Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

JBT Corp shares climb on strong guidance beat

EditorRachael Rajan
Published 02/20/2024, 04:29 PM
© Reuters.

CHICAGO - JBT Corporation (NYSE: JBT), a global technology solutions provider to the food & beverage industry, has reported a robust fourth quarter, surpassing earnings expectations and providing a positive outlook for the upcoming year. The company's stock rose by 2.8% as a result of the upbeat guidance for the fiscal year 2024.

For the fourth quarter, JBT Corp achieved an adjusted EPS of $1.40, which is $0.04 higher than the analyst consensus of $1.36. However, revenue slightly missed the mark at $444.6 million against the expected $452.16 million. Despite this, the revenue still marks a 1% increase YoY.

The company's income from continuing operations saw a significant 69% jump to $53 million, with earnings per share rising to $1.64, reflecting a similar 69% increase. Adjusted EBITDA was reported at $81 million, an 18% increase, while the adjusted EBITDA margin grew by 260 basis points to 18.2%.

JBT's President and CEO, Brian Deck, attributed the strong performance to solid earnings growth, margin expansion, and strategic progress, stating, "JBT delivered solid year-over-year earnings growth and continued margin expansion in 2023." He highlighted the company's transition to a pure-play food and beverage technology solutions provider and growth in recurring revenue as key drivers.

Looking ahead, JBT Corp provided a positive forecast for the full year 2024, with expected adjusted EPS ranging from $5.05 to $5.45, comfortably exceeding the analyst consensus of $4.93. Revenue projections for the year are set between $1.75 billion and $1.78 billion, aligning with the consensus estimate of $1.76 billion. The company anticipates mid-single-digit organic top-line growth, driven by recurring revenue initiatives and an improving demand environment for equipment, including the North American poultry market.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

The CFO, Matt Meister, expressed confidence in the company's financial performance, noting that fourth-quarter margins and earnings per share exceeded guidance while revenue met expectations. He emphasized the margin improvement, crediting strong operational performance and successful supply chain initiatives.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.