JBT Corporation Reports Third Quarter 2022 Results

CHICAGO, Oct. 26, 2022

• Consolidated revenue of $555 million, representing a 16 percent increase year over year
• Earnings per share of $1.07 and adjusted earnings per share of $1.27, which represent a year over year increase of 18 percent and 25 percent, respectively
• Total backlog of $1.0 billion increased 15 percent year over year
• Completed Alco and Bevcorp acquisitions, expanding JBT's presence in protein processing and carbonated beverage applications, respectively

CHICAGO, Oct. 26, 2022  /PRNewswire/ -- JBT Corporation (NYSE: JBT), a leading global technology solutions provider to high-value segments of the food & beverage industry, today reported results for the third quarter of 2022.

"In the third quarter, we delivered sequential improvement in revenue and margins for both FoodTech and AeroTech despite the continued challenging operating environment," said Brian Deck, President and Chief Executive Officer. "At the same time, the uncertainty associated with global macroeconomic conditions impacted our customers' timeline to invest in food and beverage processing equipment during the third quarter. Nevertheless, we believe that JBT remains well-positioned given the resiliency of our recurring revenue and our core technologies, which provide critical support for yield, uptime, automation, and sustainability within the highly attractive food and beverage markets."

Comparisons in this news release are to the comparable period of the prior year, unless otherwise noted.

Third Quarter 2022 Results

"As we anticipated, our third quarter results improved both sequentially and year over year," said Matt Meister, Executive Vice President and Chief Financial Officer. "We are encouraged by the meaningful progress we made in margins and price cost realization, especially at FoodTech, even as our businesses navigated supply chain constraints and inflationary pressures."

	Summary of Third Quarter 2022 Results ARIVA.DE Börsen-Geflüster Kurse John Bean Technologies 90,40 $ 0,00%
	FoodTech		AeroTech		Total JBT
Total Revenue Growth (Year over Year)	11.1 %		32.4 %		16.3 %
Operating Profit Margin	14.4 %		7.4 %		8.3 %
Adjusted EBITDA Margin(1)	19.3 %		8.2 %		13.4 %
(1) Non-GAAP figure. Please see supplemental schedules for adjustments and reconciliations.

Third quarter 2022 FoodTech revenue of $399 million increased 11 percent year over year driven by 11 percent organic growth and 7 percent growth from acquisitions; this was partially offset by a foreign exchange headwind of 7 percent versus an expectation of 5 - 6 percent. Operating profit was $57 million. Adjusted EBITDA of $77 million increased 15 percent, and adjusted EBITDA margin of 19.3 percent improved 60 basis points year over year and 210 basis points sequentially. FoodTech orders totaled $349 million and declined 9 percent. On a constant currency basis, orders were $370 million. The decline in orders was driven by continued softness in Europe coupled with lengthening conversion rates in North America, which materialized in the third quarter, as customers slowed investment decision making for equipment due to economic uncertainty, including rising interest rates and high energy costs. FoodTech backlog was $662 million and increased 22 percent.

AeroTech revenue of $157 million increased 32 percent year over year. Operating profit was $12 million. Adjusted EBITDA of $13 million increased $5 million, or 56 percent. Adjusted EBITDA margin of 8.2 percent increased 130 basis points year over year and improved 60 basis points sequentially. AeroTech orders totaled $113 million, which decreased 18 percent. The decline in orders was expected due to timing of large projects. AeroTech backlog was $387 million and increased 5 percent.

In total, consolidated JBT revenue of $555 million increased 16 percent year over year. Operating income was $46 million, and net income was $34 million. Diluted earnings per share (EPS) from net income was $1.07 for the third quarter of 2022 compared with $0.91 in the prior year period. Adjusted EPS was $1.27 compared with $1.02 in the year-ago period. Third quarter 2022 earnings included a discrete tax benefit of $0.02 per share and a $0.10 per share headwind from foreign exchange.

Year to date, JBT generated cash from operations of $75 million, which included an investment in inventory in support of double-digit revenue growth and to help mitigate supply chain risks. Year to date free cash flow was $13 million, including capital expenditures of $30 million associated with our digital strategy. Liquidity at quarter end stood at $425 million, and the Company's net leverage ratio was 3.4x net debt to trailing twelve months pro forma adjusted EBITDA. The Company's net leverage ratio is currently above its target range due to the acquisitions of Alco and Bevcorp, which were completed in the third quarter. The Company expects its net leverage ratio to be approximately 3.0x by year end 2022.

Full Year 2022 Guidance 

"We are updating our full year guidance to account for greater than expected foreign exchange headwinds as a result of the strong dollar, timing of margin progression at AeroTech, and the addition of Bevcorp," said Matt Meister.

FoodTech year over year revenue growth is estimated to be 13.25 - 13.75 percent, which is comprised of 12.5 - 13 percent from organic growth, approximately 6.5 percent from acquisitions, and a negative foreign exchange impact of approximately 6 percent.  

FoodTech operating profit margin is forecast to be 13.0 - 13.3 percent, and adjusted EBITDA margin is expected to be 18 - 18.3 percent.

AeroTech year over year revenue growth is estimated to be 23 - 24 percent. AeroTech operating profit margin is forecast to be 7.75 - 8.25 percent, and adjusted EBITDA margin is projected to be 8.5 - 9 percent.

The table below reflects consolidated JBT guidance, unless otherwise stated.

Corporate expense guidance excludes approximately $8 million in M&A related costs, $7 million in LIFO expense, and $3 million in restructuring expense.  

Third Quarter 2022 Earnings Conference Call

A conference call is scheduled for 10:00 a.m. ET on Thursday, October 27, 2022, to discuss third 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/. 

Earnings Presentation 

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 7,200 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: higher energy and other input costs adversely impacting financial condition of our customers in Europe and demand for our goods and services in that region; impact of the on-going COVID-19 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, labor 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 current 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.  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.

JBT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited and in millions, except per share data)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenue	$               555.4		$               477.4		$            1,566.9		$            1,370.7
Cost of sales	395.7		334.9		1,116.4		945.1
Gross profit	159.7		142.5		450.5		425.6
Gross profit %	28.8 %		29.8 %		28.8 %		31.0 %
Selling, general and administrative expense	112.3		100.9		329.0		296.9
Restructuring expense	1.5		1.1		2.8		3.1
Operating income	45.9 Werbung Mehr Nachrichten zur John Bean Technologies Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 29.04.24 - PR Newswire FirstGroup Plc - Holding(s) in Company 29.04.24 - PR Newswire The Diverse Income Trust Plc - Monthly Factsheet 29.04.24 - PR Newswire Ninety One UK Ltd - Form 8.3 - BHP Group Limited Basin Uranium - Es geht los    Der Uran-Superzyklus ist gestartet! weiterlesen» Anzeige wo-site-teaser-box-16791_site-teaser-box_2024-04-29_07%253A00%253A00_2024-04-30_09%253A00%253A59