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JBT
🇺🇸 NYSE:JBTM
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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.

Total Revenue
$392M
Previous year: $530M
-25.9%
EPS
$0.85
Previous year: $0.94
-9.6%
Gross Profit
$140M
Previous year: $158M
-11.4%
Cash and Equivalents
$479M
Previous year: $45.7M
+948.1%
Free Cash Flow
$700K
Previous year: $4M
-82.5%
Total Assets
$2.69B
Previous year: $2.58B
+4.3%

JBT

JBT

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.

Company Overview

Full financial data and analysis

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