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Dec 31, 2023
JBT Q4 2023 Earnings Report
JBT delivered solid earnings growth and margin expansion, driven by strong operational performance and supply chain initiatives.
Key Takeaways
JBT Corporation reported a 1% increase in revenue to $445 million for Q4 2023. Income from continuing operations increased by 69% to $53 million, including an $11 million discrete tax benefit. Adjusted EBITDA rose by 18% to $81 million, with adjusted EPS increasing by 24% to $1.40.
Income from continuing operations increased 69 percent to $53 million, with earnings per share rising to $1.64.
Adjusted EBITDA increased 18 percent to $81 million, with adjusted EBITDA margin increasing 260 basis points to 18.2 percent.
Adjusted earnings per share increased 24 percent to $1.40.
Revenue increased 1 percent year over year to $445 million.
JBT
JBT
Forward Guidance
JBT expects mid-single-digit organic top line growth in 2024, driven by recurring revenue initiatives and strengthening equipment demand, including improvement in the North American poultry market in the back half of the year. Continued margin expansion is expected through supply chain and manufacturing efficiency initiatives, as well as ongoing benefits from restructuring efforts.
Positive Outlook
- Mid-single-digit organic top line growth expected.
- Recurring revenue initiatives driving growth.
- Strengthening demand environment for equipment.
- Improvement in the North American poultry market expected in the back half of the year.
- Continued margin expansion through supply chain and manufacturing efficiency initiatives.
Challenges Ahead
- M&A related costs of approximately $15 million expected in the first half of 2024.
- Restructuring costs of approximately $1 million expected in 2024.
- Typical seasonality in revenue and earnings expected in the first quarter of 2024.
- Revenue split of approximately 47 percent in the first half of 2024 with approximately 53 percent in the second half of 2024.
- Potential for additional M&A related costs in the first half of 2024.