It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. JBT Marel currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period. Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors wi ...

Company Overview - JBT Marel (JBTM) is expected to report a year-over-year increase in earnings, with a projected EPS of $1.27, reflecting a +21% change, and revenues anticipated at $898.77 million, which is up 123.4% from the previous year [3][12]. Earnings Expectations - The consensus EPS estimate has been revised 9.29% higher in the last 30 days, indicating a positive reassessment by analysts [4]. - The upcoming earnings report is scheduled for August 4, and the stock may react positively if the actual results exceed expectations [2][12]. Earnings Surprise Prediction - JBT has an Earnings ESP of +0.59%, suggesting a likelihood of beating the consensus EPS estimate [12]. - The company holds a Zacks Rank of 2 (Buy), which, when combined with a positive Earnings ESP, increases the probability of an earnings surprise [10][12]. Historical Performance - In the last reported quarter, JBT exceeded the expected EPS of $0.82 by delivering $0.97, resulting in a surprise of +18.29% [13]. - Over the past four quarters, JBT has beaten consensus EPS estimates two times [14]. Industry Comparison - Mirion Technologies, another player in the Zacks Technology Services industry, is expected to report an EPS of $0.1, indicating no change from the previous year, with revenues projected at $213.9 million, up 3.3% [18]. - Mirion Technologies has an Earnings ESP of 0% and a Zacks Rank of 2 (Buy), making it challenging to predict an earnings beat [19].

Company Overview - JBT Marel is part of the Business Services group, which consists of 258 companies and currently ranks 7 in the Zacks Sector Rank [2] - The company has a Zacks Rank of 2 (Buy), indicating a positive outlook based on earnings estimates and revisions [3] Performance Analysis - Year-to-date, JBT Marel has increased by approximately 6.6%, outperforming the average gain of 2.1% for Business Services stocks [4] - In comparison, Mirion Technologies, Inc. has shown a significant return of 24.6% since the beginning of the year [4] Earnings Estimates - The Zacks Consensus Estimate for JBT Marel's full-year earnings has risen by 1% over the past quarter, reflecting improved analyst sentiment [3] - In contrast, Mirion Technologies, Inc. has seen a 12.5% increase in its consensus EPS estimate over the last three months [5] Industry Context - JBT Marel operates within the Technology Services industry, which includes 122 companies and currently ranks 85 in the Zacks Industry Rank [6] - Stocks in the Technology Services industry have gained about 12.3% year-to-date, indicating that JBT Marel is slightly underperforming its industry [6] Future Outlook - Investors are encouraged to monitor JBT Marel and Mirion Technologies, Inc. for potential continued strong performance in the Business Services sector [7]

Technical Analysis - JBT Marel Corporation (JBTM) has reached a key level of support, indicated by a "golden cross" where the 50-day simple moving average has crossed above the 200-day simple moving average [1][2] - A golden cross is a bullish chart pattern that suggests a potential breakout, typically involving the 50-day and 200-day moving averages [2] Market Performance - Over the past four weeks, JBTM has gained 11.3%, indicating positive momentum in the stock [4] - The company currently holds a 2 (Buy) rating on the Zacks Rank, suggesting it may be poised for further breakout [4] Earnings Outlook - JBTM has a positive earnings outlook for the current quarter, with one upward revision in earnings estimates over the past 60 days and no downward revisions [4] - The Zacks Consensus Estimate for JBTM has also increased, reinforcing the bullish sentiment around the stock [4][5]

Annual Stockholder Meeting Overview - The JBT Marel Corporation's annual stockholder meeting will be held virtually on May 15 [2] - Stockholders can vote shares listed on Nasdaq Iceland via the Lumi platform by May 8 at 23:59 GMT [2] - Shareholders with NYSE-listed shares should follow instructions from their banks or brokers [2] Proposals for Voting - Proposal 1 involves the re-election of Alan D Feldman, Lawrence V Jackson, and Ann E Savage as Directors for a one-year term [5] - Proposal 2 is a non-binding advisory vote on executive compensation [5] - Proposal 3 seeks stockholder ratification of the Audit Committee's reappointment of PwC as the company's independent registered public accounting firm for 2025 [5] Executive Compensation - The CEO's compensation mix includes 16% base salary, 17% performance-based cash MIP, 40% performance-based LTIP, and 27% time-based LTIP, with 84% at-risk compensation [22] - For other NEOs, the compensation mix includes 34% base salary, 22% performance-based cash MIP, 27% performance-based LTIP, and 17% time-based LTIP, with 66% at-risk compensation [27] - The company targets the 50th percentile or median level of the market for all elements of executive officer compensation [19] ESG Strategy - JBT Marel aims to support a sustainable food supply chain through its solutions [16]

Company Overview - JBT Marel has a market capitalization of approximately $6.2 billion as of May 16, 2025 [7] - The combined 2024 revenue for JBT and Marel is approximately $3.5 billion [7] - Approximately 50% of the company's revenue is recurring, and 50% is non-recurring [8] Strategic Rationale & Synergies - The company anticipates achieving $150 million in cost synergies by the end of year 3 post-transaction close [34] - The company expects to generate revenue synergies exceeding $75 million by the end of the third year post-close [30] Market Trends & Growth - The global protein consumption is expected to grow at a low-to-mid-single-digit CAGR from 2023 to 2027 [20] - The global convenience food market is forecasted to grow at a mid-single-digit+ CAGR from 2022 to 2027 [20] - The global ready-to-drink beverage market is estimated to grow at a mid-single-digit CAGR from 2024 to 2029 [20] - The global pet food market is expected to grow at a mid-single-digit CAGR from 2023 to 2027 [21] Cost Synergies Breakdown - Approximately $80 million in cost of goods sold synergies are anticipated through supplier consolidation, best cost country sourcing, and logistics efficiencies [35] - Approximately $70 million in operating expense synergies are expected through streamlining organizational structure and optimizing consolidated spend [35]

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JBT Marel (JBT) FY 2025 Annual General Meeting May 15, 2025 10:30 AM ET Speaker0 Hello, and welcome to JBT Morrell Corporation Annual Meeting of Stockholders. Please note that this call is being recorded. I'd now like to hand the call over to Alan Feldman. Please go ahead, sir. Speaker1 Good morning. I'm Alan Feldman, Chairman of the Board of Directors of J. B. T. Morrell Corporation. And on behalf of the company, I want to welcome you to our twenty twenty five Annual Meeting of Stockholders. Before proceed ...

Revenue and Profitability - Total revenue for Q1 2025 increased by $461.8 million or 117.7% compared to Q1 2024, with Marel contributing $445.3 million of this revenue[116][118] - JBT revenue increased by $16.5 million or 4.2% year-over-year, driven by an increase in volume for recurring revenue[117] - Gross profit margin decreased by 160 basis points to 34.2% compared to 35.8% in 2024, primarily due to the lower margin of the acquired Marel business[119] - Adjusted EBITDA for the same period was $112.2 million, an increase of $54.8 million from $57.4 million in 2024, primarily driven by incremental gross profit from the recently acquired Marel business[128] - Adjusted EBITDA margin decreased by 150 basis points to 13.1% compared to 14.6% in 2024, attributed to a decrease in gross profit margin and higher selling, general, and administrative expenses[129] - The JBT segment's Adjusted EBITDA was $60.8 million with a margin of 14.9%, while the Marel segment's Adjusted EBITDA was $51.4 million with a margin of 11.5%[129] Expenses and Costs - Selling, general and administrative expenses rose by $178.0 million, with expenses as a percentage of revenue increasing to 33.0% from 26.4%[119] - Research and development expenses increased by $27.2 million, mainly due to costs associated with the Marel acquisition[120] - Pension expense, other than service cost, surged by $145.8 million, primarily due to a settlement charge of $146.9 million recognized in Q1 2025[121] - Interest expense increased by $39.5 million, driven by a higher average debt balance and interest rates related to the Marel Transaction[124] - The total cost of the JBT Marel 2025 Integration restructuring plan is estimated to be between $25.0 million and $30.0 million, with cumulative cost savings expected to be between $50.0 million and $60.0 million[144][145] Cash Flow and Liquidity - Free cash flow for the three months ended March 31, 2025, was $17.8 million, a significant increase from $0.7 million in the same period in 2024[142] - As of March 31, 2025, the company's liquidity, including cash and borrowing capacity, was $1.3 billion, supporting integration and capital allocation priorities[149] - Cash provided by continuing operating activities for the three months ended March 31, 2025 was $34.4 million, a $24.0 million increase compared to the same period in 2024[155] - Cash required by investing activities was $1,765.6 million during the three months ended March 31, 2025, primarily due to the acquisition of Marel[156] - Cash provided by financing activities was $621.4 million during the three months ended March 31, 2025, compared to cash required of $6.1 million in the same period in 2024[157] - As of March 31, 2025, the company had $691.7 million drawn on its revolving credit facility with $1.1 billion available[158] Taxation - The tax rate on the loss from continuing operations was 21.1% for Q1 2025, with a tax benefit reduced by non-deductible acquisition costs totaling $2.4 million[125] - The tax rate on income from continuing operations for the three months ended March 31, 2024, was 26.2%, with a tax provision increase of $1.0 million due to discrete items[126] - The company expects an adverse impact of approximately $7 million to cash from continuing operations in 2025 due to changes in tax regulations[154] Acquisition and Integration - The acquisition of Marel hf. aims to create a leading global food and beverage technology solutions provider, enhancing the company's market position[110] - The company expects capital expenditures to be between $90 million and $100 million during 2025, along with integration costs related to the Marel acquisition estimated at $55 million to $65 million[150] - The company implemented a restructuring plan in 2022/2023, with total costs of $17.5 million, completed as of March 31, 2024[143] Debt and Financial Instruments - Approximately $1,341.7 million or 67% of the total debt balance as of March 31, 2025 was variable rate debt subject to floating rates[164] - The company executed takeout financing on January 2, 2025, consisting of a $1.8 billion revolving credit facility and a $900 million senior secured term loan B[160] - The aggregate fair value of the cross-currency swaps related to the U.S. dollar denominated debt was a liability position of $53.5 million at March 31, 2025[171] - A hypothetical 10% adverse movement in currency exchange rates underlying the swaps would have resulted in a loss in value of $71.9 million[171] Operational Performance - For the three months ended March 31, 2025, the loss from continuing operations was $173.0 million, a decrease of $195.7 million compared to income of $22.7 million for the same period in 2024[128]

Financial Data and Key Metrics Changes - JBT Morell's first quarter revenue exceeded guidance by $19 million, driven by better-than-expected equipment shipments and strong recurring revenue [17] - Adjusted EBITDA margin was 13.1%, outperforming guidance by 60 basis points, attributed to volume flow-through, favorable mix, and good expense control [17] - Free cash flow for the quarter was $18 million, including approximately $42 million in one-time M&A related payments [19] Business Line Data and Key Metrics Changes - JBT segment revenue increased by 4% year over year, or 5.6% on a constant currency basis, with adjusted EBITDA of $61 million, a 6% increase [18] - MRL segment revenue was flat year over year but grew by 2% on a constant currency basis, with adjusted EBITDA increasing by 19% to $51 million [19] Market Data and Key Metrics Changes - Demand from the poultry industry continued to recover, contributing to a 12% year-over-year increase in orders [6] - The company experienced broad-based strength across global regions, with healthy orders in meat, beverage, pharma, and pet food [6] Company Strategy and Development Direction - The company is focused on integrating its operations to enhance service capabilities and product offerings, positioning itself as a leader in sustainable food solutions [15] - JBT Morell is taking actions to mitigate tariff impacts, including securing concessions from suppliers and implementing selective pricing actions [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage near-term impacts from tariffs and macroeconomic uncertainty, highlighting the resilience of recurring revenue [11][23] - The company has temporarily suspended full-year financial guidance due to uncertainty but provided second-quarter guidance, expecting revenue of $885 million to $915 million [22] Other Important Information - The estimated annualized cost impact from tariffs is approximately $50 million to $60 million, with efforts underway to mitigate these costs [10] - The company is on track to achieve targeted cost synergies of $150 million by the end of 2027 [20] Q&A Session Summary Question: Update on guidance and customer behavior - Management indicated that the decision to pull full-year guidance was due to lack of clarity in the environment, with no significant changes in customer behavior noted [26][28] Question: Backlog and order delays - Management clarified that the backlog was affected by foreign exchange and adjustments during the integration of the two businesses, with no cancellations reported [45] Question: Recurring revenue and digital offerings - The increase in recurring revenue above 50% was primarily due to seasonality in equipment revenue recognition, with ongoing efforts to integrate digital offerings [66] Question: Cost mitigation strategies - Management discussed various strategies to mitigate tariff impacts, including reallocating demand to domestic suppliers and adjusting purchasing strategies [78][80] Question: Integration progress and potential demand changes - Management expressed confidence in managing costs and achieving synergies, but noted that lower demand could impact material purchasing and synergy savings [92]