John Bean Technologies(US:JBT)2025-11-03 21:38Financial Performance - Third quarter 2025 revenue totaled $1.0 billion, with 49% generated from recurring revenue[5] - Net income from continuing operations was $67 million, representing a margin of 6.7%[6] - Adjusted EBITDA for the third quarter was $171 million, with a margin of 17.1%[7] - Revenue for Q3 2025 was $1,001.3 million, a significant increase from $453.8 million in Q3 2024, representing a growth of 120%[26] - Gross profit margin for Q3 2025 was 35.9%, slightly down from 36.1% in Q3 2024[26] - Operating income for Q3 2025 was $102.1 million, compared to $46.8 million in Q3 2024, reflecting a growth of 118%[26] - Adjusted EBITDA for Q3 2025 was $170.9 million, up from $81.7 million in Q3 2024, indicating an increase of 109%[32] - Adjusted diluted earnings per share from continuing operations for Q3 2025 was $1.94, compared to $1.49 in Q3 2024[28] - The company reported a net income of $66.0 million for Q3 2025, compared to a net income of $38.9 million in Q3 2024[26] Orders and Backlog - The company achieved quarterly orders of $946 million and a quarter-ending backlog of $1.3 billion[5] - Inbound orders for Q3 2025 reached $946.3 million, compared to $439.6 million in Q3 2024, marking a growth of 115%[26] - Orders backlog as of September 30, 2025, was $1,338.9 million, up from $698.1 million a year earlier[26] Cash Flow and Liquidity - Year-to-date operating cash flow from continuing operations was $224 million, and free cash flow was $163 million[8] - Free cash flow for the nine months ended September 30, 2025, was $163.0 million, up from $79.2 million in 2024, indicating improved liquidity[44] - Cash provided by continuing operating activities was $224.3 million for the nine months ended September 30, 2025, compared to $103.9 million in 2024, showing a significant improvement[42] Debt and Interest Expense - Full year 2025 net interest expense is anticipated to be $105 million, including $12 million in M&A bridge financing fees[19] - Total debt increased to $1,906.7 million as of Q3 2025, compared to $1,252.1 million in Q4 2024, representing a rise of 52%[46] - Net debt reached $1,791.8 million in Q3 2025, a substantial increase from $23.7 million in Q4 2024[48] - The bank total net leverage ratio is calculated at 2.7, while total net debt to trailing twelve months pro forma adjusted EBITDA stands at 3.1[48] Guidance and Future Plans - Full year 2025 revenue guidance is raised to $3,760 - $3,790 million, including a foreign exchange translation tailwind of approximately $70 - $85 million[16][17] - The company expects to realize in-year synergy savings of $40 - $45 million and maintain annualized run rate savings of $80 - $90 million exiting 2025[11] - The company plans to incur approximately $105 million in M&A related costs for the full year 2025, which includes various integration and advisory expenses[53] - The company plans to realign its reportable segments into Protein Solutions and Prepared Food and Beverage Solutions in Q4 2025[12] Restructuring and Costs - JBT Marel incurred $7 million in restructuring costs and $6 million in M&A related costs during the third quarter[11] - Research and development expenses for Q3 2025 were $28.7 million, significantly higher than $5.4 million in Q3 2024[26] Assets and Financial Position - Total assets increased to $8,199.4 million as of September 30, 2025, compared to $3,413.8 million on December 31, 2024, reflecting a growth of 140%[40] - Net loss from continuing operations for the nine months ended September 30, 2025, was $102.8 million, a significant decline from a net income of $91.5 million in the same period of 2024[42] - Adjusted EBITDA from continuing operations is projected to be between $590.0 million and $605.0 million for the full year 2025, with revenue guidance of $3,760 million to $3,790 million[52] - Diluted earnings per share from net income is guided to be between ($1.05) and ($0.75) for the full year 2025[50]