JBT Corporation Declares Quarterly Dividend and Announces Share Repurchase Program

Rhea-AI Summary

On December 1, 2021, JBT Corporation declared a quarterly cash dividend of $0.10 per share, payable on December 27, 2021, to stockholders of record by December 13, 2021. Additionally, the Board authorized a new share repurchase plan to buy back up to $30 million of its common stock, effective from January 1, 2022, to December 31, 2024. This replaces the existing plan expiring on December 31, 2021. JBT Corporation specializes in technology solutions for the food and beverage industry and provides services to air transportation customers globally.

Positive

• Declaration of a quarterly dividend of $0.10 per share enhances shareholder value.
• Authorization of a $30 million share repurchase program indicates confidence in stock valuation and could positively impact EPS.

Negative

• Existing share repurchase plan will expire on December 31, 2021, with unutilized capacity, showing missed opportunities for stock buybacks.

CHICAGO, Dec. 1, 2021 /PRNewswire/ -- JBT Corporation (NYSE: JBT) announced that on December 1, 2021 its Board of Directors declared a quarterly cash dividend of $0.10 per share of outstanding common stock. The dividend will be payable on December 27, 2021 to stockholders of record at the close of business on December 13, 2021.

The Board of Directors also authorized a new share repurchase plan of up to $30 million of the Company's common stock, effective January 1, 2022 through December 31, 2024.  The timing, price, and volume of the repurchases will be based on market conditions, relevant securities laws, and other factors. The Company's existing plan will expire on December 31, 2021 in accordance with its terms, with all remaining share repurchase capacity under the existing plan expiring unutilized at such time.

JBT Corporation (NYSE: JBT) is a leading global technology solutions provider to high-value segments of the food & beverage industry with focus on proteins, liquid foods and automated system solutions. JBT designs, produces and services sophisticated products and systems for multi-national and regional customers through its FoodTech segment. JBT also sells critical equipment and services to domestic and international air transportation customers through its AeroTech segment. JBT Corporation employs approximately 6,400 people worldwide and operates sales, service, manufacturing, and sourcing operations in more than 25 countries. For more information, please visit www.jbtc.com.

Investors & Media:      Kedric Meredith      (312) 861-6034

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SOURCE JBT Corporation

FAQ

What is the dividend declared by JBT Corporation?

JBT Corporation declared a quarterly cash dividend of $0.10 per share.

When will the JBT dividend be paid?

The dividend will be payable on December 27, 2021, to stockholders of record by December 13, 2021.

What is the new share repurchase plan amount for JBT Corporation?

JBT Corporation authorized a new share repurchase plan of up to $30 million.

When does the new share repurchase program for JBT start?

The new share repurchase program will be effective from January 1, 2022, through December 31, 2024.

How does the share repurchase program affect JBT's stock?

The share repurchase program can potentially increase earnings per share and signal confidence in the company's future performance.