JBT Marel (JBTM) FY2020 results: revenue $1.7 billion, down 11.2% on the year
JBT Marel Corp. (JBTM) reported revenue of $1.7 billion for fiscal 2020, the year ended 31 December 2020, down 11.2% on the year before. Net income was $109 million, down 15.7%, and diluted earnings per share $3.39. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$1.7 billion
-11.2% on the year
FY2013FY2020
Operating margin
9.4%
9.7% a year earlier
FY2013FY2020
Net income
$109 million
-15.7% on the year
FY2013FY2020
Diluted EPS
$3.39
-15.7% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,728
1,946
1,920
-11.2%
Cost of revenue
1,194
1,348
1,382
-11.4%
Gross profit
224
264
234
-15.2%
Gross margin
12.9%
13.5%
12.2%
Research and development
29.3
28.5
26.9
+2.8%
Selling, general and administrative
358
396
347
-9.6%
Operating income
163
188
144
-13.3%
Operating margin
9.4%
9.7%
7.5%
Interest expense
13.9
18.8
13.9
-26.1%
Pre-tax income
146
167
129
-12.8%
Income tax
36.7
37.6
24.6
-2.4%
Effective tax rate
25.2%
22.5%
19.1%
Net income
109
129
104
-15.7%
Net margin
6.3%
6.6%
5.4%
Diluted EPS
$3.39
$4.02
$3.23
-15.7%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
252
110
154
+128.7%
Capital expenditure
34.3
37.9
39.8
-9.5%
Free cash flow
218
72.3
114
+201.1%
Free cash flow margin
12.6%
3.7%
5.9%
Cash from investing
-37.3
-402
-94.4
Cash from financing
-207
288
-48.3
Depreciation and amortisation
71.8
65.6
57.7
+9.5%
Share-based compensation
1.9
9.4
9.7
-79.8%
Buybacks
0.0
0.0
20.0
Dividends paid
12.8
12.7
13.1
+0.8%
Dividend per share
$0.40
$0.40
$0.40
0.0%
Diluted shares, weighted
32m
32m
32m
+0.3%
Shares outstanding at period end
32m
32m
32m
+0.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
672
570
457
+18.1%
Debt
522
698
387
-25.2%
Operating lease liabilities
19.7
22.3
n/a
-11.7%
Other liabilities
591
625
598
-5.4%
Total liabilities and equity
1,806
1,915
1,442
-5.7%
Fixed assets
268
266
240
+0.9%
Goodwill
506
529
321
-4.4%
Intangible assets
299
326
214
-8.2%
Cash and equivalents
47.5
39.5
43.0
+20.3%
Receivables
236
289
253
-18.3%
Inventory
197
245
206
-19.5%
Other assets
252
221
165
+14.1%
Total assets
1,806
1,915
1,442
-5.7%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.