Corporate expense in the quarter was $4.0 million, down $0.2 million from the third quarter of 2008.
Other income, net of $2.8 million was $8.6 million favorable versus the prior-year quarter due primarily to favorable foreign exchange impacts. The company hedges its foreign exchange transactions and has elected not to apply hedge accounting for a majority of its foreign currency exposures. As a result, mark-to-market gains or losses from currency fluctuations are recognized in earnings each period. During the current quarter, the company recorded $4.0 million in mark-to-market gains primarily related to JBT FoodTech operations due to the recent weakening of the U.S. dollar. In the third quarter of 2008, the company incurred foreign exchange losses of $3.1 million associated with the spin-off from FMC Technologies and a $1.4 million mark-to-market loss again primarily related to JBT FoodTech due to the significant strengthening of the U.S. dollar in the third quarter of 2008.
Cash generated from operating activities in the quarter was $5.3 million after the company funded a $12.0 million contribution to its U.S. pension plans. In September, the company announced it was freezing its U.S. defined benefit plan for non-union employees as of December 31, 2009. The company ended the quarter with debt, net of cash, of $132.8 million, unchanged from the second quarter of 2009. Net interest expense was $2.1 million in the third quarter of 2009.
The year-to-date effective tax rate from continuing operations was 33.9 percent, reflecting a slight decline from the rate reported at the end of the second quarter of 2009.
Year-to-date capital expenditures totaled $14.5 million and depreciation and amortization totaled $16.5 million.
The company is updating its full-year 2009 earnings guidance from $0.95 - $1.15 to $1.07 - $1.15 per share reflecting favorable year-to-date performance and modest improvement in JBT FoodTech's European markets.
Third Quarter Earnings Conference Call
The company will hold a conference call at 9:00 AM EST Wednesday, November 4, 2009, to discuss the third quarter 2009 results. The call can be accessed live by dialing (877) 235-3250 or (706) 643-5005 and using conference ID 31475346, or through the Investor Relations link on JBT Corporation's website at http://ir.jbtcorporation.com. A replay of the call will be available through November 11, 2009 and can be accessed by dialing (800) 642-1687 or (706) 645-9291 and referencing passcode 31475346. A rebroadcast also will available on the company's Investor Relations website.
JBT AeroTech's revenue of $83.7 million decreased 29 percent from $117.1 million in the same period of 2008, primarily driven by continued weak demand for GSE.
While JBT AeroTech's fourth quarter revenue of $84.8 million declined 18 percent, operating profit of $8.0 million improved 10 percent compared to the prior-year period.
Company expects to report a decline of $5 million in sales and $2 million in operating profit.
CHICAGO , June 12 /PRNewswire-FirstCall/ -- JBT Corporation (NYSE: JBT) today announced that the State of Hawaii awarded a $10 million contract to its JBT AeroTech business. The contract...