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Mar 31, 2023
JBT Q1 2023 Earnings Report
JBT's first quarter expectations were outperformed, driven by stronger recurring revenue and higher shipments due to improved supply chain dynamics. FoodTech experienced high customer engagement focusing on automation, sustainability, and digitalization. AeroTech achieved record orders with strong demand from infrastructure and commercial airline markets.
Key Takeaways
JBT Corporation reported a 13% increase in revenue to $530 million for the first quarter of 2023. Net income remained consistent at $26 million, while adjusted EBITDA increased by 30% to $70 million. Adjusted earnings per share increased by 7% to $0.94. The company's backlog reached $1.2 billion, with orders totaling $638 million, a 13% increase.
Revenue increased by 13 percent to $530 million.
Net income was consistent at $26 million, with earnings per share of $0.80.
Adjusted EBITDA increased 30 percent to $70 million.
Orders increased 13 percent to $638 million and backlog increased 5% to $1.2 billion.
Forward Guidance
JBT is largely reiterating its full year 2023 guidance and continues to expect that margins will approach pre-pandemic levels.
Positive Outlook
- FoodTech year-over-year revenue growth is estimated to be 5 - 10 percent for Q2 2023.
- FoodTech operating profit margin is forecast to be 12.5 - 13.25 percent for Q2 2023.
- FoodTech adjusted EBITDA margin is projected to be 18.0 - 18.75 percent for Q2 2023.
- AeroTech year-over-year revenue growth is expected to be 4 - 7 percent for Q2 2023.
- AeroTech operating profit margin is forecast to be 10 - 11 percent for Q2 2023.
Challenges Ahead
- Corporate expense is estimated to be approximately 2.7 percent of sales for Q2 2023, which excludes approximately $2 - $3 million in M&A related costs, $2 million in LIFO expense, and $3 million in restructuring expense.
- Approximately $4 million of restructuring expense related to FoodTech for the full year 2023.
- Corporate expense is forecast to be approximately 2.7 percent of sales for the full year 2023, which excludes approximately $8 million in M&A related costs, $8 - $9 million in LIFO expense, and $4 million in restructuring expense.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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