CHICAGO - JBT Corporation (NYSE:JBT) reported third quarter earnings and revenue that exceeded analyst expectations, while reaffirming its full-year guidance.
The food processing equipment maker posted adjusted earnings per share of $1.50, surpassing the consensus estimate of $1.41. Revenue came in at $454 million, topping expectations of $442.2 million and representing a 12% increase YoY.
"We are pleased with our third quarter execution, which enabled record quarterly revenue, adjusted EBITDA, and adjusted EPS from continuing operations," said Brian Deck, President and CEO of JBT.
The company reported strong order intake of $440 million in Q3, up 10% YoY. Backlog stood at $698 million at quarter-end.
JBT reaffirmed its full-year 2024 outlook, projecting revenue of $1.71-1.75 billion and adjusted EPS of $5.05-$5.35. This compares to analyst consensus estimates of $1.73 billion in revenue and $5.16 in EPS.
The company said it remains on track to complete its combination with Marel hf. around the end of 2024, having recently secured commitments for deal-contingent financing.
JBT's adjusted EBITDA margin expanded 160 basis points YoY to 18% in the third quarter. The company generated year-to-date free cash flow of $79 million.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.