John Bean Technologies Corp (NYSE:JBT) stock has reached a new 52-week high, hitting $127.34, marking a significant milestone for the company. With a market capitalization of $4.04 billion and a P/E ratio of 23.29, the company demonstrates solid market presence. InvestingPro analysis suggests JBT is currently trading below its Fair Value, indicating potential upside opportunity. This peak reflects a robust year-over-year performance, with the stock witnessing an impressive 20.97% increase in value over the past year. Investors have shown growing confidence in JBT's market position and future prospects, as evidenced by the stock's steady climb to this new height. The company's strong financial health score and 17-year track record of consistent dividend payments further reinforce its stability. The 52-week high serves as a testament to the company's resilience and strategic initiatives that have resonated well with the market, setting a positive tone for its performance in the upcoming quarters. InvestingPro subscribers can access 8 additional key insights about JBT's growth potential and financial health through the comprehensive Pro Research Report.
In other recent news, John Bean Technologies Corporation (JBT) has revealed financial details about its voluntary public takeover offer to acquire all issued and outstanding shares of Marel hf. This offer, launched by JBT's wholly owned subsidiary, John Bean Technologies Europe B.V., is part of a strategic expansion in the global food processing market. The acquisition is subject to regulatory approvals and Marel shareholder approval.
In financial updates, JBT reported a 12.4% year-over-year increase in its third-quarter revenue, which rose to $454 million. The company's adjusted EBITDA also saw a 23% rise, reaching $82 million. Adjusted EPS increased, reaching $1.50 from $1.11 in the same quarter of the previous year.
JBT is set to incur approximately $30 million in non-cash pretax charges in Q4 due to pension plan settlements, with an additional $145 million in charges expected in Q1 2025. The company also secured a $900 million Term Loan B for its merger with Marel, expected to close by the end of 2024. Lastly, JBT reported strong orders totaling $440 million for the quarter, indicating a significant demand recovery in the poultry sector and growth in the automated guided vehicle (AGV) business.
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