JBT Corporation Reports Strong Third Quarter 2024 Results and Reiterates Full Year 2024 Guidance for Revenue, Adjusted EBITDA, and Adjusted EPS

JBT Corporation, a renowned global technology solutions provider for high-value segments within the food & beverage industry, unveiled its robust financial outcomes for the third quarter of 2024. The company reported notable achievements and reiterated its full-year 2024 guidance for revenue, adjusted EBITDA, and adjusted EPS.

During the third quarter of 2024, JBT achieved several key milestones from continuing operations as compared to the prior year. The highlights included orders amounting to $440 million and a backlog of $698 million. The quarterly revenue surged by 12 percent to reach $454 million. Income from continuing operations totaled $38 million, marking a 23 percent increase, while adjusted EBITDA also experienced a notable uptick to $82 million, a 23 percent increase.

Earnings per share (EPS) soared to $1.18, a 22 percent increase, while adjusted EPS reached $1.50, marking a substantial 35 percent surge. These results were underpinned by volume growth, restructuring and supply chain cost savings, and reduced net interest expense, partially offset by increased M&A costs and a higher tax rate. Orders for the third quarter of 2024 surged by 10 percent to $440 million, contributing to a backlog of $698 million at the end of the quarter.

JBT generated operating cash flow of $104 million year-to-date from continuing operations, with free cash flow totaling $79 million. The company’s net leverage ratio stood at 0.4x net debt to trailing twelve months adjusted EBITDA, reflecting a strong financial position.

Looking ahead, JBT updated its full-year 2024 guidance, incorporating a non-cash, pre-tax charge of approximately $28 – $32 million to settle outstanding pension plan obligations. The company reiterated its expectations for revenue, adjusted EBITDA, and adjusted EPS in the following ranges:

– Revenue: $1,715 – $1,750 million
– Income from continuing operations: $116 – $125 million
– Adjusted EBITDA: $295 – $305 million
– Adjusted EBITDA margin: 17.0 – 17.5%
– GAAP EPS: $3.60 – $3.90
– Adjusted EPS: $5.05 – $5.35

Additionally, JBT provided an update on its planned combination with Marel hf., specifying progress made towards obtaining regulatory approvals and securing deal-contingent financing. The company anticipates finalizing the transaction by the end of 2024, with funding arrangements in place to support the merger.

JBT Corporation will host a conference call on Wednesday, October 23, 2024, at 10:00 a.m. ET to discuss the third quarter 2024 results. Interested participants can access the call via online registration on the Company’s Investor Relations website.

For a comprehensive overview of JBT’s performance, additional financial disclosures, and forward-looking statements, interested parties are encouraged to refer to the company’s SEC filings and official communications.

Please note that the information provided above is sourced directly from JBT Corporation’s 8-K SEC filing for the company’s proprietary use only; it should not be considered or assumed to be endorsed or verified independently by MarketBeat or its representatives.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read John Bean Technologies’s 8K filing here.

About John Bean Technologies

John Bean Technologies Corporation provides technology solutions to food and beverage industry in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. It offers value-added processing that includes chilling, mixing/grinding, injecting, blending, marinating, tumbling, flattening, forming, portioning, coating, cooking, frying, freezing, extracting, pasteurizing, sterilizing, concentrating, high pressure processing, weighing, inspecting, filling, closing, sealing, end of line material handling, and packaging solutions to the food, beverage, and health market.