John Bean Technologies(US:JBT)2025-02-24 21:29Financial 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% increase, with an adjusted EBITDA margin of 17.2%, up 80 basis points[5][6]. - Revenue for Q4 2024 was $467.6 million, an increase of 5.7% from $444.6 million in Q4 2023[33]. - Gross profit margin improved to 38.4% in Q4 2024, up from 36.2% in Q4 2023[33]. - Operating income decreased to $15.7 million in Q4 2024, down from $55.1 million in Q4 2023, resulting in an operating income margin of 3.4%[33]. - The company reported a full year 2024 net loss of €25 million, impacted by unfavorable year-end adjustments of €17 million[8][10]. - The company reported a net loss of $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% increase year-over-year[7][10]. - The combined JBT and Marel fourth quarter 2024 orders exceeded $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% to $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% on a constant currency basis[19][21]. - Full year 2025 adjusted EPS guidance is projected to be between $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%[38]. - Adjusted diluted earnings per share from continuing operations for Q4 2024 was $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].