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JBT
🇺🇸 NYSE:JBTM
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Dec 31, 2022

JBT Q4 2022 Earnings Report

Reported fourth quarter and full year results, achieving double-digit revenue and earnings per share growth, driven by FoodTech and AeroTech segments.

Key Takeaways

JBT Corporation reported strong fourth-quarter results with a 20% increase in consolidated revenue and significant growth in earnings per share. The company's FoodTech segment saw revenue growth of 20%, and AeroTech revenue increased by 23%. The company is optimistic about continued growth in 2023, driven by its resilient business model, recent acquisitions, and diverse product offerings.

Consolidated revenue increased 20 percent year over year to $599 million.

Earnings per share increased to $1.17, up 18 percent year-over-year.

Adjusted earnings per share increased to $1.49, a 60 percent year-over-year increase.

Total backlog increased 5 percent year over year to $1.1 billion.

Total Revenue
$599M
Previous year: $498M
+20.4%
EPS
$1.49
Previous year: $0.92
+62.0%
Gross Profit
$167M
Previous year: $141M
+18.1%
Cash and Equivalents
$73.1M
Previous year: $78.8M
-7.2%
Free Cash Flow
$59.4M
Previous year: $190M
-68.8%
Total Assets
$2.58B
Previous year: $2.14B
+20.7%

JBT

JBT

Forward Guidance

JBT expects growth in FoodTech to be driven by its resilient business model, recent acquisitions, and diverse product offerings. AeroTech is expected to recover, with growth driven by commercial airlines and infrastructure spending. Margins at FoodTech and AeroTech are expected to increase, approaching pre-pandemic levels, and JBT anticipates another year of double-digit earnings per share growth.

Positive Outlook

  • FoodTech year-over-year revenue growth is estimated to be 5 - 9 percent for full year 2023.
  • AeroTech year-over-year revenue growth is estimated to be 10 - 13 percent for full year 2023.
  • FoodTech operating profit margin is forecast to be 13 - 14 percent for full year 2023.
  • AeroTech operating profit margin is forecast to be 11.25 - 11.75 percent for full year 2023.
  • Adjusted EPS is projected to be $5.00 - $5.50 for full year 2023.

Challenges Ahead

  • First quarter is generally the lowest quarter in a given year due to seasonality.
  • EPS in the first quarter of 2023 reflects a meaningful increase in FoodTech depreciation and amortization from acquisitions and capitalized digital investments in 2022.
  • Higher interest expense and taxes are expected in the first quarter of 2023.
  • FoodTech year-over-year revenue growth is estimated to be 4 - 7 percent for the first quarter of 2023.
  • AeroTech year-over-year revenue growth is expected to be 15 - 20 percent for the first quarter of 2023.

Company Overview

Full financial data and analysis

View JBT