John Bean Technologies Corp

Latest Results (14.08.2024):

Revenue Performance

John Bean Technologies Corp's revenue for the second quarter of 2024 was reported at $402 million, marking a 6 percent decrease compared to the same period in the previous year. This decline was partially influenced by a 1 percent unfavorable impact from foreign exchange translation. Despite the shortfall, the company expects to recover much of this revenue in the latter half of the year.

Income and Earnings

For the second quarter of 2024, John Bean Technologies Corp reported an income from continuing operations of $31 million, which represents an 8 percent increase year-over-year. The earnings per share (EPS) for the same period increased by 7 percent to $0.95, while the adjusted EPS saw an 8 percent rise to $1.05.

Orders and Backlog

John Bean Technologies Corp's orders for the second quarter of 2024 totaled $437 million, showing a 13 percent sequential improvement. The backlog at the end of the quarter was $697 million. The increase in orders was driven by higher equipment demand from North American poultry customers and continued strength in warehouse automation.

Cash Flow and Leverage

In the second quarter of 2024, John Bean Technologies Corp generated $32 million in operating cash flow from continuing operations and $14 million in free cash flow. The company's net leverage ratio stood at 0.6x net debt to trailing twelve months adjusted EBITDA, indicating a strong financial position.

2024 Outlook

John Bean Technologies Corp updated its full-year 2024 revenue growth guidance to 3 to 5 percent, reflecting year-to-date performance and additional growth expected in warehouse automation. The company also narrowed its guidance for adjusted EBITDA and EPS, maintaining its forecast for adjusted EBITDA margin improvement in the third and fourth quarters of 2024. The company expects to incur approximately $40 million in pre-closing M&A costs related to the combination with Marel.