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Mar 31, 2024
JBT Q1 2024 Earnings Report
JBT's financial results were reported in line with expectations, with margin improvements driven by cost savings.
Key Takeaways
JBT Corporation reported a 1% increase in revenue to $392 million for Q1 2024. Income from continuing operations increased by 33% to $23 million, with adjusted EBITDA up 6% to $57 million. The company reiterates its full-year 2024 adjusted EBITDA and adjusted EPS guidance.
Revenue increased 1 percent to $392 million.
Income from continuing operations increased 33 percent to $23 million, with EPS increasing 34 percent to $0.71.
Adjusted EBITDA increased 6 percent to $57 million, and adjusted EBITDA margin increased 60 basis points to 14.6 percent.
Adjusted earnings per share increased 39 percent to $0.85.
JBT
JBT
JBT Revenue by Segment
Revenue by Segment
JBT Segment Revenue
CapyFin.comMarel Segment Revenue
CapyFin.com Forward Guidance
For the full year 2024, JBT continues to expect solid year-over-year revenue growth and margin expansion.
Positive Outlook
- Year-over-year organic revenue growth remains 4 - 6 percent.
- Full year guidance for income from continuing operations and GAAP EPS was updated to reflect current expectations of $30 - $35 million for M&A related costs.
- An estimated $4 million net interest expense impact from the new bridge financing facility secured in anticipation of the combination with Marel.
- An expected discrete tax benefit of $8 - $9 million from tax planning actions.
- JBT continues to expect margin improvement during each sequential quarter in 2024 as market conditions are expected to improve and strategic sourcing actions flow through to the results.
Challenges Ahead
- Revenue guidance was updated to reflect current expectations for foreign exchange translation.
- Full year guidance for income from continuing operations and GAAP EPS was updated to reflect current expectations.
- M&A related costs of $30 - $35 million
- Net interest expense impact from the new bridge financing facility secured in anticipation of the combination with Marel of $4 million
- Expected tax rate remains 22 - 23 percent, which is prior to any discrete items.
Revenue & Expenses
Visualization of income flow from segment revenue to net income