John Bean Technologies(JBT)

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John Bean Technologies(JBT) - 2023 Q4 - Earnings Call Presentation
2024-02-21 15:42
2 Forward-Looking and Non-GAAP Statements These slides and the accompanying presentation (collectively, the "presentation") contain 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. These forward-looking statements include, among others, statements relating to our business and our results of operations, a poten ...
John Bean Technologies(JBT) - 2023 Q3 - Quarterly Report
2023-10-27 15:32
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q | ☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | | --- | --- | | | For the quarterly period ended September 30, 2023 or | | ☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | | | For the transition period from ______ to ______ | Commission File Number 1-34036 John Bean Technologies Corporation (Exact name of registrant as specified in it ...
John Bean Technologies(JBT) - 2023 Q3 - Earnings Call Presentation
2023-10-25 16:44
2 10 Q3 2023 (1) As of Q3 2023, this balance includes Cash of $401.7 million and Marketable securities of $125.0 million. Recurring vs. Non-recurring Revenue Recurring(1) $ 202.7 $ 639.1 (1) Aftermarket parts and services and revenue from lease and long-term service contracts are considered recurring revenue. Non-recurring revenue includes new equipment and installation. (2) M&A related costs are estimated to be $0 to $1 million and approximately $4 million for the fourth quarter and full year 2023, respect ...
John Bean Technologies(JBT) - 2023 Q2 - Quarterly Report
2023-08-02 22:34
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q | ☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | | --- | --- | | | For the quarterly period ended June 30, 2023 | | | or | | ☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | | | For the transition period from ______ to ______ Commission File Number 1-34036 | John Bean Technologies Corporation (Exact name of registrant as specified in i ...
John Bean Technologies(JBT) - 2023 Q2 - Earnings Call Transcript
2023-08-02 19:40
Financial Data and Key Metrics - Revenue from continuing operations increased 8 6% YoY in Q2 2023, at the high-end of previous guidance for the FoodTech business [4] - Adjusted EBITDA margins from FoodTech operations reached 19 7%, exceeding previous guidance of 18% to 18 75% [5] - Free cash flow from continuing operations was $34 million in Q2, with a conversion rate of 120% [6] - Full-year 2023 restructuring charges are now expected to be $11 million to $13 million, up from previous guidance of $4 million [7] - Adjusted EPS for 2023 is forecasted at $3 80 to $4 05, an increase from the previous implied guidance of $3 25 to $3 65 [8] Business Line Data and Key Metrics - The company achieved an attractive valuation for AeroTech, positioning it with a strong balance sheet to support strategic M&A [3] - The sale of AeroTech resulted in net cash proceeds of approximately $650 million, which will be used to pay down $300 million of higher-cost variable rate debt [26] - The company expects to generate annualized run-rate savings of $18 million to $20 million by mid-2024 from its restructuring program [7] Market Data and Key Metrics - Demand for meat and poultry end markets remains under pressure, but significant orders were booked from the pharmaceutical and nutraceutical industries [29] - The company sees opportunities to expand its presence in end markets such as snack foods, bakery, confectionery, and sustainable food and beverage alternatives [31] - The digital solution, OmniBlu, continues to gain traction, with additional customer contracts and improved system yield and uptime [13] Company Strategy and Industry Competition - The company's priority is to optimize opportunities and manage a smooth transition to a pure-play food and beverage technology company [10] - The company plans to deploy capital to acquire businesses that complement existing operations and expand end markets [10] - The company will focus on customers' needs for automation, sustainability, and efficiency in potential acquisition candidates [11] Management Commentary on Operating Environment and Future Outlook - The company expects a slight sequential decline in revenue and adjusted EBITDA in Q3 due to seasonal declines and softer backlog in meat and poultry markets [8] - The company is confident that being part of Oshkosh provides the best means to capitalize on AeroTech's market leadership and strong demand environment [14] - The company maintains a highly disciplined M&A process with firm criteria for strategic fit and financial hurdle rates [30] Other Important Information - The company's net debt to adjusted EBITDA ratio from continuing operations would have been below 1x as of June 30, on a pro forma basis considering the AeroTech sale [89] - The company is increasing the scope of its restructuring program to streamline its cost structure and transition to a pure-play food and beverage technology company [89] Q&A Session Summary Question: How does the mix in orders and backlog impact revenue recognition and margins? - The backlog is diverse and supportive of growth, with strength in nutraceutical and pharma markets, but tepid demand in poultry and pork due to higher costs and lower capital availability [17] Question: What drove the strong incremental margins in Q2? - Margins benefited from higher recurring revenue, proactive cost management, and pricing actions implemented in the previous year [37][60] Question: What is the outlook for poultry market demand? - Q2 was likely the bottom for poultry market economics, with some signs of improvement expected in Q4, but investment remains cautious until profitability improves [58] Question: What is the normalized incremental EBITDA margin outlook? - Incremental margins for food operations are expected to be in the high 20% to low 30% range, with consolidated margins likely in the mid to high 20s, including corporate costs [62][63] Question: How is the OmniBlu digital solution performing? - OmniBlu is gaining traction, with customer contracts increasing and providing meaningful efficiency gains, such as an 8% to 10% increase in capacity opportunity in a freezer installation case study [46][69] Question: What is the M&A strategy and focus? - The company is focusing on bolt-on technologies and solutions that complement existing offerings, with a disciplined approach to strategic fit and financial hurdle rates [30][31]
John Bean Technologies(JBT) - 2023 Q2 - Earnings Call Presentation
2023-08-02 19:01
| --- | --- | |-------|-------| | | | | | | These slides and the accompanying presentation contain "forward-looking" statements, including statements about management's expectations regarding trends in the food and air transportation markets, strategic initiatives, including Elevate 2.0, acquisition strategies, long-term goals, and financial framework and guidance, which represent management's best judgment as of the date hereof, based on currently available information. Actual results may differ materially ...
John Bean Technologies(JBT) - 2023 Q1 - Quarterly Report
2023-04-26 19:48
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q | ☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | | --- | --- | | | For the quarterly period ended March 31, 2023 | | | or | | ☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | | | For the transition period from ______ to ______ | Commission File Number 1-34036 John Bean Technologies Corporation (Exact name of registrant as specified in ...
John Bean Technologies(JBT) - 2023 Q1 - Earnings Call Presentation
2023-04-26 17:05
| --- | --- | |-------|------------------------------------------| | | | | | | | | First Quarter 2023 Earnings Presentation | Forward-Looking and Non-GAAP Statements These slides and the accompanying presentation contain "forward-looking" statements, including statements about management's expectations regarding trends in the food and air transportation markets, strategic initiatives, including Elevate 2.0, acquisition strategies, long-term goals, and financial framework and guidance, which represent manage ...
John Bean Technologies(JBT) - 2023 Q1 - Earnings Call Transcript
2023-04-26 17:00
John Bean Technologies Corporation (NYSE:JBT) Q1 2023 Earnings Conference Call April 26, 2023 10:00 AM ET Company Participants Kedric Meredith - Vice President of Corporate Development and IR Brian Deck - CEO Matt Meister - CFO Conference Call Participants Mircea Dobre - Robert W. Baird & Co. John Joyner - BMO Capital Markets Lawrence De Maria - William Blair Walt Liptak - Seaport Research Operator Good morning, and welcome to JBT Corporation's First Quarter 2023 Earnings Conference Call. My name is Audra, ...
John Bean Technologies(JBT) - 2022 Q4 - Annual Report
2023-02-23 18:42
Revenue and Financial Performance - Total revenue for 2022 increased by $297.7 million, or 15.9%, compared to 2021, with organic revenue growth of $282.0 million[171]. - The gross profit for 2022 was $617.3 million, representing a gross profit margin of 28.5%, down 180 basis points from 30.3% in 2021[171]. - Operating income for 2022 was $168.4 million, with an operating income margin of 7.8%, a decrease of 80 basis points from 8.6% in 2021[171]. - Net income for 2022 was $130.7 million, reflecting a 10.4% increase compared to $118.4 million in 2021[171]. - Total revenue for 2022 was $2,166.0 million, a 15.9% increase from $1,868.3 million in 2021, driven by growth in both FoodTech and AeroTech segments[179]. - FoodTech revenue increased by $190.2 million or 13.6% in 2022, with organic revenue growth of $171.8 million and acquisition-related revenue growth of $93.5 million[180]. - AeroTech revenue rose by $108.2 million or 23.1% in 2022, attributed to higher sales in mobile equipment, fixed equipment, and service businesses[182]. - FoodTech operating profit increased by $24.5 million or 13.1%, while AeroTech's operating profit grew by $10.9 million or 33.4%[181][183]. - Total order backlog increased to $1,054.9 million as of December 31, 2022, up from $1,006.7 million in 2021, with expectations to convert 84% into revenue in 2023[187][188]. Recurring Revenue and Digital Solutions - Recurring revenue accounted for 47% of FoodTech total revenue and 38% of AeroTech total revenue in 2022[31]. - The company launched a new digital solution called OmniBlu™ in 2022, which is a subscription-based offering leveraging AI and predictive analytics[25]. - The company is investing in the OmniBlu™ digital solution to enhance customer access to parts and services, aiming to increase recurring revenue[164]. - Significant investments in the digital solution OmniBlu™ are expected, but development timelines may not align with market demands, risking competitive positioning[119]. Operational and Market Risks - The company faces business and operational risks that could lead to fluctuations in financial results, including volatility in demand and supply chain disruptions[61][62][63]. - Labor shortages and increased turnover rates have adversely affected the company's operations, leading to decreased efficiency and increased costs[74]. - Economic conditions, including lower growth rates and high unemployment, could negatively impact demand for the company's products and increase raw material costs[75]. - Variability in sales cycles makes revenue estimation difficult, resulting in significant fluctuations in quarterly operating results[77]. - Supply chain disruptions have led to longer lead times and increased raw material costs, which may materially affect the company's financial condition[79]. - High energy prices, particularly in Europe, are reducing customer profitability and could negatively impact the company's business and cash flows[80]. - Changes in food consumption patterns due to dietary trends may adversely affect demand for the company's products, impacting financial results[83]. - Natural disasters and adverse weather conditions could limit the availability of raw materials, negatively affecting the company's operations and financial condition[87]. - Cybersecurity risks pose threats to sensitive information and operational integrity, potentially leading to financial losses and regulatory costs[73]. Corporate Governance and Compliance - The company emphasizes a commitment to safety with a goal of "Zero Incidents, Worldwide, Every Day"[40]. - Compliance with U.S. government contract regulations is critical, as any non-compliance could result in significant sanctions and adversely impact operations[91]. - The company is subject to various U.S. and international laws, which may lead to uncertainties regarding compliance and potential liabilities[106]. - The company faces evolving expectations regarding environmental, social, and governance (ESG) issues, which could affect market valuation and customer retention[103]. Strategic Initiatives and Growth - The company is pursuing strategic acquisitions to achieve growth, which may involve additional debt and integration risks[111]. - Acquisitions are a focus for the company, targeting complementary products and technology solutions to enhance customer offerings[164]. - The company has taken steps to mitigate increased raw material costs through supply chain and strategic sourcing initiatives[36]. Financial Position and Capital Management - As of December 31, 2022, the company had total operating cash flow of $142.3 million and liquidity of $526.3 million[193][194]. - Cash provided by operating activities decreased by $83.4 million to $142.3 million in 2022 compared to 2021, primarily due to higher inventory investment and increased trade receivables[202]. - Cash required by investing activities increased by $143.2 million to $416.1 million in 2022, driven by higher acquisition and capital expenditure spending[203]. - Cash provided by financing activities rose by $189.8 million to $270.6 million in 2022, mainly due to increased borrowings for acquisitions[204]. - As of December 31, 2022, total contractual and other obligations amounted to $1,330.2 million, with long-term debt at $977.3 million and interest payments on long-term debt at $107.7 million[197]. - Approximately 34% of total outstanding debt of $987.1 million remained subject to floating interest rates, which could negatively impact earnings if rates increase[210]. Management and Workforce - The company has approximately 7,200 employees worldwide, with 56% located in the United States[39]. - Key personnel retention is critical for business growth, with potential impacts from the loss of senior management on strategic planning[63][65]. - The company actively invests in diversity, equity, inclusion, and belonging initiatives to foster innovation and a supportive work environment[41]. - JBT Corporation's executive team includes Brian A. Deck as President and CEO, Matthew J. Meister as CFO, and other key officers with extensive industry experience[50][51][52][53][54][55][56][57][58][59].