Second Quarter Highlights of Results from Continuing
Operations: (Comparisons are to the prior year period)
- Executed on strategy to become a pure-play food and beverage
solutions provider with the previously announced sale of AeroTech
to Oshkosh Corporation for $800 million; transaction closed on
August 1, 2023
- Revenue from continuing operations of $428 million increased
9 percent
- Income from continuing operations of $28 million and
earnings per share of $0.87 increased 8 and 9 percent,
respectively
- Adjusted EBITDA from continuing operations of $71 million
increased 34 percent
- Adjusted earnings per share from continuing operations of
$0.97 increased 11 percent
- Backlog from continuing operations of $697 million and
orders of $445 million increased 4 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 second
quarter of 2023. The Company also announced that it completed the
sale of AeroTech to Oshkosh Corporation.
"JBT continued to capture the benefit of its product and end
market diversification during the second quarter with a solid
contribution from recurring revenue and healthy order demand from
several end markets," said Brian Deck, President and Chief
Executive Officer.
"Additionally, we are excited to announce that we completed the
sale of AeroTech to Oshkosh Corporation," added Deck. "Closing the
AeroTech transaction is a significant milestone, transforming JBT
into a pure-play food and beverage solutions provider and
positioning us for growth and margin enhancement in resilient
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/.
Second Quarter 2023 Results from Continuing
Operations
"During the second quarter, we delivered meaningful
year-over-year margin improvement driven by better price-cost
realization, a higher mix of recurring revenue, lower discretionary
costs, and benefits from our restructuring program," said Matt
Meister, Executive Vice President and Chief Financial Officer.
AeroTech's financial results were transitioned to discontinued
operations in the second quarter 2023, and prior period financial
results have been recast accordingly. The below paragraphs reflect
JBT's results from continuing operations.
Second quarter 2023 revenue from continuing operations of $428
million increased 9 percent year over year driven by 2 percent
organic growth and 8 percent from acquisitions; this was partially
offset by a negative 1 percent foreign exchange impact. Income from
continuing operations of $28 million increased 8 percent. Adjusted
EBITDA from continuing operations of $71 million increased 34
percent, and adjusted EBITDA margin of 16.7 percent increased 320
basis points. Included in adjusted EBITDA from continuing
operations was approximately $13 million in corporate related
costs. Excluding corporate related costs, the adjusted EBITDA
margin for JBT's FoodTech operations was 19.7 percent, which
exceeded the previously provided guidance range of 18.0 - 18.75
percent.
During the second quarter, JBT incurred $3 million of expense
and realized approximately $2 million in savings related to its
ongoing restructuring program. Diluted earnings per share (EPS)
from continuing operations of $0.87 increased 9 percent. Adjusted
EPS from continuing operations of $0.97 increased 11 percent and
exceeded the previously provided implied guidance range of $0.70 -
$0.85. Orders from continuing operations were $445 million, an
increase of 13 percent. Backlog from continuing operations of $697
million increased 4 percent.
JBT generated year to date operating cash flow from continuing
operations of $63 million. Year to date free cash flow from
continuing operations was $29 million. Prior to the effect of the
AeroTech sale, liquidity at quarter end was approximately $600
million, and the Company's leverage ratio was 2.8x net debt to
trailing twelve months pro forma adjusted EBITDA. Considering the
impact from the sale of AeroTech, the second quarter leverage ratio
from continuing operations would have been below 1.0x.
AeroTech Sale Completion
JBT completed the sale of its AeroTech business to Oshkosh
Corporation (NYSE: OSK) in an all-cash transaction valued at $800
million, subject to customary closing items. JBT expects net
proceeds after taxes and transaction costs to be approximately $650
million. The Company expects to use the net proceeds consistent
with its stated capital allocation priorities, which includes
paying down variable rate debt and redeploying capital to strategic
acquisitions.
Profitability Measure
During the second quarter 2023, JBT formalized its most notable
profitability measure as adjusted EBITDA from continuing
operations. Management believes that adjusted EBITDA from
continuing operations, which is EBITDA excluding items that are not
reflective of ongoing operations, is useful as a performance
indicator. The Company also believes that adjusted EBITDA from
continuing operations is useful to investors as a measure of the
Company’s operational performance and a way to evaluate and compare
operating performance against peers in the Company's industry.
Management believes that adjusted EBITDA margin from continuing
operations is useful for the same reason as adjusted EBITDA.
2023 Outlook
The table below provides a bridge from the previous JBT full
year 2023 guidance provided on April 25, 2023, to the implied
continuing operations guidance, which removes the previous AeroTech
guidance. It does not include any other impacts from the sale of
AeroTech, including any go forward stranded costs, allocated
interest expense, or transaction related expenses.
Previous FY 2023 Guidance Bridge
Removing Prior AeroTech Guidance
$ millions except EPS
Previous Total JBT Guidance
Previous AeroTech Guidance
Implied Continuing Operations
Revenue
$2,315 - $2,385
($645 - $655)
$1,670 - $1,730
Net income
$145 - $161
($56 - $59)
$89 - $102
Adjusted EBITDA
$330 - $360
($77 - $82)
$253 - $278
GAAP EPS
$4.50 - $5.00
($1.75 - $1.85)
$2.75 - $3.15
Adjusted EPS
$5.00 - $5.50
($1.75 - $1.85)
$3.25 - $3.65
JBT is introducing guidance for the third quarter 2023 and
updating its full year 2023 outlook to reflect continuing
operations.
As Reported YTD
Guidance
$ millions except EPS
June 30, 2023
Q3 2023
FY 2023
Revenue
$816
$410 - $425
$1,670 - $1,720
Income from continuing operations
$44
$21 - $26
$104 - $112
Adjusted EBITDA(1)
$126
$63 - $68
$263 - $278
GAAP EPS
$1.37
$0.65 - $0.80
$3.25 - $3.50
Adjusted EPS(1)
$1.57
$0.90 - $1.05
$3.80 - $4.05
(1) Non-GAAP figure. Please see
supplemental schedules for adjustments and reconciliations.
JBT is pursuing additional restructuring actions during 2023 to
further optimize its global cost structure. The Company now expects
to incur approximately $11 - $13 million in restructuring expense
for the full year 2023, bringing the total cost of the
restructuring program, which was initiated in the second half of
2022, to $16 - $18 million. These restructuring actions are
estimated to generate annualized run-rate savings of $18 - $20
million by mid-2024.
Included in the third quarter 2023 adjusted EBITDA from
continuing operations is approximately $16 million in corporate
related costs. Interest expense for the third quarter 2023 is
estimated to be approximately $2 million, which includes the
benefits from the net proceeds of the AeroTech sale. Additionally,
JBT expects to incur approximately $7 - $8 million in restructuring
expense, $1 million in LIFO expense, and $1 - $2 million in M&A
related costs. The tax rate is estimated to be 22 - 23 percent.
Included in the full year 2023 adjusted EBITDA from continuing
operations is approximately $57 - $60 million in corporate related
costs. Interest expense for the full year 2023 is estimated to be
approximately $14 million, which includes the benefits from the net
proceeds of the AeroTech sale. Additionally, JBT expects to incur
approximately $11 - $13 million in restructuring expense, $4
million in LIFO expense, and $7 million in M&A related costs.
The tax rate is estimated to be 22 - 23 percent.
Second Quarter 2023 Earnings Conference Call
A conference call is scheduled for 9:30 a.m. ET on Wednesday,
August 2, 2023, to discuss second quarter 2023 results.
Participants may access the conference call through online
registration at https://conferencingportals.com/event/YJodsAOG. 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 a broad range of end markets, generating
roughly one-half of annual revenue from recurring parts, service,
rebuilds, and leasing operations. JBT Corporation employs
approximately 5,200 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; 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
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
Revenue
$
427.7
$
394.0
$
816.2
$
750.3
Cost of sales
281.4
265.3
537.9
501.8
Gross profit
146.3
128.7
278.3
248.5
Gross profit %
34.2
%
32.7
%
34.1
%
33.1
%
Selling, general and administrative
expense
100.4
95.9
204.1
192.1
Restructuring expense
2.5
0.8
3.3
1.4
Operating income
43.4
32.0
70.9
55.0
Operating income %
10.1
%
8.1
%
8.7
%
7.3
%
Pension expense, other than service
cost
0.2
—
0.4
—
Interest expense, net
7.1
2.1
13.6
3.9
Income from continuing operations before
income taxes
36.1
29.9
56.9
51.1
Income tax provision
8.4
4.2
12.8
5.5
Income from continuing operations
27.7
25.7
44.1
45.6
Income from discontinued operations, net
of taxes
3.3
7.7
12.5
13.4
Net income
$
31.0
$
33.4
$
56.6
$
59.0
Basic earnings per share from:
Continuing operations
$
0.87
$
0.81
$
1.38
$
1.42
Discontinued operations
0.10
0.24
0.39
0.42
Net income
$
0.97
$
1.05
$
1.77
$
1.84
Diluted earnings per share from net income
from:
Continuing operations
$
0.87
$
0.80
$
1.37
$
1.42
Discontinued operations
0.10
0.24
0.39
0.42
Net income
$
0.97
$
1.04
$
1.76
$
1.84
Weighted average shares outstanding:
Basic
32.0
32.0
32.0
32.0
Diluted
32.1
32.1
32.1
32.1
Other business information from continuing
operations:
Inbound orders
$
445.4
$
395.6
$
851.3
$
807.4
Orders backlog
$
697.4
$
670.4
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
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
Income from continuing operations
$
27.7
$
25.7
$
44.1
$
45.6
Non-GAAP adjustments
Restructuring related costs(1)
2.5
0.8
3.3
1.6
M&A related costs(2)
1.1
1.9
3.6
4.5
LIFO expense
0.9
0.5
1.8
0.6
Impact on tax provision from Non-GAAP
adjustments(3)
(1.2
)
(0.9
)
(2.3
)
(2.0
)
Adjusted income from continuing
operations
$
31.0
$
28.0
$
50.5
$
50.3
Income from continuing operations
$
27.7
$
25.7
$
44.1
$
45.6
Total shares and dilutive securities
32.1
32.1
32.1
32.1
Diluted earnings per share from continuing
operations
$
0.87
$
0.80
$
1.37
$
1.42
Adjusted income from continuing
operations
$
31.0
$
28.0
$
50.5
$
50.3
Total shares and dilutive securities
32.1
32.1
32.1
32.1
Adjusted diluted earnings per share from
continuing operations
$
0.97
$
0.87
$
1.57
$
1.57
(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) 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 INCOME FROM
CONTINUING OPERATIONS TO ADJUSTED EBITDA
(Unaudited and in
millions)
Q2 2023
Q1 2023
Q4 2022
Q3 2022
Q2 2022
Q1 2022
Income from continuing operations
$
27.7
$
16.4
$
29.7
$
25.7
$
25.7
$
19.9
Income tax provision
8.4
4.4
4.0
5.8
4.2
1.3
Interest expense, net
7.1
6.5
5.5
3.2
2.1
1.8
Depreciation and amortization
23.5
22.7
20.8
18.8
18.0
18.6
EBITDA from continuing operations
66.7
50.0
60.0
53.5
50.0
41.6
Restructuring related costs(1)
2.5
0.8
4.2
1.5
0.8
0.8
Pension expense, other than service
cost
0.2
0.2
(0.1
)
0.1
—
—
M&A related costs(2)
1.1
2.5
2.7
4.4
1.9
2.6
LIFO expense
0.9
0.9
1.9
1.1
0.5
0.1
Adjusted EBITDA from continuing
operations
$
71.4
$
54.4
$
68.7
$
60.6
$
53.2
$
45.1
Total revenue
$
427.7
$
388.5
$
441.2
$
398.8
$
394.0
$
356.3
Adjusted EBITDA %
16.7
%
14.0
%
15.6
%
15.2
%
13.5
%
12.7
%
(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.
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
that adjusted EBITDA is useful to investors as a measure of the
Company’s operational performance and a way to evaluate and compare
operating performance against peers in the Company's industry.
JBT CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited and in
millions)
June 30, 2023
December 31, 2022
Assets
Cash and cash equivalents
$
42.8
$
71.7
Trade receivables, net of allowances
279.6
265.6
Inventories
237.2
239.8
Other current assets
77.5
75.8
Current assets held for sale
249.7
216.1
Total current assets
886.8
869.0
Property, plant and equipment, net
246.6
245.4
Other assets
1,369.0
1,383.3
Non-current assets held for sale
85.4
85.8
Total assets
$
2,587.8
$
2,583.5
Liabilities and Stockholders'
Equity
Short-term debt
$
0.9
$
0.6
Accounts payable, trade and other
137.4
170.6
Advance and progress payments
192.1
173.7
Other current liabilities
149.9
157.8
Current liabilities held for sale
129.7
117.8
Total current liabilities
610.0
620.5
Long-term debt, less current portion
949.6
977.3
Accrued pension and other post-retirement
benefits, less current portion
28.7
32.0
Other liabilities
65.9
79.9
Non-current liabilities held for sale
12.4
11.1
Common stock and additional paid-in
capital
219.4
215.7
Retained earnings
901.5
851.3
Accumulated other comprehensive loss
(199.7
)
(204.3
)
Total stockholders' equity
921.2
862.7
Total liabilities and stockholders'
equity
$
2,587.8
$
2,583.5
JBT CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited and in
millions)
Six Months Ended June
30,
2023
2022
Cash flows from continuing operating
activities
Income from continuing operations
$
44.1
$
45.6
Adjustments to reconcile income to cash
provided by operating activities
Depreciation and amortization
46.2
36.6
Stock-based compensation
4.6
4.0
Other
6.6
3.5
Changes in operating assets and
liabilities
Trade accounts receivable, net
(15.5
)
(10.8
)
Inventories
0.1
(47.8
)
Accounts payable, trade and other
(29.0
)
21.9
Advance and progress payments
20.8
29.5
Other - assets and liabilities, net
(15.3
)
(7.5
)
Cash provided by continuing operating
activities
62.6
75.0
Cash flows from continuing investing
activities
Acquisitions, net of cash acquired
(0.1
)
(0.4
)
Capital expenditures
(35.3
)
(42.7
)
Other
0.5
0.6
Cash required by continuing investing
activities
(34.9
)
(42.5
)
Cash flows from continuing financing
activities
Net payments for domestic credit
facilities
(32.8
)
0.9
Dividends
(6.4
)
(6.7
)
Other
(1.6
)
(3.5
)
Cash required by continuing financing
activities
(40.8
)
(9.3
)
Net (decrease) increase in cash and cash
equivalents from continuing operations
(13.1
)
23.2
Net cash required by discontinued
operations
(14.7
)
(31.9
)
Effect of foreign exchange rate changes on
cash and cash equivalents
(0.6
)
(2.0
)
Net decrease in cash and cash
equivalents
(28.4
)
(10.7
)
Cash and cash equivalents from continuing
operations, beginning of period
71.7
76.9
Add: Cash and cash equivalents from
discontinued operations, beginning of period
1.4
1.9
Add: Net decrease in cash and cash
equivalents
(28.4
)
(10.7
)
Less: Cash and cash equivalents from
discontinued operations, end of period
(1.9
)
(1.5
)
Cash and cash equivalents from continuing
operations, end of period
$
42.8
$
66.6
JBT CORPORATION
NON-GAAP FINANCIAL
MEASURES
FREE CASH FLOW
(Unaudited and in
millions)
Six Months Ended
June 30,
2023
2022
Cash provided by continuing operating
activities
$
62.6
$
75.0
Less: capital expenditures
35.3
42.7
Plus: proceeds from disposal of assets
0.5
0.6
Plus: pension contributions
1.5
2.7
Free cash flow (FCF)
$
29.3
$
35.6
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
Q2 2023
Q4 2022
Q2 2022
Prior Year-End
Prior Year
Total debt
$
950.5
$
977.9
$
674.6
$
(27.4
)
$
275.9
Cash and cash equivalents(1)
(44.7
)
(73.1
)
(68.1
)
28.4
23.4
Net debt
$
905.8
$
904.8
$
606.5
$
1.0
$
299.3
JBT CORPORATION
BANK TOTAL NET LEVERAGE RATIO
CALCULATION
(Unaudited and in
millions)
Q2 2023
Total debt
$
950.5
Cash and cash equivalents(1)
(44.7
)
Net debt
905.8
Other items considered debt under the
credit agreement
17.7
Consolidated total indebtedness(2)
$
923.5
Trailing twelve months Adjusted EBITDA
from continuing operations
$
255.1
Trailing twelve months Adjusted EBITDA
from discontinued operations
62.8
Pro forma EBITDA of recent
acquisitions(3)
3.1
Trailing twelve months pro forma Adjusted
EBITDA
321.0
Other adjustments net to earnings under
the credit agreement
(5.4
)
Consolidated EBITDA(2)
$
315.6
Bank total net leverage ratio
(Consolidated Total Indebtedness / Consolidated EBITDA)
2.9
Total net debt to trailing twelve months
pro forma Adjusted EBITDA
2.8
(1) Cash and cash equivalents includes
cash amounts reported in assets held for sale.
(2) As defined in the credit
agreement.
(3) Pro forma EBITDA related to the
acquisitions in the prior twelve months.
JBT CORPORATION
NON-GAAP FINANCIAL
MEASURES
RECONCILIATION OF DILUTED
EARNINGS PER SHARE FROM CONTINUING OPERATIONS
TO ADJUSTED DILUTED EARNINGS
PER SHARE GUIDANCE
(Unaudited and in
cents)
Guidance
Guidance
Q3 2023
Full Year 2023
Diluted earnings per share from continuing
operations
$0.65 - $0.80
$3.25 - $3.50
Non-GAAP adjustments
Restructuring related costs(1)
0.23
0.37
M&A related costs(2)
0.06
0.22
LIFO expense(3)
0.03
0.11
Impact on tax provision from Non-GAAP
adjustments(4)
(0.07)
(0.15)
Adjusted diluted earnings per share from
continuing operations
$0.90 - $1.05
$3.80 - $4.05
JBT CORPORATION
NON-GAAP FINANCIAL
MEASURES
RECONCILIATION OF INCOME FROM
CONTINUING OPERATIONS TO ADJUSTED EBITDA GUIDANCE
(Unaudited and in
millions)
Guidance
Guidance
Q3 2023
Full Year 2023
Income from continuing operations
$21.0 - $26.0
$104.0 - $112.0
Income tax provision(3)
~7.0
31.0 - 33.0
Interest expense, net
~2.0
~14.0
Depreciation and amortization
~23.0
90.0 - 95.0
EBITDA from continuing operations
53.0 - 58.0
239.0 - 254.0
Restructuring related costs(1)
~7.5
~12.0
Pension expense, other than service
cost
—
~1.0
M&A related costs(2)
~1.5
~7.0
LIFO expense(3)
~1.0
~4.0
Adjusted EBITDA from continuing
operations
$63.0 - $68.0
$263.0 - $278.0
(1) Restructuring related costs is
estimated to be approximately $7 - $8 million and $11 - $13 million
for the third 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 are estimated to
be $1.5 million and $7 million for the third quarter and full year
2023, respectively. The mid-point 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 $1 million and $4 million for the third 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%.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230801800937/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)
Historical Stock Chart
From Apr 2024 to May 2024
John Bean Technologies (NYSE:JBT)
Historical Stock Chart
From May 2023 to May 2024