John Bean Stock Price, News & Analysis

JBT (NYSE: JBT) reported its Q2 2024 results and updated full-year guidance. Key highlights include:

- Strong orders of $437 million, close to all-time record
- Revenue of $402 million, down 6% year-over-year
- Income from continuing operations of $31 million, up 8%
- Adjusted EPS of $1.05, up 8%
- Full-year 2024 revenue growth guidance updated to 3-5%
- Formal voluntary takeover offer issued for Marel hf. combination

JBT expects double-digit revenue growth in Q3 and Q4. The company updated its 2024 outlook, narrowing adjusted EBITDA and EPS guidance. JBT anticipates $40 million in pre-closing M&A costs related to the Marel combination, with plans for transaction close by year-end 2024.

JBT (NYSE: JBT) has announced its schedule for the second quarter 2024 earnings release and conference call. The company will report its financial results after market close on Tuesday, July 30, 2024. A conference call is scheduled for 11:00 a.m. ET on Wednesday, July 31, 2024. Participants are required to register in advance to join the conference call and will receive dial-in information upon registration. A simultaneous webcast will be available for listen-only mode, with a replay accessible shortly after the call ends.

JBT is a leading global technology solutions provider to high-value segments of the food & beverage industry. The company designs, produces, and services sophisticated products and systems for various end markets, with approximately half of its annual revenue coming from recurring parts, service, rebuilds, and leasing operations. JBT employs around 5,100 people worldwide and operates in more than 25 countries.

JBT (NYSE: JBT), a global technology solutions provider for the food and beverage industry, has published its 2023 Environmental, Social, and Governance (ESG) Report titled “Fortify the Future of Food.”

The report highlights JBT's achievements in employee health and safety, fostering diversity and inclusion, and partnering with customers to enhance resource optimization. In 2023, over 70% of JBT’s product revenue came from equipment with environmental benefits, including the OmniBlu™ platform which combines machine learning and AI for production efficiency and sustainability.

JBT's workforce of over 5,100 employees is supported through a focus on Diversity, Equity, Inclusion, and Belonging (DEIB). The company reported an 11% reduction in Scope 1 and 2 emissions and a 12% reduction in water withdrawal. Additionally, more than 8.4 million pounds were diverted from landfills, achieving a 69% landfill diversion rate.

For more details on JBT’s ESG efforts, visit their website.

JBT (NYSE: JBT) has received approval from Iceland's Financial Supervisory Authority for its voluntary takeover offer of Marel hf. (ICL: Marel). The offer will be launched on June 24, 2024, giving Marel shareholders the option to receive cash, JBT stock, or a combination of both. The total consideration is approximately €950 million in cash and 38% ownership in the merged entity. The combined company, JBT Marel , will be headquartered in Chicago, with a European headquarters in Gardabaer, Iceland. Regulatory clearances and shareholder approvals are required for the transaction, expected to close by year-end 2024. An investor meeting will be held in Iceland on June 24, 2024, with a live stream available online.

JBT (NYSE: JBT) announced that it expects the Icelandic Financial Supervisory Authority to approve documents related to its voluntary takeover offer for all shares of Marel hf. (ICL: Marel). Upon approval, JBT will launch the offer and hold a joint conference call with Marel on June 20, 2024, at 10:00 AM Eastern Time to discuss the benefits of the transaction for customers and shareholders.

JBT’s CEO, Brian Deck, highlighted the complementary nature of the two companies, which serve the global food and beverage processing industry. A detailed presentation on synergy opportunities and value creation will be provided. In addition, an in-person investor meeting will be held in Iceland on June 24, 2024, with live streaming available.

JBT (NYSE: JBT) declared a quarterly cash dividend of $0.10 per share on May 10, 2024. The dividend will be payable on June 6, 2024, to stockholders of record as of May 23, 2024. JBT is a global technology solutions provider in the food & beverage industry, employing 5,100 people worldwide.

JBT reported first quarter 2024 results with revenue of $392 million, a 1% increase. Adjusted EPS increased by 39%. The company executed a transaction agreement with Marel hf., expecting annual cost synergies of over $125 million within three years. JBT plans to close the transaction with Marel by the end of 2024. Full year guidance includes solid revenue growth and margin expansion.