JBT Q2 2023 Earnings Report
Key Takeaways
JBT Corporation reported a 9 percent increase in revenue from continuing operations to $428 million for the second quarter of 2023. Income from continuing operations increased 8 percent, and adjusted EBITDA increased 34 percent. The company completed the sale of AeroTech to Oshkosh Corporation.
Revenue from continuing operations increased 9 percent to $428 million.
Income from continuing operations increased 8 percent to $28 million, with earnings per share increasing 9 percent to $0.87.
Adjusted EBITDA from continuing operations increased 34 percent to $71 million.
Orders from continuing operations increased 13 percent to $445 million, and backlog increased 4 percent to $697 million.
JBT
JBT
Forward Guidance
JBT is introducing guidance for the third quarter 2023 and updating its full year 2023 outlook to reflect continuing operations.
Positive Outlook
- Third quarter 2023 revenue is expected to be $410 - $425 million.
- Third quarter 2023 income from continuing operations is expected to be $21 - $26 million.
- Third quarter 2023 adjusted EPS is expected to be $0.90 - $1.05.
- Full year 2023 revenue is expected to be $1,670 - $1,720 million.
- Full year 2023 adjusted EPS is expected to be $3.80 - $4.05.
Challenges Ahead
- Third quarter 2023 adjusted EBITDA includes approximately $16 million in corporate related costs.
- Third quarter 2023 interest expense is estimated to be approximately $2 million.
- Third quarter 2023 is expected to incur approximately $7 - $8 million in restructuring expense, $1 million in LIFO expense, and $1 - $2 million in M&A related costs.
- The tax rate is estimated to be 22 - 23 percent.
- Full year 2023 adjusted EBITDA includes approximately $57 - $60 million in corporate related costs.