2023-04-25 16:23:48 ET
- JBT press release ( NYSE: JBT ): Q1 Non-GAAP EPS of $0.94 beats by $0.21 .
- Revenue of $530M (+13.0% Y/Y) beats by $16.46M .
- Adjusted EBITDA of $70 million increased 30 percent
- Backlog of $1.2 billion and orders of $638 million, an increase of 5 percent and 13 percent,
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JBT is largely reiterating its full year 2023 guidance and continues to expect that margins will approach pre-pandemic levels.
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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.
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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.
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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.
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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.
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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.
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JBT Non-GAAP EPS of $0.94 beats by $0.21, revenue of $530M beats by $16.46M