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JBT
🇺🇸 NYSE:JBTM
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Sep 30, 2022

JBT Q3 2022 Earnings Report

JBT Corp's Q3 2022 results were released, showing year-over-year revenue and earnings growth, driven by FoodTech and AeroTech segments, despite macroeconomic challenges.

Key Takeaways

JBT Corporation reported a 16% increase in consolidated revenue to $555 million in Q3 2022. Earnings per share increased by 18% to $1.07, and adjusted earnings per share increased by 25% to $1.27. The company completed the acquisitions of Alco and Bevcorp during the quarter.

Consolidated revenue increased by 16% year-over-year to $555 million.

Earnings per share rose to $1.07, while adjusted earnings per share reached $1.27, reflecting year-over-year increases of 18% and 25%, respectively.

Total backlog grew by 15% year-over-year, reaching $1.0 billion.

Alco and Bevcorp acquisitions were completed, expanding JBT's presence in protein processing and carbonated beverage applications.

Total Revenue
$555M
Previous year: $477M
+16.3%
EPS
$1.27
Previous year: $1.02
+24.5%
Gross Profit
$160M
Previous year: $143M
+12.1%
Cash and Equivalents
$52.6M
Previous year: $58.2M
-9.6%
Total Assets
$2.55B
Previous year: $2.04B
+25.3%

JBT

JBT

Forward Guidance

JBT updated its full year guidance to account for greater than expected foreign exchange headwinds, timing of margin progression at AeroTech, and the addition of Bevcorp. Consolidated Revenue Growth (Year over Year) is expected to be 15.75 – 16.25%. GAAP EPS is expected to be $4.05 – $4.20 and Adjusted EPS is expected to be $4.65 – $4.80.

Positive Outlook

  • FoodTech year over year revenue growth is estimated to be 13.25 - 13.75 percent, which is comprised of 12.5 - 13 percent from organic growth, approximately 6.5 percent from acquisitions, and a negative foreign exchange impact of approximately 6 percent.
  • FoodTech operating profit margin is forecast to be 13.0 - 13.3 percent, and adjusted EBITDA margin is expected to be 18 - 18.3 percent.
  • AeroTech year over year revenue growth is estimated to be 23 - 24 percent.
  • AeroTech operating profit margin is forecast to be 7.75 - 8.25 percent, and adjusted EBITDA margin is projected to be 8.5 - 9 percent.
  • Corporate expense guidance excludes approximately $8 million in M&A related costs, $7 million in LIFO expense, and $3 million in restructuring expense.

Challenges Ahead

  • greater than expected foreign exchange headwinds as a result of the strong dollar
  • timing of margin progression at AeroTech
  • negative foreign exchange impact of approximately 6 percent on FoodTech year over year revenue growth
  • The Company's net leverage ratio is currently above its target range due to the acquisitions of Alco and Bevcorp, which were completed in the third quarter.
  • The Company expects its net leverage ratio to be approximately 3.0x by year end 2022.

Company Overview

Full financial data and analysis

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