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Why Is JBT (JBT) Up 5.7% Since Last Earnings Report?
JBTJohn Bean Technologies(JBT) ZACKS·2024-11-21 17:35

Core Viewpoint - John Bean Technologies (JBT) reported strong Q3 2024 earnings, with adjusted earnings per share of 1.50,exceedingestimatesandreflectinga35.11.50, exceeding estimates and reflecting a 35.1% year-over-year increase [2][3]. Financial Performance - Adjusted earnings per share were 1.50, beating the Zacks Consensus Estimate of 1.41,drivenbyvolumegrowth,restructuringactions,supply−chaincostsavings,andlowernetinterestexpenses[2]−Reportedearningspersharefromcontinuingoperationswere1.41, driven by volume growth, restructuring actions, supply-chain cost savings, and lower net interest expenses [2] - Reported earnings per share from continuing operations were 1.18, compared to 0.97intheprioryear[3]−Revenuesreached0.97 in the prior year [3] - Revenues reached 454 million, a 12.4% increase from the previous year, surpassing the Zacks Consensus Estimate of 445million[3]−Backlogfromcontinuingoperationswas445 million [3] - Backlog from continuing operations was 698 million, up 1.3% year-over-year, while orders increased by 10.5% to 440million[3]MarginAnalysis−Costofsalesrose12.1440 million [3] Margin Analysis - Cost of sales rose 12.1% year-over-year to 290 million, while gross profit increased by 13% to 164million,resultinginagrossmarginof36.1164 million, resulting in a gross margin of 36.1% [4] - Selling, general and administrative expenses increased by 15.3% to 117 million, but operating profit improved by 26.8% to 47million,withanoperatingmarginof10.347 million, with an operating margin of 10.3% [5] - Adjusted EBITDA was approximately 82 million, reflecting a year-over-year increase of 23.2%, with an adjusted EBITDA margin of 18% [5] Cash and Debt Position - Cash and cash equivalents at the end of Q3 2024 were 534.5million,upfrom534.5 million, up from 483 million at the end of 2023 [6] - Total debt was reported at 648millionasofSeptember30,2024,slightlyupfrom648 million as of September 30, 2024, slightly up from 646 million at the end of 2023 [7] Guidance and Estimates - The company revised its 2024 income from continuing operations expectations to 116−116-125 million, down from 137−137-146 million [8] - Expected revenues for 2024 are projected between 1.715billionand1.715 billion and 1.750 billion, with adjusted EBITDA forecasted at 295−295-305 million and an EBITDA margin between 17% and 17.5% [8] - Adjusted earnings per share for 2024 are anticipated to be between 5.05and5.05 and 5.35 [8] Market Sentiment - Estimates for the stock have trended downward over the past month, with a current Zacks Rank of 3 (Hold), indicating an expectation of in-line returns in the coming months [9][10]