JBT Corporation Reports Strong Third Quarter 2024 Results and Reiterates Full Year 2024 Guidance for Revenue, Adjusted EBITDA, and Adjusted EPS
JBT (NYSE: JBT) reported strong third quarter 2024 results, with revenue increasing 12% to $454 million. Income from continuing operations rose 23% to $38 million, while adjusted EBITDA grew 23% to $82 million. Earnings per share (EPS) increased 22% to $1.18, and adjusted EPS rose 35% to $1.50.
The company reiterated its full-year 2024 guidance for revenue ($1,715 - $1,750 million), adjusted EBITDA ($295 - $305 million), and adjusted EPS ($5.05 - $5.35). JBT also secured commitments for its deal-contingent financing structure for the Marel acquisition, including a $1.8 billion revolving credit facility and a $900 million Senior Secured Term Loan B. The company expects to complete the combination with Marel around the end of 2024.
JBT (NYSE: JBT) ha riportato risultati solidi per il terzo trimestre del 2024, con un aumento dei ricavi del 12% a $454 milioni. Il reddito dalle operazioni continuative è aumentato del 23% a $38 milioni, mentre l'EBITDA rettificato è cresciuto del 23% a $82 milioni. Gli utili per azione (EPS) sono aumentati del 22% a $1.18, e l'EPS rettificato è cresciuto del 35% a $1.50.
La società ha ribadito la sua guidance per l'intero anno 2024 in termini di ricavi ($1,715 - $1,750 milioni), EBITDA rettificato ($295 - $305 milioni) e EPS rettificato ($5.05 - $5.35). JBT ha inoltre assicurato impegni per la sua struttura di finanziamento legata alle operazioni per l'acquisizione di Marel, inclusi un $1,8 miliardi di linea di credito revolving e un $900 milioni di Prestito Term Loan B Senior Sicuro. La società prevede di completare la fusione con Marel entro la fine del 2024.
JBT (NYSE: JBT) reportó resultados sólidos para el tercer trimestre de 2024, con un aumento del 12% en los ingresos a $454 millones. Los ingresos de las operaciones continuas crecieron un 23% a $38 millones, mientras que el EBITDA ajustado creció un 23% a $82 millones. Las ganancias por acción (EPS) aumentaron un 22% a $1.18, y el EPS ajustado se elevó un 35% a $1.50.
La compañía reiteró su guía para el año completo 2024 en ingresos ($1,715 - $1,750 millones), EBITDA ajustado ($295 - $305 millones) y EPS ajustado ($5.05 - $5.35). JBT también aseguró compromisos para su estructura de financiamiento contingente para la adquisición de Marel, incluyendo una línea de crédito revolving de $1.8 mil millones y un Préstamo Term Loan B Senior Asegurado de $900 millones. La compañía espera completar la combinación con Marel alrededor de finales de 2024.
JBT (NYSE: JBT)는 2024년 3분기 강력한 실적을 발표했으며, 수익이 12% 증가하여 $454 백만에 달했습니다. 지속 운영에서의 수익은 23% 증가한 $38 백만으로, 조정된 EBITDA는 23% 증가하여 $82 백만에 도달했습니다. 주당순이익(EPS)은 22% 증가하여 $1.18, 조정된 EPS는 35% 증가하여 $1.50입니다.
회사는 2024년 전체 연간 지침을 수익($1,715 - $1,750 백만), 조정된 EBITDA($295 - $305 백만), 조정된 EPS($5.05 - $5.35)로 재확인했습니다. JBT는 또한 Marel 인수를 위한 거래 조건부 금융 구조에 대한 약정을 확보했으며, 18억 달러 규모의 회전 신용시설과 9억 달러 규모의 선순위 담보 만기 대출 B를 포함합니다. 회사는 2024년 말쯤 Marel과의 결합을 완료할 것으로 예상하고 있습니다.
JBT (NYSE: JBT) a annoncé des résultats solides pour le troisième trimestre 2024, avec une augmentation du chiffre d'affaires de 12% à $454 millions. Le revenu des opérations continues a augmenté de 23% pour atteindre $38 millions, tandis que l'EBITDA ajusté a crû de 23% pour s'élever à $82 millions. Le bénéfice par action (EPS) a augmenté de 22% à $1.18, et l'EPS ajusté a augmenté de 35% pour atteindre $1.50.
L'entreprise a réaffirmé ses prévisions pour l'ensemble de l'année 2024 sur le chiffre d'affaires ($1,715 - $1,750 millions), l'EBITDA ajusté ($295 - $305 millions) et l'EPS ajusté ($5.05 - $5.35). JBT a également sécurisé des engagements pour sa structure de financement conditionnelle pour l'acquisition de Marel, y compris une ligne de crédit revolving de 1,8 milliard de dollars et un Prêt B senior garanti de 900 millions de dollars. L'entreprise prévoit de finaliser la combinaison avec Marel d'ici la fin de 2024.
JBT (NYSE: JBT) hat starke Ergebnisse für das dritte Quartal 2024 gemeldet, mit einem Umsatzanstieg von 12% auf $454 Millionen. Das Einkommen aus fortgeführten Betrieben stieg um 23% auf $38 Millionen, während das bereinigte EBITDA um 23% auf $82 Millionen wuchs. Der Gewinn pro Aktie (EPS) erhöhte sich um 22% auf $1.18, und der bereinigte EPS stieg um 35% auf $1.50.
Das Unternehmen bekräftigte seine Prognose für das Gesamtjahr 2024 für Umsatz ($1,715 - $1,750 Millionen), bereinigtes EBITDA ($295 - $305 Millionen) und bereinigten EPS ($5.05 - $5.35). JBT sicherte sich zudem Verpflichtungen für seine dealabhängige Finanzierungsstruktur für die Übernahme von Marel, einschließlich einer $1,8 Milliarden revolving Kreditlinie und einem $900 Millionen Senior Secured Term Loan B. Das Unternehmen erwartet, die Kombination mit Marel gegen Ende 2024 abzuschließen.
- Revenue increased 12% year-over-year to $454 million
- Income from continuing operations grew 23% to $38 million
- Adjusted EBITDA rose 23% to $82 million
- Adjusted EPS increased 35% to $1.50
- Orders improved 10% to $440 million
- Year-to-date operating cash flow from continuing operations reached $104 million
- Net leverage ratio was low at 0.4x net debt to trailing twelve months adjusted EBITDA
- Higher M&A costs and tax rate partially offset income growth
- Anticipates $28 - $32 million non-cash, pre-tax charge in Q4 2024 for pension plan settlement
Insights
JBT 's Q3 2024 results demonstrate strong financial performance and operational execution. Key highlights include:
- Revenue increased
12% year-over-year to$454 million - Adjusted EBITDA grew
23% to$82 million with margin expansion of 160 basis points to18.0% - Adjusted EPS rose
35% to$1.50 - Orders improved
10% to$440 million with a solid backlog of$698 million
The company's diverse end-market exposure and cost management efforts are paying off. JBT's reiteration of full-year 2024 guidance suggests confidence in its business outlook. The planned combination with Marel is progressing, with financing secured on favorable terms. This merger could significantly enhance JBT's scale and market position in food processing equipment. However, investors should monitor integration risks and potential regulatory hurdles. The strong cash flow generation and low leverage (0.4x net debt/EBITDA) provide financial flexibility for future growth initiatives.
JBT's Q3 results reflect positive industry trends and effective strategy execution. The
The company's focus on recurring revenue streams (parts, service, rebuilds, leasing) is a key strength, contributing to roughly half of annual revenue. This business model enhances stability and profitability. The pending Marel acquisition could create a formidable player in food processing technology, potentially leading to increased market share and expanded geographic reach.
Investors should consider JBT's strong position in a growing market, balanced against integration challenges and global economic uncertainties. The company's ability to maintain margins and drive synergies post-merger will be important for long-term value creation.
Third Quarter Highlights: (Results are from continuing operations with comparisons to the prior year period)
-
Achieved another strong quarter with orders of
and backlog of$440 million $698 million
-
Revenue of
increased 12 percent$454 million
-
Income from continuing operations of
and adjusted EBITDA of$38 million both increased 23 percent$82 million
-
Earnings per share (EPS) of
and adjusted EPS of$1.18 increased 22 percent and 35 percent, respectively$1.50
- On track to complete remaining items and close combination with Marel hf. (Marel) on or about the end of 2024
"We are pleased with our third quarter execution, which enabled record quarterly revenue, adjusted EBITDA, and adjusted EPS from continuing operations," said Brian Deck, President and Chief Executive Officer. "Additionally, we experienced continued recovery in demand from our global poultry customers, and our solid orders and backlog benefited from our diverse end market solutions."
Comparisons in this news release are to the comparable period of the prior year, unless otherwise noted. An earnings presentation with supplemental information is also available on the Company's Investor Relations website at https://ir.jbtc.com/events-and-presentations/.
Third Quarter 2024 Results
The below paragraphs reflect JBT's results from continuing operations. AeroTech's financial results were transitioned to discontinued operations beginning in the second quarter of 2023, and prior period financial results have been recast accordingly.
"For the third quarter of 2024, we achieved our target of double-digit year-over-year revenue and adjusted EBITDA growth," said Matt Meister, Executive Vice President and Chief Financial Officer. "Additionally, we delivered excellent cash flow, which was primarily driven by sequential earnings growth and improved working capital management."
Third quarter 2024 revenue of
JBT generated year-to-date operating cash flow from continuing operations of
2024 Outlook
JBT is updating its full year 2024 guidance for income from continuing operations and GAAP EPS to account for JBT's plan to settle all outstanding obligations of its fully funded pension plan through the combination of voluntary lump sum payments and the purchase of an annuity contract. Accordingly, during the fourth quarter of 2024, JBT anticipates incurring approximately
JBT is reiterating its guidance for revenue, adjusted EBITDA, and adjusted EPS.
|
Guidance |
$ millions except EPS |
FY 2024 |
Revenue |
|
Income from continuing operations |
|
Adjusted EBITDA(1) |
|
Adjusted EBITDA margin |
17.0 - |
GAAP EPS |
|
Adjusted EPS(1) |
|
|
|
(1) Non-GAAP figure. Please see supplemental schedules for adjustments and reconciliations. |
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Combination with Marel
Following completion of an in-depth preliminary review process, JBT received indication from the European Commission (E.C.) that the Company will be able to imminently notify the E.C. under the EU Merger Regulation of JBT's proposed acquisition of Marel (ICL: Marel). Upon submission of this notification, the E.C. will formally review the notification subject to its standard 25 working day Phase 1 review period.
In order to accommodate the E.C.'s formal review period, JBT and Marel will collaborate with the Financial Supervisory Authority of the Central Bank of
During October 2024, JBT successfully secured commitments for its deal-contingent financing structure, consisting of a 5-year, amended and restated
The revolving credit facility will retain the same pricing grid as JBT's existing revolving credit facility. The Term Loan B was more than 3 times oversubscribed, and as a result, JBT secured pricing of SOFR plus 225 basis points. This pricing structure will step down to SOFR plus 200 basis points once leverage is below 3.25x. Additionally, the Term Loan B includes a ticking fee with no fees to be paid for the first 60 days following allocation of commitments, which occurred on October 9, 2024.
JBT expects to utilize its available cash, proceeds from the Term Loan B, and borrowings on its revolving credit facility to fund the cash portion of the Marel transaction, refinance Marel's existing debt, and pay transaction related fees and expenses. As a result, JBT expects to have ample liquidity at the time of the transaction close to support the ongoing operations of the combined company.
Third Quarter 2024 Earnings Conference Call
A conference call is scheduled for 10:00 a.m. ET on Wednesday, October 23, 2024, to discuss third quarter 2024 results. Participants may access the conference call through online registration at https://registrations.events/direct/Q4I7676635. A simultaneous webcast and audio replay of the call will be available on the Company’s Investor Relations website at https://ir.jbtc.com/events-and-presentations/.
JBT Corporation (NYSE: JBT) is a leading global technology solutions provider to high-value segments of the food & beverage industry. JBT designs, produces and services sophisticated products and systems for a broad range of end markets, generating roughly one-half of its annual revenue from recurring parts, service, rebuilds, and leasing operations. JBT employs approximately 5,100 people worldwide and operates sales, service, manufacturing and sourcing operations in more than 25 countries. For more information, please visit www.jbtc.com.
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond JBT’s ability to control. These forward-looking statements include, among others, statements relating to our business and our results of operations, a potential transaction with Marel, our strategic plans, our restructuring plans and expected cost savings from those plans, and our liquidity. The factors that could cause our actual results to differ materially from expectations include, but are not limited to, the following factors: the occurrence of any event, change or other circumstances that could give rise to the termination or abandonment of the voluntary takeover offer ("the Offer"); the expected timing and likelihood of completion of the proposed transaction with Marel, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals for the Offer that could reduce anticipated benefits or cause the parties to abandon the transaction; the risk that Marel and/or JBT may not be able to satisfy the conditions to the Offer in a timely manner or at all; the risk that the Offer and its announcement could have an adverse effect on the ability of JBT and Marel to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers, and on their operating results and businesses generally; the risk that problems may arise in successfully integrating the businesses of Marel and JBT, which may result in the combined company not operating as effectively and efficiently as expected; the risk that the combined company may be unable to achieve cost-cutting synergies or that it may take longer than expected to achieve those synergies; fluctuations in our financial results; unanticipated delays or accelerations in our sales cycles; deterioration of economic conditions, including impacts from supply chain delays and reduced material or component availability; inflationary pressures, including increases in energy, raw material, freight and labor costs; disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business; changes to trade regulation, quotas, duties or tariffs; fluctuations in currency exchange rates; changes in food consumption patterns; impacts of pandemic illnesses, food borne illnesses and diseases to various agricultural products; weather conditions and natural disasters; the impact of climate change and environmental protection initiatives; acts of terrorism or war, including the ongoing conflicts in
JBT provides non-GAAP financial measures in order to increase transparency in our operating results and trends. These non-GAAP measures eliminate certain costs or benefits from, or change the calculation of, a measure as calculated under
These calculations may differ from similarly-titled measures used by other companies. The non-GAAP financial measures disclosed are not intended to be used as a substitute for, nor should they be considered in isolation of, financial measures prepared in accordance with
Important Notices
This release is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In particular, this release is not an offer of securities for sale in
Note to
It is important that
Important Additional Information
No offer of JBT securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption from registration, and applicable European regulations, including the Icelandic Prospectus Act no. 14/2020 and the Icelandic Takeover Act no. 108/2007 on takeovers. In connection with the Offer, JBT filed with the SEC a registration statement on Form S-4 (File No. 333-279438) (the “Registration Statement”) that included a proxy statement/prospectus (the “Proxy Statement/Prospectus”). The Registration Statement was declared effective by the SEC on June 25, 2024. Additionally, JBT filed with the Financial Supervisory Authority of the Central Bank of
SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS, THE PROSPECTUS, AND THE OFFER DOCUMENT, AS APPLICABLE, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC OR THE FSA CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION.
Shareholders may obtain a free copy of the Proxy Statement/Prospectus, as well as other filings containing information about JBT, without charge, at the SEC’s website at www.sec.gov, and on JBT’s website at https://ir.jbtc.com/overview/default.aspx. You may obtain a free copy of the prospectus on the FSA’s website at www.fme.is and on JBT’s website at https://www.jbtc.com/jbt-marel-offer-launch/ as well as a free copy of the offer document.
JBT CORPORATION |
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
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(Unaudited and in millions, except per share data) |
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|
|
|
|
|
|
|
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Three Months Ended
|
|
Nine Months Ended
|
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|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
$ |
453.8 |
|
|
$ |
403.6 |
|
|
$ |
1,248.4 |
|
|
$ |
1,219.8 |
|
Cost of sales |
|
290.2 |
|
|
|
258.8 |
|
|
|
801.3 |
|
|
|
794.9 |
|
Gross profit |
|
163.6 |
|
|
|
144.8 |
|
|
|
447.1 |
|
|
|
424.9 |
|
Gross profit margin |
|
36.1 |
% |
|
|
35.9 |
% |
|
|
35.8 |
% |
|
|
34.8 |
% |
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expense |
|
117.0 |
|
|
|
101.5 |
|
|
|
343.3 |
|
|
|
305.6 |
|
Restructuring expense |
|
(0.2 |
) |
|
|
6.4 |
|
|
|
1.1 |
|
|
|
9.7 |
|
Operating income |
|
46.8 |
|
|
|
36.9 |
|
|
|
102.7 |
|
|
|
109.6 |
|
Operating income margin |
|
10.3 |
% |
|
|
9.1 |
% |
|
|
8.2 |
% |
|
|
9.0 |
% |
|
|
|
|
|
|
|
|
||||||||
Pension expense, other than service cost |
|
1.0 |
|
|
|
0.2 |
|
|
|
3.0 |
|
|
|
0.6 |
|
Interest (income) expense, net |
|
(1.8 |
) |
|
|
0.9 |
|
|
|
(6.2 |
) |
|
|
14.5 |
|
Income from continuing operations before income taxes |
|
47.6 |
|
|
|
35.8 |
|
|
|
105.9 |
|
|
|
94.5 |
|
Income tax provision |
|
9.5 |
|
|
|
4.6 |
|
|
|
14.3 |
|
|
|
17.8 |
|
Equity in net earnings of unconsolidated affiliate |
|
— |
|
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
Income from continuing operations |
|
38.1 |
|
|
|
31.1 |
|
|
|
91.5 |
|
|
|
76.6 |
|
Income from discontinued operations, net of taxes |
|
0.8 |
|
|
|
410.5 |
|
|
|
0.9 |
|
|
|
424.9 |
|
Net income |
$ |
38.9 |
|
|
$ |
441.6 |
|
|
$ |
92.4 |
|
|
$ |
501.5 |
|
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|
|
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Basic earnings per share from: |
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|
|
|
|
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|
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Continuing operations |
$ |
1.19 |
|
|
$ |
0.97 |
|
|
$ |
2.86 |
|
|
$ |
2.39 |
|
Discontinued operations |
|
0.03 |
|
|
|
12.82 |
|
|
|
0.03 |
|
|
|
13.28 |
|
Net income |
$ |
1.22 |
|
|
$ |
13.79 |
|
|
$ |
2.89 |
|
|
$ |
15.67 |
|
|
|
|
|
|
|
|
|
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Diluted earnings per share from net income from: |
|
|
|
|
|
|
|
||||||||
Continuing operations |
$ |
1.18 |
|
|
$ |
0.97 |
|
|
$ |
2.84 |
|
|
$ |
2.39 |
|
Discontinued operations |
|
0.03 |
|
|
|
12.76 |
|
|
|
0.03 |
|
|
|
13.22 |
|
Net income |
$ |
1.21 |
|
|
$ |
13.73 |
|
|
$ |
2.87 |
|
|
$ |
15.61 |
|
|
|
|
|
|
|
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Weighted average shares outstanding: |
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|
|
|
|
|
|
||||||||
Basic |
|
32.0 |
|
|
|
32.0 |
|
|
|
32.0 |
|
|
|
32.0 |
|
Diluted |
|
32.2 |
|
|
|
32.2 |
|
|
|
32.2 |
|
|
|
32.1 |
|
|
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Other business information from continuing operations: |
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|
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|
|
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Inbound orders |
$ |
439.6 |
|
|
$ |
398.0 |
|
|
$ |
1,265.2 |
|
|
$ |
1,249.4 |
|
Orders backlog |
|
|
|
|
$ |
698.1 |
|
|
$ |
689.2 |
|
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JBT CORPORATION |
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NON-GAAP FINANCIAL MEASURES |
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RECONCILIATION OF DILUTED EARNINGS PER SHARE TO ADJUSTED DILUTED EARNINGS PER SHARE |
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(Unaudited and in millions, except per share data) |
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Three Months Ended
|
|
Nine Months Ended
|
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|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Income from continuing operations |
$ |
38.1 |
|
|
$ |
31.1 |
|
|
$ |
91.5 |
|
|
$ |
76.6 |
|
Non-GAAP adjustments |
|
|
|
|
|
|
|
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Restructuring related costs(1) |
|
(0.2 |
) |
|
|
6.4 |
|
|
|
1.1 |
|
|
|
9.7 |
|
M&A related costs(2) |
|
12.9 |
|
|
|
— |
|
|
|
32.6 |
|
|
|
3.6 |
|
Amortization of bridge financing debt issuance cost |
|
1.2 |
|
|
|
— |
|
|
|
2.4 |
|
|
|
— |
|
Impact on tax provision from Non-GAAP adjustments(3) |
|
(3.6 |
) |
|
|
(1.9 |
) |
|
|
(9.3 |
) |
|
|
(4.2 |
) |
Deferred tax benefit related to an internal reorganization |
|
— |
|
|
|
— |
|
|
|
(8.8 |
) |
|
|
— |
|
Adjusted income from continuing operations |
$ |
48.4 |
|
|
$ |
35.6 |
|
|
$ |
109.5 |
|
|
$ |
85.7 |
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations |
$ |
38.1 |
|
|
$ |
31.1 |
|
|
$ |
91.5 |
|
|
$ |
76.6 |
|
Total shares and dilutive securities |
|
32.2 |
|
|
|
32.2 |
|
|
|
32.2 |
|
|
|
32.1 |
|
Diluted earnings per share from continuing operations |
$ |
1.18 |
|
|
$ |
0.97 |
|
|
$ |
2.84 |
|
|
$ |
2.39 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted income from continuing operations |
$ |
48.4 |
|
|
$ |
35.6 |
|
|
$ |
109.5 |
|
|
$ |
85.7 |
|
Total shares and dilutive securities |
|
32.2 |
|
|
|
32.2 |
|
|
|
32.2 |
|
|
|
32.1 |
|
Adjusted diluted earnings per share from continuing operations |
$ |
1.50 |
|
|
$ |
1.11 |
|
|
$ |
3.40 |
|
|
$ |
2.67 |
|
|
|
|
|
|
|
|
|
||||||||
(1) Costs incurred as a direct result of the restructuring program are excluded because they are not part of the ongoing operations of our underlying business. |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
(2) M&A related costs include integration costs, amortization of inventory step-up from business combinations, advisory and transaction costs for both potential and completed M&A transactions and strategy. |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
(3) Impact on tax provision was calculated using the enacted rate for the relevant jurisdiction for each period shown. |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
The above table reports adjusted income from continuing operations and adjusted diluted earnings per share from continuing operations, which are non-GAAP financial measures. We use these measures internally to make operating decisions and for the planning and forecasting of future periods, and therefore provide this information to investors because we believe it allows more meaningful period-to-period comparisons of our ongoing operating results, without the fluctuations in the amount of certain costs that do not reflect our underlying operating results. |
JBT CORPORATION |
|||||||||||||||
NON-GAAP FINANCIAL MEASURES |
|||||||||||||||
RECONCILIATION OF INCOME FROM CONTINUING OPERATIONS TO ADJUSTED EBITDA |
|||||||||||||||
(Unaudited and in millions) |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Income from continuing operations |
$ |
38.1 |
|
|
$ |
31.1 |
|
|
$ |
91.5 |
|
|
$ |
76.6 |
|
Income tax provision |
|
9.5 |
|
|
|
4.6 |
|
|
|
14.3 |
|
|
|
17.8 |
|
Interest (income) expense, net |
|
(1.8 |
) |
|
|
0.9 |
|
|
|
(6.2 |
) |
|
|
14.5 |
|
Depreciation and amortization |
|
22.2 |
|
|
|
23.1 |
|
|
|
66.5 |
|
|
|
69.3 |
|
EBITDA from continuing operations |
|
68.0 |
|
|
|
59.7 |
|
|
|
166.1 |
|
|
|
178.2 |
|
Restructuring related costs(1) |
|
(0.2 |
) |
|
|
6.4 |
|
|
|
1.1 |
|
|
|
9.7 |
|
Pension expense, other than service cost(2) |
|
1.0 |
|
|
|
0.2 |
|
|
|
3.0 |
|
|
|
0.6 |
|
M&A related costs(3) |
|
12.9 |
|
|
|
— |
|
|
|
32.6 |
|
|
|
3.6 |
|
Adjusted EBITDA from continuing operations |
$ |
81.7 |
|
|
$ |
66.3 |
|
|
$ |
202.8 |
|
|
$ |
192.1 |
|
|
|
|
|
|
|
|
|
||||||||
Total revenue |
$ |
453.8 |
|
|
$ |
403.6 |
|
|
$ |
1,248.4 |
|
|
$ |
1,219.8 |
|
Adjusted EBITDA margin |
|
18.0 |
% |
|
|
16.4 |
% |
|
|
16.2 |
% |
|
|
15.7 |
% |
|
|
|
|
|
|
|
|
||||||||
(1) Costs incurred as a direct result of the restructuring program are excluded because they are not part of the ongoing operations of our underlying business. |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
(2) Pension expense, other than service cost is excluded as it represents all non service-related pension expense, which consists of non-cash interest cost, expected return on plan assets and amortization of actuarial gains and losses. |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
(3) M&A related costs include integration costs, amortization of inventory step-up from business combinations, advisory and transaction costs for both potential and completed M&A transactions and strategy. |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
The above table reports EBITDA and Adjusted EBITDA, which are non-GAAP financial measures. Given the Company’s focus on growth through acquisitions, management believes EBITDA facilitates an evaluation of business performance while excluding the impact of amortization due to the step up in value of intangible assets, and the depreciation of fixed assets. We use Adjusted EBITDA internally to make operating decisions and believe that adjusted EBITDA is useful to investors as a measure of the Company’s operational performance and a way to evaluate and compare operating performance against peers in the Company's industry. |
JBT CORPORATION |
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(Unaudited and in millions) |
|||||||
|
|
|
|
||||
|
September
|
|
December
|
||||
Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
534.5 |
|
|
$ |
483.3 |
|
Trade receivables, net of allowances |
|
334.6 |
|
|
|
288.9 |
|
Inventories |
|
259.0 |
|
|
|
238.9 |
|
Other current assets |
|
77.5 |
|
|
|
89.1 |
|
Total current assets |
|
1,205.6 |
|
|
|
1,100.2 |
|
Property, plant and equipment, net |
|
243.3 |
|
|
|
248.0 |
|
Other assets |
|
1,340.1 |
|
|
|
1,362.2 |
|
Total assets |
$ |
2,789.0 |
|
|
$ |
2,710.4 |
|
|
|
|
|
||||
Liabilities and Stockholders' Equity |
|
|
|
||||
Accounts payable, trade and other |
$ |
144.7 |
|
|
$ |
134.6 |
|
Advance and progress payments |
|
159.1 |
|
|
|
172.0 |
|
Other current liabilities |
|
169.6 |
|
|
|
177.8 |
|
Total current liabilities |
|
473.4 |
|
|
|
484.4 |
|
Long-term debt, less current portion |
|
648.3 |
|
|
|
646.4 |
|
Accrued pension and other post-retirement benefits, less current portion |
|
22.4 |
|
|
|
24.6 |
|
Other liabilities |
|
59.8 |
|
|
|
66.1 |
|
|
|
|
|
||||
Common stock and additional paid-in capital |
|
229.6 |
|
|
|
221.1 |
|
Retained earnings |
|
1,546.3 |
|
|
|
1,463.6 |
|
Accumulated other comprehensive loss |
|
(190.8 |
) |
|
|
(195.8 |
) |
Total stockholders' equity |
|
1,585.1 |
|
|
|
1,488.9 |
|
Total liabilities and stockholders' equity |
$ |
2,789.0 |
|
|
$ |
2,710.4 |
|
JBT CORPORATION |
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(Unaudited and in millions) |
|||||||
|
|
|
|
||||
|
Nine Months Ended
|
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash flows from continuing operating activities |
|
|
|
||||
Net income |
$ |
92.4 |
|
|
$ |
501.5 |
|
Less: Income from discontinued operations, net of taxes |
|
0.9 |
|
|
|
424.9 |
|
Income from continuing operations |
|
91.5 |
|
|
|
76.6 |
|
|
|
|
|
||||
Adjustments to reconcile income from continuing operations to cash provided by continuing operating activities |
|
|
|
||||
Depreciation and amortization |
|
66.5 |
|
|
|
69.3 |
|
Stock-based compensation |
|
11.4 |
|
|
|
7.1 |
|
Other |
|
9.3 |
|
|
|
6.7 |
|
|
|
|
|
||||
Changes in operating assets and liabilities |
|
|
|
||||
Trade accounts receivable, net |
|
(47.4 |
) |
|
|
2.3 |
|
Inventories |
|
(16.6 |
) |
|
|
7.9 |
|
Accounts payable, trade and other |
|
9.7 |
|
|
|
(43.6 |
) |
Advance and progress payments |
|
(10.5 |
) |
|
|
(0.2 |
) |
Other - assets and liabilities, net |
|
(10.0 |
) |
|
|
(30.5 |
) |
Cash provided by continuing operating activities |
|
103.9 |
|
|
|
95.6 |
|
|
|
|
|
||||
Cash flows from continuing investing activities |
|
|
|
||||
Proceeds from sale of AeroTech, net |
|
(4.8 |
) |
|
|
793.2 |
|
Acquisitions, net of cash acquired |
|
— |
|
|
|
(0.1 |
) |
Capital expenditures |
|
(27.9 |
) |
|
|
(46.2 |
) |
Purchase of Marketable Securities |
|
— |
|
|
|
(125.0 |
) |
Other |
|
0.9 |
|
|
|
(9.2 |
) |
Cash (required) provided by continuing investing activities |
|
(31.8 |
) |
|
|
612.7 |
|
|
|
|
|
||||
Cash flows from continuing financing activities |
|
|
|
||||
Net payments for domestic credit facilities |
|
— |
|
|
|
(340.1 |
) |
Proceeds from settlement of cross currency swaps |
|
— |
|
|
|
5.8 |
|
Payment of debt issuance costs for Bridge Credit Agreement |
|
(7.1 |
) |
|
|
— |
|
Dividends |
|
(9.6 |
) |
|
|
(9.7 |
) |
Other |
|
(6.4 |
) |
|
|
(1.7 |
) |
Cash required by continuing financing activities |
|
(23.1 |
) |
|
|
(345.7 |
) |
|
|
|
|
||||
Net increase in cash and cash equivalents from continuing operations |
|
49.0 |
|
|
|
362.6 |
|
Net cash provided (required) by discontinued operations |
|
0.8 |
|
|
|
(31.4 |
) |
Effect of foreign exchange rate changes on cash and cash equivalents |
|
1.4 |
|
|
|
(2.6 |
) |
Net increase in cash and cash equivalents |
|
51.2 |
|
|
|
328.6 |
|
|
|
|
|
||||
Cash and cash equivalents from continuing operations, beginning of period |
|
483.3 |
|
|
|
71.7 |
|
Add: Cash and cash equivalents from discontinued operations, beginning of period |
|
— |
|
|
|
1.4 |
|
Add: Net increase in cash and cash equivalents |
|
51.2 |
|
|
|
328.6 |
|
Less: Cash and cash equivalents from discontinued operations, end of period |
|
— |
|
|
|
— |
|
Cash and cash equivalents from continuing operations, end of period |
$ |
534.5 |
|
|
$ |
401.7 |
|
JBT CORPORATION |
|||||||
NON-GAAP FINANCIAL MEASURES |
|||||||
FREE CASH FLOW |
|||||||
(Unaudited and in millions) |
|||||||
|
|
|
|
||||
|
Nine Months Ended September 30, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash provided by continuing operating activities |
$ |
103.9 |
|
|
$ |
95.6 |
|
Less: capital expenditures |
|
27.9 |
|
|
|
46.2 |
|
Plus: proceeds from disposal of assets |
|
0.9 |
|
|
|
1.2 |
|
Plus: pension contributions |
|
2.3 |
|
|
|
11.2 |
|
Free cash flow (FCF) |
$ |
79.2 |
|
$ |
61.8 |
||
|
|
||||||
The above table reports free cash flow, which is a non-GAAP financial measure. We use free cash flow internally as a key indicator of our liquidity and ability to service debt, invest in business combinations, and return money to shareholders and believe this information is useful to investors because it provides an understanding of the cash available to fund these initiatives. For free cash flow purposes, we consider contributions to pension plans to be more comparable to payment of debt, and therefore exclude these contributions from the calculation of free cash flow. |
JBT CORPORATION |
|||||||||||||||||||
NET DEBT CALCULATION |
|||||||||||||||||||
(Unaudited and in millions) |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
As of Quarter Ended |
|
Change From |
||||||||||||||||
|
Q3 2024 |
|
Q4 2023 |
|
Q3 2023 |
|
Prior Year-
|
|
Prior Year |
||||||||||
Total debt |
$ |
648.3 |
|
|
$ |
646.4 |
|
|
$ |
645.8 |
|
|
$ |
1.9 |
|
|
$ |
2.5 |
|
Cash and marketable securities(1) |
|
(534.5 |
) |
|
|
(483.3 |
) |
|
|
(526.7 |
) |
|
|
(51.2 |
) |
|
|
(7.8 |
) |
Net debt |
$ |
113.8 |
|
|
$ |
163.1 |
|
|
$ |
119.1 |
|
|
$ |
(49.3 |
) |
|
$ |
(5.3 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
JBT CORPORATION |
|||
BANK TOTAL NET LEVERAGE RATIO CALCULATION |
|||
(Unaudited and in millions) |
|||
|
|
||
|
Q3 2024 |
||
Total debt |
$ |
648.3 |
|
Cash and marketable securities |
|
(534.5 |
) |
Net debt |
|
113.8 |
|
Other items considered debt under the credit agreement |
|
15.6 |
|
Consolidated total indebtedness(1) |
$ |
129.4 |
|
|
|
||
Trailing twelve months Adjusted EBITDA from continuing operations |
|
283.8 |
|
Other adjustments net to earnings under the credit agreement |
|
4.9 |
|
Consolidated EBITDA(1) |
$ |
288.7 |
|
|
|
||
Bank total net leverage ratio (Consolidated Total Indebtedness / Consolidated EBITDA) |
|
0.5 |
|
|
|
||
Total net debt to trailing twelve months Adjusted EBITDA from continuing operations |
|
0.4 |
|
|
|
||
(1) As defined in the credit agreement. |
JBT CORPORATION |
|
NON-GAAP FINANCIAL MEASURES |
|
RECONCILIATION OF DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS |
|
TO ADJUSTED DILUTED EARNINGS PER SHARE GUIDANCE |
|
(Unaudited and in cents) |
|
|
|
|
Guidance |
|
Full Year 2024 |
Diluted earnings per share from continuing operations |
|
Non-GAAP adjustments |
|
Restructuring related costs(1) |
0.03 |
M&A related costs(2) |
1.24 |
Bridge financing fees and related costs(3) |
0.11 |
Recognition of non-cash pension plan related settlement costs(4) |
0.90 |
Impact on tax provision from Non-GAAP adjustments(5)(6) |
(0.56) |
Deferred tax benefit related to an internal reorganization(7) |
(0.27) |
Adjusted diluted earnings per share from continuing operations |
|
|
|
JBT CORPORATION |
|
NON-GAAP FINANCIAL MEASURES |
|
RECONCILIATION OF INCOME FROM CONTINUING OPERATIONS TO ADJUSTED EBITDA GUIDANCE |
|
(Unaudited and in millions) |
|
|
Guidance |
|
Full Year 2024 |
Income from continuing operations |
|
Income tax provision(5) |
20.0 - 23.0 |
Interest income, net |
(6.0 - 8.0) |
Depreciation and amortization |
~ 90.0 |
EBITDA from continuing operations |
220.0 - 230.0 |
Restructuring related costs(1) |
~ 1.0 |
Pension expense, other than service cost(4) |
~ 34.0 |
M&A related costs(2) |
~ 40.0 |
Adjusted EBITDA from continuing operations |
|
|
|
(1) Restructuring related costs is estimated to be approximately |
|
|
|
(2) M&A related costs is estimated to be approximately |
|
|
|
(3) Bridge financing fees and related costs are estimated to be |
|
|
|
(4) Pension expense, other than service cost is estimated to be approximately |
|
|
|
(5) Impact on tax provision related to restructuring costs, M&A costs, and bridge financing fees was calculated using the Company's effective tax rate of approximately 22 |
|
|
|
(6) Impact on tax provision related to the non-cash pension plan voluntary lump sum settlement costs was calculated using the effective rate for our pension of |
|
|
|
(7) Deferred tax benefit related to an internal reorganization is estimated to be |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241022581618/en/
Investors & Media:
Marlee Spangler
(312) 861-5789
marlee.spangler@jbtc.com
Source: JBT Corporation
FAQ
What were JBT's Q3 2024 revenue and earnings?
How did JBT's adjusted EBITDA perform in Q3 2024?
What is JBT's full-year 2024 revenue guidance?
When does JBT expect to complete its combination with Marel?