https://assets.capyfin.com/instruments/678fdc13234e27009c5d5b47.png avatar
JBT
🇺🇸 NYSE:JBTM
View Company
OverviewEarningsDividends
•
Jun 30, 2022

JBT Q2 2022 Earnings Report

Reported an increase in revenue and earnings per share, driven by strong demand in FoodTech and AeroTech segments, but faced challenges from inflation, supply chain impacts, and foreign exchange headwinds.

Key Takeaways

JBT Corporation reported strong second-quarter results with a 14% increase in revenue to $542 million and earnings per share of $1.04 ($1.13 as adjusted). The company navigated a challenging operating environment with strong demand in FoodTech and AeroTech, while also announcing the acquisition of Bevcorp to expand its presence in the beverage processing and packaging market.

Revenue increased by 14% year over year to $542 million.

Earnings per share (EPS) was $1.04, or $1.13 as adjusted.

Total backlog increased by 25% year over year to $1.1 billion.

Signed a definitive agreement to acquire Bevcorp to expand JBT's presence in the beverage processing and packaging market.

Total Revenue
$542M
Previous year: $476M
+14.0%
EPS
$1.13
Previous year: $1.19
-5.0%
Gross Profit
$151M
Previous year: $150M
+0.9%
Cash and Equivalents
$68.1M
Previous year: $202M
-66.3%
Total Assets
$2.22B
Previous year: $1.98B
+12.4%

JBT

JBT

Forward Guidance

JBT is revising its full year 2022 guidance to reflect softening economic conditions in Europe and a higher foreign exchange headwind for FoodTech as well as a modest improvement in revenue growth at AeroTech.

Positive Outlook

  • The Company anticipates full year 2022 consolidated revenue growth of 15 - 17 percent.
  • At FoodTech, organic revenue growth is expected to be 13 - 15 percent with acquisitions adding approximately 4 percent and a foreign exchange headwind of 4 - 5 percent.
  • At AeroTech, revenue growth is forecast to be 23 - 25 percent.
  • Full year 2022 FoodTech operating margin is projected to be 13.0 - 13.75 percent with adjusted EBITDA margin of 17.5 - 18.25 percent.
  • AeroTech operating margin is forecast to be 8.5 - 9.5 percent with adjusted EBITDA margin of 9.5 - 10.5 percent.

Challenges Ahead

  • Softening economic conditions in Europe
  • A higher foreign exchange headwind for FoodTech
  • Full year corporate expense is estimated to be approximately 2.9 percent of sales, which includes $14 - $15 million associated with the digital strategy and excludes M&A-related costs and LIFO expense.
  • Interest expense is estimated to be approximately $11 million, and the projected full year tax rate is 22 - 23 percent, excluding discrete items.
  • Full year 2022 earnings per share guidance is $4.40 - $4.60 on a GAAP basis and $4.90 - $5.10 as adjusted.

Company Overview

Full financial data and analysis

View JBT