John Bean Technologies(JBT) - 2024 Q4 - Annual Results

Financial Performance - JBT Marel Corporation achieved record quarterly orders of $523 million and full year revenue of$1,716 million, representing a 3% year-over-year increase[3][5]. - Full year 2024 adjusted EBITDA was $295 million, an 8$467.6 million, an increase of 5.7% from $444.6 million in Q4 2023[33]. - Gross profit margin improved to 38.4$15.7 million in Q4 2024, down from $55.1 million in Q4 2023, resulting in an operating income margin of 3.4$7.0 million in Q4 2024, compared to a net income of $81.1 million in Q4 2023[33]. - Net income for the twelve months ended December 31, 2024, was$85.4 million, a decrease from $582.6 million in 2023[45]. Orders and Backlog - Marel standalone orders for 2024 totaled €1,663 million, with fourth quarter orders reaching €474 million, a 2$1 billion, with a book-to-bill ratio of 1.11[3][4]. - Inbound orders increased to $523.1 million in Q4 2024, compared to$418.1 million in Q4 2023, indicating strong demand[33]. - Orders backlog stood at $720.5 million as of December 31, 2024, an increase from$678.2 million in 2023[33]. Cash Flow and Debt - JBT Marel's full year 2024 operating cash flow from continuing operations was $233 million, with free cash flow increasing by 20$199 million[6][6]. - Cash provided by continuing operating activities increased to $232.6 million from$74.2 million year-over-year[47]. - Free cash flow (FCF) for the twelve months ended December 31, 2024, was $199.3 million, compared to$166.5 million in 2023[47]. - Cash and cash equivalents rose significantly to $1,228.4 million as of December 31, 2024, compared to$483.3 million a year earlier[43]. - Total debt as of Q4 2024 was $1,252.1 million, up from$646.4 million in Q4 2023[49]. - Net debt decreased to $23.7 million in Q4 2024 from$163.1 million in Q4 2023[49]. - JBT Marel's net debt as of January 2, 2025, was approximately $1.9 billion, with a leverage ratio just below 4.0x, expected to decrease to below 3.0x by year-end 2025[14][14]. Guidance and Projections - JBT Marel's 2025 revenue guidance is set between$3,575 million and $3,650 million, with expected revenue growth of approximately 5.5$5.50 and $6.10, while GAAP EPS is expected to range from$(1.30) to $(0.70)[19][20]. - Guidance for full year 2025 indicates diluted earnings per share from continuing operations will range from ($1.30) to ($0.70)[53]. - Adjusted EBITDA from continuing operations for Marel is projected to be between$560.0 million and $600.0 million for 2025[56]. - The company anticipates realizing cost synergies of$35 - $40 million in 2025, with an annual run rate of$80 - 90 million expected by the end of 2025[22]. - M&A related costs for Marel are estimated at approximately 120 million for the full year 2025[57]. Adjusted Earnings - Adjusted EBITDA for Q4 2024 was $92.1 million, representing an adjusted EBITDA margin of 19.7$1.70, compared to $1.40 in Q4 2023[34]. - Adjusted EBITDA from continuing operations for Marel was$216.3 million, with a total revenue of $1,778.3 million, resulting in an adjusted EBITDA margin of 12.2%[61].