JBT Corporation Reports First Quarter 2022 Results

AeroTech revenue of $113 million increased 7 percent year over year. Operating profit was $7 million. Adjusted EBITDA of $8 million declined $3 million. Adjusted EBITDA margin contracted 360 basis points to 7.1 percent, but improved 330 basis points sequentially. 

In total, consolidated JBT revenue of $469 million increased 12 percent year over year. Operating income was $31 million and net income was $26 million. Adjusted EBITDA of $54 million decreased 8 percent, and adjusted EBITDA margin declined 250 basis points to 11.5 percent. 

Diluted earnings per share from net income was $0.80 for the first quarter of 2022 compared with $0.84 for the first quarter of 2021. Adjusted earnings per share was $0.87, compared with $0.90 in the year-ago period. Included in both GAAP and adjusted earnings per share was a $0.10 gain from two discrete tax items.

JBT generated cash from operations of $39 million, which included $47 million in inventory investments to support the expected revenue growth in 2022. Free cash flow was $15 million, representing a conversion rate of 57 percent. Excluding capital expenditures of $14 million associated with the digital strategy, free cash flow conversion was approximately 110 percent. Liquidity at quarter end stood at $687 million, and the Company's leverage ratio was 2.4x net debt to trailing twelve months adjusted EBITDA. 

The Company's outlook for 2022 continues to reflect a higher level of uncertainty associated with supply chain, inflation, and labor constraints.

For the second quarter of 2022, JBT expects year over year consolidated revenue growth of 15 - 17 percent. At FoodTech, organic revenue growth is forecast to be 11 - 13 percent with acquisitions adding approximately 4 percent, which will be partially offset by approximately 2 percent foreign exchange headwind. At AeroTech, revenue growth is expected to be 20 - 25 percent.

The Company anticipates second quarter 2022 FoodTech operating margin to be 13 - 14 percent with adjusted EBITDA margin of 17.5 - 18.5 percent. AeroTech operating margin is projected to be 7.0 - 8.0 percent with adjusted EBITDA margin of 8.0 - 9.0 percent. 

Quarterly corporate expense is forecast at approximately 2.8 percent of sales with interest expense of approximately $2.5 million. The quarterly tax rate is expected to be 22 - 23 percent, excluding discrete items.

Second quarter 2022 earnings per share guidance is $1.00 - $1.15 on a GAAP basis and $1.05 - $1.20 as adjusted.

For full year 2022, JBT expects year over year FoodTech revenue growth of 15 - 18 percent. AeroTech's year over year revenue growth expectations have increased to 18 - 22 percent.

Margins are forecast to improve sequentially through the remainder of 2022. For the full year, FoodTech operating margin is estimated to be 13.75 - 14.75 percent with adjusted EBITDA margin of 18.5 - 19.5 percent. AeroTech operating margin is projected to be 8.5 - 9.5 percent with adjusted EBITDA margin of 9.5 - 10.5 percent. 

The estimated full year 2022 effective tax rate is 22 - 23 percent, excluding discrete items.

Full year 2022 earnings per share guidance is $4.70 - $5.00 on a GAAP basis and $5.00 - $5.30 as adjusted.

JBT hosted an Investor Day in New York City on March 24, 2022, introducing the Elevate 2.0 strategy. The presentation included details about our digital transformation, automation and sustainable solutions, and our portfolio strategy. We also announced JBT's vision to become a pure play food and beverage technology solutions provider. In connection with this, JBT is exploring strategic alternatives for AeroTech. A replay of the Investor Day is available on the Company's Investor Relations website at https://ir.jbtc.com/events-and-presentations/. 

On April 11, 2022, JBT published its first ESG report, outlining achievements in key areas: sustainable solutions, operations, people, diversity and inclusion, and governance. The report details how JBT is providing solutions for our customers to reduce their environmental footprint, how we strive to operate our own facilities efficiently and safely, and how we offer a workplace of choice that welcomes everyone and seeks to maximize their potential. The ESG report and supplemental information is available on the Company's ESG website at https://www.jbtc.com/about-us/esg/.

A conference call is scheduled for 10:00 a.m. ET on Wednesday, April 27, 2022, to discuss first quarter 2022 results. Participants may access the conference call through online registration at https://conferencingportals.com/event/lguQsHOL. A simultaneous webcast and audio replay of the call will be available on the Company's Investor Relations website at https://ir.jbtc.com/events-and-presentations/. 

An earnings presentation is also available on the Company's Investor Relations website at https://ir.jbtc.com/events-and-presentations/. 

JBT Corporation (NYSE: JBT) is a leading global technology solutions provider to high-value segments of the food & beverage industry with focus on proteins, liquid foods and automated system solutions. JBT designs, produces and services sophisticated products and systems for multi-national and regional customers through its FoodTech segment. JBT also sells critical equipment and services to domestic and international air transportation customers through its AeroTech segment. JBT Corporation employs approximately 6,800 people worldwide and operates sales, service, manufacturing and sourcing operations in more than 25 countries. For more information, please visit www.jbtc.com.

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond JBT's ability to control. Forward-looking statements include, among others, statements relating to the expected impact of the COVID-19 pandemic on our business and our results of operations, our plans to mitigate the impact of the pandemic, our strategic plans, our restructuring plans and expected cost savings from those plans, our liquidity and our covenant compliance. The factors that could cause our actual results to differ materially from expectations include but are not limited to the following factors: the duration of the COVID-19 pandemic and the effects of the pandemic on our ability to operate our business and facilities, on our customers, on our workforce resulting in higher labor absenteeism, on our supply chains due to extended delivery times and unavailability of required components and freight, on our cost of labor due to higher labor turnover and shortage of skilled labor and on the economy generally; fluctuations in our financial results; unanticipated delays or acceleration in our sales cycles; deterioration of economic conditions; disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business; changes to trade regulation, quotas, duties or tariffs; risks associated with acquisitions or strategic investments; fluctuations in currency exchange rates; increases in energy or raw material prices, freight costs, and inflationary pressures; changes in food consumption patterns; impacts of pandemic illnesses, food borne illnesses and diseases to various agricultural products; weather conditions and natural disasters; impact of climate change and environmental protection initiatives; our ability to comply with the laws and regulations governing our U.S. government contracts; acts of terrorism or war, including the recent conflict between Russia and Ukraine; termination or loss of major customer contracts and risks associated with fixed-price contracts, particularly during periods of high inflation; customer sourcing initiatives; competition and innovation in our industries; difficulty in implementing our business strategies, including the timing of our previously announced review of strategic alternatives for the AeroTech platform, our ability to identify or develop any strategic alternatives, execute on material aspects of such strategic alternatives, and whether we can achieve the potential benefits of such strategic alternatives. our ability to develop and introduce new or enhanced products and services and keep pace with technological developments; difficulty in developing, preserving and protecting our intellectual property or defending claims of infringement; catastrophic loss at any of our facilities and business continuity of our information systems; cyber-security risks such as network intrusion or ransomware schemes; loss of key management and other personnel; potential liability arising out of the installation or use of our systems; our ability to comply with U.S. and international laws governing our operations and industries; increases in tax liabilities; work stoppages; fluctuations in interest rates and returns on pension assets; availability of and access to financial and other resources; and other factors described under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's most recent Annual Report on Form 10-K  filed by JBT with the Securities and Exchange Commission and in any subsequently filed Form 10-Q. In addition, many of our risks and uncertainties are currently amplified by and will continue to be amplified by the COVID-19 pandemic. Given the highly fluid nature of the COVID-19 pandemic, it is not possible to predict all such risks and uncertainties. JBT cautions shareholders and prospective investors that actual results may differ materially from those indicated by the forward-looking statements. JBT undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments, subsequent events or changes in circumstances or otherwise.

We provide non-GAAP financial measures in order to increase transparency in our operating results and trends. These non-GAAP measures eliminate certain costs or benefits from, or change the calculation of, a measure as calculated under U.S. GAAP. By eliminating these items, we believe we provide a more meaningful comparison of our ongoing operating results, consistent with how management evaluates performance. Management uses these non-GAAP measures in financial and operational evaluation, planning and forecasting.

These calculations may differ from similarly-titled measures used by other companies. The non-GAAP financial measures disclosed are not intended to be used as a substitute for, nor should they be considered in isolation of, financial measures prepared in accordance with U.S. GAAP.

Investors & Media: Kedric Meredith, 312.861.6034

JBT CORPORATION
NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF DILUTED EARNINGS PER SHARE TO ADJUSTED DILUTED EARNINGS PER SHARE
(Unaudited and in millions, except per share data)
	Three Months Ended March 31,
	2022		2021
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