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Sep 30, 2023
JBT Q3 2023 Earnings Report
JBT Corporation reported strong margins and double-digit growth in orders.
Key Takeaways
JBT Corporation reported a 1% increase in revenue to $404 million. Income from continuing operations increased by 19% to $31 million, with adjusted EBITDA increasing by 9% to $66 million. Orders increased by 14% to $398 million and backlog increased by 4% to $689 million.
Income from continuing operations and EPS both increased 19 percent.
Adjusted EBITDA from continuing operations increased 9 percent.
Adjusted earnings per share from continuing operations increased 16 percent.
Backlog and orders increased 4 percent and 14 percent, respectively.
Forward Guidance
JBT is updating and narrowing its guidance for full year 2023 based on the fourth quarter outlook and year-to-date performance.
Positive Outlook
- Revenue growth (year over year) 0 - 4%
- Income from continuing operations $39 - $43 million
- Adjusted EBITDA $73 - $79 million
- Adjusted EBITDA margin 16.5 - 17.0%
- GAAP EPS $1.20 - $1.35
Challenges Ahead
- Tax rate is expected to be 22 - 23 percent, which is prior to any discrete items.
- JBT expects to incur approximately $1.5 million in restructuring costs
- JBT expects to incur approximately $1 million in LIFO expense
- JBT expects to incur approximately $0.5 million in M&A related costs.
- Interest income of approximately $2.5 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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