Q1 2024 John Bean Technologies Corp Earnings Call Transcript
Key Points
- John Bean Technologies Corp reported a revenue increase of 1% year-over-year to $392 million in the first quarter.
- Adjusted EBITDA increased by 6% year-over-year, with margins expanding by 60 basis points to 14.6%.
- Gross margin improved by 160 basis points to 35.8%, driven by cost-saving benefits from restructuring actions and supply chain initiatives.
- First quarter adjusted EPS rose to $0.85 from $0.61 in the prior year, positively impacted by operational improvements and net interest expense improvement.
- The company reiterated its full-year 2024 guidance for adjusted EBITDA at $295 million to $310 million and adjusted EPS at $5.05 to $5.45, indicating strong year-over-year growth.
- Orders in North America showed some softness, and the AGV business experienced order timing issues.
- The company adjusted its total revenue range to account for current expectations for foreign exchange translation, indicating potential volatility from currency fluctuations.
- M&A costs for the full year are now estimated to be $30 million to $35 million, excluding any transaction contingent fees, indicating significant expenses related to mergers and acquisitions.
- The effective tax rate for the quarter was higher, including a discrete item of approximately $0.03 per share, which negatively impacted earnings.
- While the company expects organic revenue growth of 4% to 6%, there is uncertainty in order conversion rates, particularly in the poultry industry, which may affect future revenue recognition.
Good morning, and welcome to JBT Corporation's First Quarter 2024 earnings call. My name is Marvin, and I will be your conference operator today. As a reminder, today's call is being recorded. (Operator Instructions)
I will now turn the call over to JBT's Vice President of Corporate Development and Investor Relations, Mary Dave, to begin today's conference schedule.
Thank you, Marcelo. Good morning, everyone, and welcome to our first quarter 2024 conference call. With me on the call is our Chief Executive Officer, Brian Deck, and Chief Financial Officer, Matt Meister.
In today's call, we will use forward-looking statements that are subject to the Safe Harbor language in yesterday's press release and eight K filing. Jbt's periodic SEC filings also contain information regarding risk factors that may have an impact on our results. These documents are available in the Investor Relations section of our website.
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