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Mar 31, 2022
JBT Q1 2022 Earnings Report
JBT Corporation's first quarter results were reported, demonstrating strong demand countered by supply chain and inflationary pressures.
Key Takeaways
JBT Corporation reported a 16% increase in orders year-over-year, reaching $566 million, and a record backlog of $1.1 billion, up 43% year-over-year. Revenue increased by 12% to $469 million. However, the company faced challenges from supply chain disruptions, inflation, and labor shortages, impacting productivity and margins. Diluted earnings per share were $0.80, or $0.87 as adjusted.
Orders increased 16% year-over-year to $566 million.
Revenue reached $469 million, a 12% increase year-over-year.
Record backlog grew 43% year-over-year to $1.1 billion.
Adjusted earnings per share were $0.87, compared to $0.90 in the prior year.
JBT
JBT
Forward Guidance
JBT expects year over year consolidated revenue growth of 15 - 17 percent for the second quarter of 2022. Second quarter 2022 earnings per share guidance is $1.00 - $1.15 on a GAAP basis and $1.05 - $1.20 as adjusted. For full year 2022, JBT expects year over year FoodTech revenue growth of 15 - 18 percent and AeroTech's year over year revenue growth expectations have increased to 18 - 22 percent. Full year 2022 earnings per share guidance is $4.70 - $5.00 on a GAAP basis and $5.00 - $5.30 as adjusted.
Positive Outlook
- Second quarter consolidated revenue growth of 15 - 17 percent is expected.
- FoodTech organic revenue growth is forecast to be 11 - 13 percent, with acquisitions adding approximately 4 percent.
- AeroTech revenue growth is expected to be 20 - 25 percent.
- FoodTech operating margin for the second quarter is anticipated to be 13 - 14 percent.
- AeroTech revenue growth expectations have increased to 18 - 22 percent.
Challenges Ahead
- Outlook reflects a higher level of uncertainty associated with supply chain, inflation, and labor constraints.
- Foreign exchange headwinds are expected to partially offset FoodTech revenue growth by approximately 2 percent in Q2.
- Quarterly corporate expense is forecast at approximately 2.8 percent of sales.
- Interest expense is expected to be approximately $2.5 million for the quarter.
- The quarterly tax rate is expected to be 22 - 23 percent, excluding discrete items.