Revenue during the quarter grew 27.92 percent to $349.60 million from $273.30 million in the previous year period. Gross margin for the quarter contracted 96 basis points over the previous year period to 26.92 percent. Total expenses were 91.56 percent of quarterly revenues, down from 92.28 percent for the same period last year. This has led to an improvement of 72 basis points in operating margin to 8.44 percent.

Operating income for the quarter was $29.50 million, compared with $21.10 million in the previous year period.

However, the adjusted operating income for the quarter stood at $20.80 million compared to $12.70 million in the prior year period. At the same time, adjusted operating margin improved 130 basis points in the quarter to 5.95 percent from 4.65 percent in the last year period.

“We are very pleased to report another quarter of robust earnings growth and expanded profitability,” said Tom Giacomini, Chairman, President and Chief Executive Officer. “Our investments in the business, including selective strategic acquisitions, have made us a stronger equipment and service provider, deepening relationships with our customers.”

For fiscal year 2016, the company expects diluted earnings per share to be in the range of $2.05 to $2.15. For fiscal year 2016, the company expects diluted earnings per share to be in the range of $2.30 to $2.40 on adjusted basis.

The company has spent $26.20 million cash to meet investing activities during the nine month period as against cash outgo of $74.50 million in the last year period.

Cash flow from financing activities was $8 million for the nine month period, down 78.49 percent or $29.20 million, when compared with the last year period.

Cash and cash equivalents stood at $47.90 million as on Sep. 30, 2016, up 26.39 percent or $10 million from $37.90 million on Sep. 30, 2015.

Working capital increases
John Bean Technologies Corporation has recorded an increase in the working capital over the last year. It stood at $81.90 million as at Sep. 30, 2016, up 9.79 percent or $7.30 million from $74.60 million on Sep. 30, 2015. Current ratio was at 1.21 as on Sep. 30, 2016, down from 1.23 on Sep. 30, 2015.

Cash conversion cycle (CCC) has decreased to 40 days for the quarter from 71 days for the last year period. Days sales outstanding went down to 53 days for the quarter compared with 58 days for the same period last year.

Days inventory outstanding has decreased to 26 days for the quarter compared with 61 days for the previous year period. At the same time, days payable outstanding went down to 39 days for the quarter from 48 for the same period last year.