John Bean Technologies(US:JBT)2025-05-05 12:01Financial Performance - First quarter 2025 consolidated revenue was $854 million, with over 50% generated from recurring products and services[7] - Revenue for Q1 2025 reached $854.1 million, a significant increase of 117.5% compared to $392.3 million in Q1 2024[29] - Gross profit for Q1 2025 was $292.5 million, resulting in a gross profit margin of 34.2%, down from 35.8% in Q1 2024[29] - The company reported a net loss of $173.0 million in Q1 2025, compared to a net income of $22.8 million in Q1 2024, reflecting a substantial decline[29] - Basic and diluted loss per share from continuing operations was $(3.35) in Q1 2025, compared to earnings of $0.71 in Q1 2024[29] - Adjusted EBITDA was $112 million, resulting in an adjusted EBITDA margin of 13.1%[8] - Adjusted EBITDA from continuing operations for Q1 2025 was $112.2 million, with an adjusted EBITDA margin of 13.1%[35] - Adjusted diluted earnings per share guidance for Q2 2025 is projected to be between $1.20 and $1.40[54] - Adjusted EBITDA from continuing operations for Q2 2025 is expected to be between $128.0 million and $140.0 million[57] Orders and Backlog - Quarterly orders totaled $916 million, with a backlog of $1.3 billion[8] - Inbound orders for Q1 2025 totaled $916.1 million, up from $388.5 million in Q1 2024, indicating strong demand[29] - The orders backlog increased to $1,310.5 million in Q1 2025, compared to $663.6 million in Q1 2024, suggesting future revenue growth potential[29] Costs and Expenses - The company anticipates incurring $25 - $30 million in total restructuring costs for the full year 2025, expected to generate in-year realized savings of $20 - $25 million[14] - The company plans to incur approximately $11 million in restructuring-related costs and $18 million in M&A-related costs for Q2 2025[58][60] - Research and development expenses rose to $33.6 million in Q1 2025, compared to $6.4 million in Q1 2024, highlighting increased investment in innovation[29] - The company incurred $74.4 million in M&A related costs in Q1 2025, reflecting ongoing strategic acquisitions[31] Cash Flow and Liquidity - Operating cash flow from continuing operations was $34 million, and free cash flow was $18 million[9] - Cash provided by continuing operating activities increased to $34.4 million from $10.4 million year-over-year[47] - Free cash flow (FCF) for Q1 2025 was $17.8 million, significantly up from $0.7 million in Q1 2024[47] - As of March 31, 2025, the company's liquidity was approximately $1.3 billion, providing significant flexibility for strategic initiatives[9] - Cash and cash equivalents from continuing operations decreased to $119.0 million from $479.0 million year-over-year[45] Debt and Leverage - Total debt rose to $1,987.5 million in Q1 2025, up from $1,252.1 million in Q4 2024[49] - Net debt increased to $1,886.5 million, reflecting a substantial rise from $23.7 million in Q4 2024[51] - The bank total net leverage ratio was reported at 3.2, indicating a significant increase in leverage compared to previous periods[51] Guidance and Outlook - The company has suspended its full year 2025 guidance due to macroeconomic uncertainty but provided Q2 2025 guidance instead[16] - For Q2 2025, the revenue guidance is set between $885 million and $915 million, with adjusted EPS expected to be between $1.20 and $1.40[17] - The company expects to achieve $35 - $40 million in realized cost synergies for the full year and $80 - $90 million in annualized run rate savings exiting 2025[7]