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On August 13, 2020, JBT Corporation (NYSE: JBT) declared a quarterly cash dividend of $0.10 per share, payable on September 8, 2020. Stockholders of record by August 24, 2020 will be eligible for this dividend. JBT, a global technology solutions provider in the food & beverage industry, focuses on proteins, liquid foods, and automated systems through its FoodTech segment, while its AeroTech segment serves the air transportation sector. The company employs around 6,300 people across more than 25 countries.
JBT Corporation (NYSE: JBT) reported a 17% revenue decline to $412 million in Q2 2020, affected by the COVID-19 pandemic. Operating income fell to $48 million, while net income was $33 million, with an adjusted EBITDA margin improvement to 16.6%. Orders dropped 26% year-over-year, and backlog decreased 16%. The company expects a sequential decline in Q3 revenue and operating profit. Despite challenges, JBT maintained strong cash flow with $101 million generated, leading to a liquidity of $414 million.
JBT Corporation (NYSE: JBT) will disclose its second quarter 2020 financial results on July 27, 2020, after market close. A conference call is set for 10:00 a.m. ET on July 28, 2020. Interested participants must register in advance to obtain dial-in details. JBT specializes in technology solutions for the food & beverage industry and has operations in over 25 countries, employing approximately 6,400 people. This upcoming earnings report will provide insights into the company's performance amidst ongoing market challenges.
JBT Corporation (NYSE: JBT) announced that Chairman, President, and CEO Tom Giacomini is taking a medical leave of absence, effective immediately. Brian Deck, Executive VP and CFO, has been appointed Interim CEO, while Alan Feldman takes on the role of Interim Non-Executive Chairman. Giacomini's leave is unrelated to COVID-19. The company remains on track to meet revenue estimates, potentially exceeding margin expectations for Q2. JBT emphasizes its commitment to employee safety and customer service during this challenging environment.