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Jun 30, 2024
JBT Q2 2024 Earnings Report
JBT's second quarter results were impacted by a shortfall in revenue, partially offset by sequential improvements in revenue and adjusted EBITDA.
Key Takeaways
JBT Corporation reported second quarter 2024 results with strong orders of $437 million. Revenue was $402 million, a decrease of 6 percent year over year. Income from continuing operations increased 8 percent to $31 million, with earnings per share of $0.95 and adjusted earnings per share of $1.05, both increasing 8 percent.
Strong orders of $437 million, just below all-time record.
Revenue of $402 million decreased 6 percent; expect full year revenue growth of 3 - 5%.
Income from continuing operations of $31 million and earnings per share of $0.95 increased 8 percent and 7 percent, respectively.
Adjusted earnings per share of $1.05 increased 8 percent.
JBT
JBT
Forward Guidance
JBT updated its year-over-year revenue growth guidance to 3 to 5 percent. The Company narrowed its full year 2024 guidance for adjusted EBITDA and EPS. The Company is maintaining its adjusted EBITDA margin forecast and is expecting margins to improve sequentially in both the third and fourth quarter of 2024.
Positive Outlook
- Expecting margins to improve sequentially in both the third and fourth quarter of 2024.
Challenges Ahead
- Year-to-date performance impacted revenue growth guidance.
- Now expects to incur approximately $40 million in pre-closing M&A costs related to the combination with Marel.