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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)

$ millionFY2019FY2018FY2017On the yearLast 8 years
Revenue1,9461,9201,635+1.4%
Cost of revenue1,3481,3821,164-2.5%
Gross profit264234190+12.8%
Gross margin13.5%12.2%11.6%
Research and development28.526.928.7+5.9%
Selling, general and administrative396347325+14.3%
Operating income188144144+30.9%
Operating margin9.7%7.5%8.8%
Interest expense18.813.913.6+35.3%
Pre-tax income167129132+29.4%
Income tax37.624.650.1+52.8%
Effective tax rate22.5%19.1%37.9%
Net income12910480.5+23.9%
Net margin6.6%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

$ millionFY2019FY2018FY2017On the yearLast 8 years
Operating cash flow110154105-28.4%
Capital expenditure37.939.837.9-4.8%
Free cash flow72.311466.7-36.6%
Free cash flow margin3.7%5.9%4.1%
Cash from investing-402-94.4-140
Cash from financing288-48.334.7
Depreciation and amortisation65.657.751.7+13.7%
Share-based compensation9.49.79.0-3.1%
Buybacks0.020.05.0
Dividends paid12.713.112.7-3.1%
Dividend per share$0.40$0.40$0.400.0%
Diluted shares, weighted32m32m32m-0.6%
Shares outstanding at period end32m32m32m+0.5%

Balance sheet

$ millionFY2019FY2018FY2017On the yearLast 8 years
Shareholders' equity570457442+24.6%
Debt698387383+80.4%
Operating lease liabilities22.3n/an/a
Other liabilities625598566+4.4%
Total liabilities and equity1,9151,4421,391+32.7%
Fixed assets266240233+10.8%
Goodwill529321302+64.6%
Intangible assets326214217+52.4%
Cash and equivalents39.543.034.0-8.1%
Receivables289253226+14.0%
Inventory245206190+18.9%
Other assets221165190+34.0%
Total assets1,9151,4421,391+32.7%

10-K for the year ended 31 December 2019, filed 2 March 2020: the filing.