First Quarter Consolidated Highlights: (Comparisons are to
the prior year period)
- Revenue of $530 million increased 13 percent
- Net income of $26 million and earnings per share of $0.80 in
both periods
- Adjusted EBITDA of $70 million increased 30 percent
- Adjusted earnings per share of $0.94 increased 7
percent
- Backlog of $1.2 billion and orders of $638 million, an
increase of 5 percent and 13 percent, respectively
JBT Corporation (NYSE: JBT), a leading global
technology solutions provider to high-value segments of the food
& beverage industry, today reported results for the first
quarter of 2023.
"JBT outperformed our first quarter expectations primarily
driven by stronger recurring revenue and higher shipments as supply
chain dynamics improved," said Brian Deck, President and Chief
Executive Officer. "At FoodTech, we continue to see a high level of
customer engagement with a focus on products and solutions that
enhance automation, sustainability, and digitalization. AeroTech
posted record orders with robust demand from the infrastructure and
commercial airline markets."
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/.
First Quarter 2023 Results
"Revenue and margins increased year over year as a result of
improved price-cost realizations and a higher mix of recurring
revenue at FoodTech," said Matt Meister, Executive Vice President
and Chief Financial Officer.
Summary of First Quarter 2023
Results
FoodTech
AeroTech
Total JBT
Total revenue growth (year over year)
9.0
%
24.9
%
12.9
%
Operating profit margin
11.9
%
9.4
%
7.6
%
Adjusted EBITDA margin(1)
18.1
%
10.1
%
13.2
%
(1) Non-GAAP figure. Please see
supplemental schedules for adjustments and reconciliations.
First quarter 2023 FoodTech revenue of $389 million increased 9
percent year over year driven by 2 percent organic growth and 10
percent growth from acquisitions; this was partially offset by a
negative foreign exchange impact of 3 percent. Operating profit of
$46 million increased 16 percent, and operating profit margin of
11.9 percent improved 70 basis points. Adjusted EBITDA of $70
million increased 21 percent, and adjusted EBITDA margin of 18.1
percent improved 180 basis points. FoodTech orders totaled $406
million, which decreased 1 percent. On a constant currency basis,
orders were $417 million, or slightly above the prior year.
FoodTech backlog was $678 million.
AeroTech revenue of $141 million increased 25 percent year over
year. Operating profit of $13 million increased $6 million, or 94
percent, and operating profit margin of 9.4 percent improved 340
basis points. Adjusted EBITDA of $14 million increased $6 million,
or 79 percent, and adjusted EBITDA margin of 10.1 percent improved
300 basis points. AeroTech achieved record orders of $232 million,
which increased 51 percent. AeroTech backlog of $482 million was
also a record level.
In total, consolidated JBT revenue of $530 million increased 13
percent year over year. Net income of $26 million was consistent
with the prior year while adjusted EBITDA of $70 million increased
30 percent. Diluted earnings per share (EPS) from net income of
$0.80 was consistent, and adjusted EPS of $0.94 increased 7
percent.
JBT generated cash from operations of $22 million. Free cash
flow was $4 million, which included investment in inventory to
support JBT's total revenue growth. Liquidity at quarter end was
$543 million, and the Company's net leverage ratio was 3.0x net
debt to trailing twelve months pro forma adjusted EBITDA.
2023 Outlook
JBT is largely reiterating its full year 2023 guidance and
continues to expect that margins will approach pre-pandemic
levels.
For the full year 2023, FoodTech year-over-year revenue growth
is estimated to be 5 - 9 percent, comprised of 1 - 4 percent from
organic growth and 4 - 5 percent from acquisitions. FoodTech
operating profit margin is forecast to be 13 - 14 percent, and
adjusted EBITDA margin is expected to be 18.5 - 19.5 percent.
For the full year 2023, AeroTech year-over-year revenue growth
is estimated to be 12 - 14 percent. AeroTech operating profit
margin is forecast to be 11.25 - 11.75 percent, and adjusted EBITDA
margin is projected to be 12 - 12.5 percent.
Additionally, for the full year 2023, JBT expects to incur
approximately $4 million of restructuring expense related to
FoodTech. These restructuring plans, along with the actions taken
in the second half of 2022, are expected to generate savings of $5
- $6 million in 2023 with annual run rate savings of $9 - $12
million in 2024.
For the second quarter 2023, FoodTech year-over-year revenue
growth is estimated to be 5 - 10 percent. FoodTech operating profit
margin is forecast to be 12.5 - 13.25 percent, and adjusted EBITDA
margin is projected to be 18.0 - 18.75 percent.
For the second quarter 2023, AeroTech year-over-year revenue
growth is expected to be 4 - 7 percent. AeroTech operating profit
margin is forecast to be 10 - 11 percent, and adjusted EBITDA
margin is projected to be 10.75 - 11.75 percent.
The table below reflects consolidated JBT guidance.
Q2 2023 Guidance
FY 2023 Guidance
Revenue growth (year over year)
5 - 9%
7 - 10%
Net income ($ millions)
$29 - $34
$145 - $161
Adjusted EBITDA(1) ($ millions)
$77 - $85
$330 - $360
GAAP EPS
$0.90 - $1.05
$4.50 - $5.00
Adjusted EPS(1)
$1.10 - $1.25
$5.00 - $5.50
(1) Non-GAAP figure. Please see
supplemental schedules for adjustments and reconciliations.
For the second quarter 2023, corporate expense is estimated to
be approximately 2.7 percent of sales, which excludes approximately
$2 - $3 million in M&A related costs, $2 million in LIFO
expense, and $3 million in restructuring expense. For the full year
2023, corporate expense is forecast to be approximately 2.7 percent
of sales, which excludes approximately $8 million in M&A
related costs, $8 - $9 million in LIFO expense, and $4 million in
restructuring expense.
First Quarter 2023 Earnings Conference Call
A conference call is scheduled for 10 a.m. ET on Wednesday,
April 26, 2023, to discuss first quarter 2023 results. Participants
may access the conference call through online registration at
https://conferencingportals.com/event/lguQsHOL. 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 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
7,200 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, our strategic plans, our restructuring plans and
expected cost savings from those plans, our liquidity and our
covenant compliance. The factors that could cause our actual
results to differ materially from expectations include but are not
limited to the following factors: fluctuations in our financial
results; unanticipated delays or acceleration 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; risks associated with acquisitions or strategic
investments; 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; impact of climate change
and environmental protection initiatives; our ability to comply
with the laws and regulations governing our U.S. government
contracts; acts of terrorism or war, including the recent conflict
between Russia and Ukraine; termination or loss of major customer
contracts and risks associated with fixed-price contracts,
particularly during periods of high inflation; customer sourcing
initiatives; competition and innovation in our industries;
difficulty in implementing our pure play food and beverage business
strategy, including our ability to timely execute on strategic
alternatives for AeroTech, and whether we can achieve the potential
benefits of such strategic alternatives; our ability to develop and
introduce new or enhanced products and services and keep pace with
technological developments; difficulty in developing, preserving
and protecting our intellectual property or defending claims of
infringement; catastrophic loss at any of our facilities and
business continuity of our information systems; cyber-security
risks such as network intrusion or ransomware schemes; loss of key
management and other personnel; potential liability arising out of
the installation or use of our systems; our ability to comply with
U.S. and international laws governing our operations and
industries; increases in tax liabilities; work stoppages;
fluctuations in interest rates and returns on pension assets; a
systemic failure of the banking system in the United States or
globally impacting our customers' financial condition and their
demand for our goods and services; availability of and access to
financial and other resources; and other factors described under
the captions “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in the
Company’s most recent Annual Report on Form 10-K filed by JBT with
the Securities and Exchange Commission and in any subsequently
filed Form 10-Q. JBT cautions shareholders and prospective
investors that actual results may differ materially from those
indicated by the forward-looking statements. JBT undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future
developments, subsequent events or changes in circumstances or
otherwise.
We provide 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 U.S. GAAP. By
eliminating these items, we believe we provide a more meaningful
comparison of our ongoing operating results, consistent with how
management evaluates performance. Management uses these non-GAAP
measures in financial and operational evaluation, planning and
forecasting.
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 U.S. GAAP.
JBT CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(Unaudited and in millions,
except per share data)
Three Months Ended March
31,
2023
2022
Revenue
$
529.5
$
469.2
Cost of sales
371.1
329.7
Gross profit
158.4
139.5
Gross profit %
29.9
%
29.7
%
Selling, general and administrative
expense
117.8
108.4
Restructuring expense
0.6
0.5
Operating income
40.0
30.6
Operating income %
7.6
%
6.5
%
Pension expense, other than service
cost
0.2
—
Net interest expense
7.2
2.1
Net income before income taxes
32.6
28.5
Provision for income taxes
7.0
2.9
Net income
$
25.6
$
25.6
Basic earnings per share from net
income
$
0.80
$
0.80
Diluted earnings per share from net
income
$
0.80
$
0.80
Weighted average shares outstanding:
Basic
32.0
32.0
Diluted
32.1
32.1
JBT CORPORATION
NON-GAAP FINANCIAL
MEASURES
RECONCILIATION OF DILUTED
EARNINGS PER SHARE TO ADJUSTED DILUTED EARNINGS PER SHARE
(Unaudited and in millions,
except per share data)
Three Months Ended March
31,
2023
2022
Net Income
$
25.6
$
25.6
Non-GAAP adjustments
Restructuring related costs(1)
0.6
0.7
M&A related cost(2)
3.4
2.6
LIFO expense(3)
2.2
0.3
Impact on tax provision from Non-GAAP
adjustments(4)
(1.7
)
(1.0
)
Adjusted net income
$
30.1
$
28.2
Net income
$
25.6
$
25.6
Total shares and dilutive securities
32.1
32.1
Diluted earnings per share from net
income
$
0.80
$
0.80
Adjusted net income
$
30.1
$
28.2
Total shares and dilutive securities
32.1
32.1
Adjusted diluted earnings per share from
net income
$
0.94
$
0.88
(1) Includes restructuring expense as well
as any charges reported in cost of products for restructuring
related inventory write-offs.
(2) M&A related costs include
integration costs, amortization of inventory step-up from business
combinations, earn out adjustments to fair value, advisory and
transaction costs for both potential and completed M&A
transactions and strategy.
(3) Beginning in the second quarter of
2022, we made a change to the adjusted operating earnings and
adjusted net income measures to exclude the impact of last-in
first-out (“LIFO”) expense or benefit because it reduces volatility
that is not reflective of our operations, and allows for better
comparability to our peers. Prior year adjusted operating earnings
and adjusted net income figures have been revised to align with
this change in presentation.
(4) Impact on tax provision was calculated
using the enacted rate for the relevant jurisdiction for each
quarter 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 NET INCOME
TO ADJUSTED EBITDA
(Unaudited and in
millions)
Three Months Ended March
31,
2023
2022
Net income
$
25.6
$
25.6
Income tax provision
7.0
2.9
Interest expense, net
7.2
2.1
Depreciation and amortization
23.9
19.9
EBITDA
63.7
50.5
Restructuring related costs(1)
0.6
0.7
Pension expense, other than service
cost
0.2
—
M&A related cost(2)
3.4
2.6
LIFO expense(3)
2.2
0.3
Adjusted EBITDA
$
70.1
$
54.1
Total revenue
$
529.5
$
469.2
Adjusted EBITDA %
13.2
%
11.5
%
(1) Includes restructuring expense as well
as any charges reported in cost of products for restructuring
related inventory write-offs.
(2) M&A related costs include
integration costs, amortization of inventory step-up from business
combinations, earn out adjustments to fair value, advisory and
transaction costs for both potential and completed M&A
transactions and strategy.
(3) Beginning in the second quarter of
2022, we made a change to the adjusted operating earnings and
adjusted net income measures to exclude the impact of last-in
first-out (“LIFO”) expense or benefit because it reduces volatility
that is not reflective of our operations, and allows for better
comparability to our peers. Prior year adjusted operating earnings
and adjusted net income figures have been revised to align with
this change in presentation.
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
this information is helpful to investors because it allows more
meaningful period-to-period comparisons of our ongoing operating
results.
JBT CORPORATION
BUSINESS SEGMENT DATA
(Unaudited and in
millions)
Three Months Ended March
31,
2023
2022
Revenue
JBT FoodTech
$
388.5
$
356.3
JBT AeroTech
141.0
112.9
Total revenue
$
529.5
$
469.2
Income before income taxes
Segment operating profit(1)(2)
JBT FoodTech
$
46.3
$
39.9
JBT FoodTech segment operating profit
%
11.9
%
11.2
%
JBT AeroTech
13.2
6.8
JBT AeroTech segment operating profit
%
9.4
%
6.0
%
Total segment operating profit
59.5
46.7
Total segment operating profit %
11.2
%
10.0
%
Corporate expense
18.9
15.6
Restructuring expense
0.6
0.5
Operating income
$
40.0
$
30.6
Operating income %
7.6
%
6.5
%
Other business segment
information
Three Months Ended March
31,
Inbound orders
2023
2022
JBT FoodTech
$
405.9
$
411.8
JBT AeroTech
232.3
153.7
Total inbound orders
$
638.2
$
565.5
As of March 31,
Order Backlog
2023
2022
JBT FoodTech
$
678.3
$
691.2
JBT AeroTech
481.9
410.5
Total order backlog
$
1,160.2
$
1,101.7
(1) Segment operating profit is defined as
total segment revenue less segment operating expenses. Corporate
expense, restructuring expense, interest income and expense,
pension expense other than service, and income taxes are not
allocated to the segments. Corporate expense generally includes
corporate staff-related expense, stock-based compensation, LIFO
adjustments, certain foreign currency related gains and losses, and
the impact of unusual or strategic events not representative of
segment operations.
(2) Total segment operating profit, as
presented elsewhere in this release, is a non-GAAP measure. The
table above includes a reconciliation of total segment operating
profit to operating income. We believe that this measure provides
to investors a more comprehensive understanding of the information
used by management in evaluating the performance of its segment
operations. It is not intended to nor shall be considered in
isolation or as a substitute for financial measures prepared in
accordance with U.S. GAAP.
JBT CORPORATION
NON-GAAP FINANCIAL
MEASURES
RECONCILIATION OF OPERATING
PROFIT TO ADJUSTED EBITDA BY SEGMENT
(Unaudited and in
millions)
Three Months Ended March 31,
2023
FoodTech
AeroTech
Corporate
JBT Total
Operating profit
$
46.3
$
13.2
$
(19.5
)
$
40.0
Restructuring related costs(1)
—
—
0.6
0.6
M&A related cost(2)
2.2
—
1.2
3.4
LIFO expense(3)
—
—
2.2
2.2
Adjusted operating profit
48.5
13.2
(15.5
)
46.2
Depreciation and amortization
21.7
1.1
1.1
23.9
Adjusted EBITDA
$
70.2
$
14.3
$
(14.4
)
$
70.1
Revenue
$
388.5
$
141.0
$
—
$
529.5
Operating profit %
11.9
%
9.4
%
7.6
%
Adjusted operating profit %
12.5
%
9.4
%
8.7
%
Adjusted EBITDA %
18.1
%
10.1
%
13.2
%
Three Months Ended March 31,
2022
FoodTech
AeroTech
Corporate
JBT Total
Operating profit
$
39.9
$
6.8
$
(16.1
)
$
30.6
Restructuring related costs(1)
0.2
—
0.5
0.7
M&A related cost(2)
0.3
—
2.3
2.6
LIFO expense(3)
—
—
0.3
0.3
Adjusted operating profit
40.4
6.8
(13.0
)
34.2
Depreciation and amortization
17.7
1.2
1.0
19.9
Adjusted EBITDA
$
58.1
$
8.0
$
(12.0
)
$
54.1
Total revenue
$
356.3
$
112.9
$
—
$
469.2
Operating profit %
11.2
%
6.0
%
6.5
%
Adjusted operating profit %
11.3
%
6.0
%
7.3
%
Adjusted EBITDA %
16.3
%
7.1
%
11.5
%
(1) Includes restructuring expense as well
as any charges reported in cost of products for restructuring
related inventory write-offs.
(2) M&A related costs include
integration costs, amortization of inventory step-up from business
combinations, earn out adjustments to fair value, advisory and
transaction costs for both potential and completed M&A
transactions and strategy.
(3) Beginning in the second quarter of
2022, we made a change to the adjusted operating earnings and
adjusted net income measures to exclude the impact of last-in
first-out (“LIFO”) expense or benefit because it reduces volatility
that is not reflective of our operations, and allows for better
comparability to our peers. Prior year adjusted operating earnings
and adjusted net income figures have been revised to align with
this change in presentation.
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
this information is helpful to investors because it allows more
meaningful period-to-period comparisons of our ongoing operating
results.
JBT CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited and in
millions)
March 31, 2023
December 31, 2022
Assets
Cash and cash equivalents
$
45.7
$
73.1
Trade receivables, net of allowances
383.8
388.6
Inventories
351.9
322.5
Other current assets
84.8
85.4
Total current assets
866.2
869.6
Property, plant and equipment, net
273.1
269.9
Other assets
1,440.3
1,444.6
Total assets
$
2,579.6
$
2,584.1
Liabilities and Stockholders'
Equity
Short-term debt
$
0.8
$
0.6
Accounts payable, trade and other
215.3
237.0
Advance and progress payments
220.4
194.7
Other current liabilities
181.8
188.9
Total current liabilities
618.3
621.2
Long-term debt, less current portion
956.5
977.3
Accrued pension and other post-retirement
benefits, less current portion
31.4
32.0
Other liabilities
82.4
90.9
Common stock and additional paid-in
capital
217.2
215.7
Retained earnings
873.7
851.3
Accumulated other comprehensive loss
(199.9
)
(204.3
)
Total stockholders' equity
891.0
862.7
Total liabilities and stockholders'
equity
$
2,579.6
$
2,584.1
JBT CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited and in
millions)
Three Months Ended March
31,
2023
2022
Cash flows from operating
activities
Net income
$
25.6
$
25.6
Adjustments to reconcile income to cash
provided by operating activities
Depreciation and amortization
23.9
19.9
Stock-based compensation
2.6
1.7
Other
4.9
1.7
Changes in operating assets and
liabilities
Trade accounts receivable, net
4.4
(6.5
)
Inventories
(30.9
)
(47.2
)
Accounts payable, trade and other
(21.5
)
27.2
Advance and progress payments
27.0
28.4
Other - assets and liabilities, net
(14.4
)
(11.7
)
Cash provided by operating activities
21.6
39.1
Cash flows from investing
activities
Acquisitions, net of cash acquired
(1.1
)
(0.4
)
Capital expenditures
(17.9
)
(26.7
)
Other
0.1
0.1
Cash required by investing activities
(18.9
)
(27.0
)
Cash flows from financing
activities
Net payments for domestic credit
facilities
(25.7
)
(4.4
)
Dividends
(3.2
)
(3.2
)
Other
(1.1
)
—
Cash provided by financing activities
(30.0
)
(7.6
)
Effect of foreign exchange rate changes on
cash and cash equivalents
(0.1
)
0.9
(Decrease) increase in cash and cash
equivalents
(27.4
)
5.4
Cash and cash equivalents, beginning of
period
73.1
78.8
Cash and cash equivalents, end of
period
$
45.7
$
84.2
JBT CORPORATION
NON-GAAP FINANCIAL
MEASURES
FREE CASH FLOW
(Unaudited and in
millions)
Three Months Ended March
31,
2023
2022
Cash provided by operating activities
$
21.6
$
39.1
Less: capital expenditures
17.9
26.7
Plus: proceeds from disposal of assets
0.1
0.1
Plus: pension contributions
0.3
2.0
Free cash flow (FCF)
$
4.1
$
14.5
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
Q1 2023
Q4 2022
Q1 2022
PQ
PY
Total debt
$
957.3
$
977.9
$
670.0
$
(20.6
)
$
287.3
Cash and cash equivalents
(45.7
)
(73.1
)
(84.2
)
27.4
38.5
Net debt
$
911.6
$
904.8
$
585.8
$
6.8
$
325.8
JBT CORPORATION
BANK TOTAL NET LEVERAGE RATIO
CALCULATION
(Unaudited and in
millions)
Q1 2023
Total debt
$
957.3
Cash and cash equivalents
(45.7
)
Net debt
911.6
Other items considered debt under the
credit agreement
18.7
Consolidated total indebtedness(1)
$
930.3
Trailing twelve months Adjusted EBITDA
$
295.7
Pro forma EBITDA of recent
acquisitions(2)
9.5
Trailing twelve months pro forma Adjusted
EBITDA
305.2
Other adjustments net to earnings under
the credit agreement
(3.4
)
Consolidated EBITDA(1)
$
301.8
Bank total net leverage ratio
(Consolidated Total Indebtedness / Consolidated EBITDA)
3.1
Total net debt to trailing twelve months
pro forma Adjusted EBITDA
3.0
(1) As defined in the credit agreement
(2) Pro forma EBITDA related to the
acquisitions in the prior twelve months.
JBT CORPORATION
NON-GAAP FINANCIAL
MEASURES
RECONCILIATION OF DILUTED
EARNINGS PER SHARE GUIDANCE TO ADJUSTED DILUTED
EARNINGS PER SHARE
GUIDANCE
(Unaudited and in
cents)
Guidance
Guidance
Q2 2023
Full Year 2023
Diluted earnings per share from net
income
$0.90 - $1.05
$4.50 - $5.00
Non-GAAP adjustments
Restructuring related costs(1)
0.10
0.11
M&A related costs(2)
0.10
0.31
LIFO expense(3)
0.06
0.24
Impact on tax provision from Non-GAAP
adjustments(4)
(0.06)
(0.16)
Adjusted diluted earnings per share from
net income
$1.10 - $1.25
$5.00 - $5.50
JBT CORPORATION
NON-GAAP FINANCIAL
MEASURES
RECONCILIATION OF NET INCOME
TO ADJUSTED EBITDA GUIDANCE
(Unaudited and in
millions)
Guidance
Guidance
Q2 2023
Full Year 2023
Net income
$29.0 - $34.0
$145.0 - $161.0
Income tax provision(4)
8.0 - 9.5
40.0 - 47.0
Interest expense, net
7.0 - 7.5
~27.0
Depreciation and amortization
~25.0
95.0 - 100.0
EBITDA
69.0 - 76.0
307.0 - 335.0
Restructuring related costs(1)
~3.0
~4.0
Pension expense, other than service
cost
—
0.0 - 1.0
M&A related cost(2)
3.0 - 4.0
~11.0
LIFO expense(3)
~2.0
8.0 - 9.0
Adjusted EBITDA
$77.0 - $85.0
$330.0 - $360.0
(1) Restructuring related costs is
estimated to be approximately $3 million and $4 million for the
second quarter and full year 2023, respectively. The mid-point
amount has been divided by our estimate of 32.1 million total
shares and dilutive securities to derive earnings per share.
(2) M&A related costs for FoodTech are
estimated to be approximately $1 million and $3 million for the
second quarter and full year 2023, respectively. M&A related
costs for Corporate are estimated to be approximately $2 - $3
million and $8 million for the second quarter and full year 2023,
respectively. The mid-point amount has been divided by our estimate
of 32.1 million total shares and dilutive securities to derive
earnings per share.
(3) LIFO expense is estimated to be
approximately $2 million and $8-9 million for the second quarter
2023 and full year 2023, respectively. The mid-point amount has
been divided by our estimate of 32.1 million total shares and
dilutive securities to derive earnings per share.
(4) Impact on tax provision was calculated
using the Company's effective tax rate of approximately 22-23%.
JBT CORPORATION
NON-GAAP FINANCIAL
MEASURES
RECONCILIATION OF OPERATING
PROFIT MARGIN GUIDANCE TO ADJUSTED EBITDA MARGIN GUIDANCE
(Unaudited and in
percents)
Guidance Q2 2023
Guidance Full Year
2023
FoodTech
AeroTech
FoodTech
AeroTech
Operating profit
12.50 - 13.25%
10.00 - 11.00%
13.00 - 14.00%
11.25 - 11.75%
M&A related cost(1)
~ 0.25
—
~ 0.25
—
Adjusted operating profit
12.75 - 13.50
10.00 - 11.00
13.25 - 14.25
11.25 - 11.75
Depreciation and amortization
~ 5.25
~ 0.75
~ 5.25
~ 0.75
Adjusted EBITDA %
18.00 - 18.75%
10.75 - 11.75%
18.50 - 19.50%
12.00 - 12.50%
(1) Guidance includes M&A related
costs which include integration costs, amortization of inventory
step-up from business combinations, earn out adjustments to fair
value, advisory and transaction costs for both potential and
completed M&A transactions and strategy.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230425005300/en/
Investors & Media: Kedric Meredith (312) 861-6034
kedric.meredith@jbtc.com Marlee Spangler (312) 861-5789
marlee.spangler@jbtc.com
John Bean Technologies (NYSE:JBT)
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