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Sep 30, 2024
JBT Q3 2024 Earnings Report
JBT Corporation reported strong results, with revenue, adjusted EBITDA, and adjusted EPS from continuing operations reaching record quarterly levels.
Key Takeaways
JBT Corporation reported a strong third quarter in 2024, achieving double-digit year-over-year growth in revenue and adjusted EBITDA. The company's performance was driven by recovery in demand from global poultry customers and diverse end market solutions. JBT is reiterating its guidance for revenue, adjusted EBITDA, and adjusted EPS.
Revenue increased 12 percent to $454 million.
Income from continuing operations increased 23 percent to $38 million.
Adjusted EBITDA increased 23 percent to $82 million, with adjusted EBITDA margin increasing 160 basis points to 18.0 percent.
Diluted EPS increased 22 percent to $1.18, and adjusted EPS increased 35 percent to $1.50.
Forward Guidance
JBT is updating its full year 2024 guidance for income from continuing operations and GAAP EPS to account for JBT's plan to settle all outstanding obligations of its fully funded pension plan through the combination of voluntary lump sum payments and the purchase of an annuity contract. JBT is reiterating its guidance for revenue, adjusted EBITDA, and adjusted EPS.
Positive Outlook
- Revenue: $1,715 - $1,750 million
- Adjusted EBITDA: $295 - $305 million
- Adjusted EBITDA margin: 17.0 - 17.5%
- Adjusted EPS: $5.05 - $5.35
Challenges Ahead
- Income from continuing operations: $116 - $125 million
- GAAP EPS: $3.60 - $3.90
- Anticipates incurring approximately $28 - $32 million in a non-cash, pre-tax charge during the fourth quarter of 2024 related to pension plan settlement.
- The non-cash pre-tax charge will impact income from continuing operations and GAAP EPS.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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