Inventory
245
206
190
+18.9%
Other assets
221
165
190
+34.0%
Total assets
1,915
1,442
1,391
+32.7%
10-K for the year ended 31 December 2019, filed 2 March 2020: the filing.