JBT - John Bean Unveils Revised Ambitious €3.5B Marel Takeover Offer - What's On The Cards? | Benzinga
John Bean Technologies Corp (NYSE:JBT) disclosed FY23 preliminary results and FY24 outlook. The company also intends to launch a voluntary takeover offer for Marel in the first quarter 2024.
FY23 Preliminary: The company expects adjusted EPS of $4.05 – $4.15 (vs. prior guidance of $3.95 – $4.10 and consensus: $4.02), adjusted EBITDA of $272 million – $275 million (vs. previous outlook of $265 million – $271 million), and adjusted EBITDA margin of 16.4% – 16.6% (vs. earlier outlook of 16.0% – 16.25%).
The company expects the result to exceed guidance aided by strong operational execution on sourcing actions, manufacturing efficiencies, and a favorable mix from continued growth in recurring revenue.
On the other hand, John Bean now projects FY23 revenue of $1.66 billion – $1.67 billion (vs. $1.66 billion – $1.68 billion prior outlook) vs. $1.67 billion estimate.
FY23 income from continuing operations and GAAP EPS include a discrete benefit to the tax provision of $10 million – $11 million, resulting from a reorganization and sale of a legal ...