Q3 2024 John Bean Technologies Corp Earnings Call Transcript
Key Points
- John Bean Technologies Corp (JBT) achieved double-digit year-over-year revenue growth of 12.4% in the third quarter of 2024.
- The company reported a significant increase in adjusted EBITDA, up 23% year-over-year, with a margin improvement of 160 basis points.
- Strong order growth was observed, with a 10% increase from the prior year, driven by recovery in the global poultry market and healthy demand in pet food, fruits, vegetables, and pharma markets.
- The Automated Guided Vehicle (AGV) business is performing exceptionally well, with revenue expected to exceed $150 million and growth over 30% this year.
- JBT secured favorable financing commitments for the Marel merger, with a Term Loan B offering that was more than three times oversubscribed, indicating strong market confidence.
- JBT expects to incur approximately $30 million in noncash pretax charges in the fourth quarter due to settling outstanding obligations of its pension plan.
- The company anticipates further noncash pretax charges of approximately $145 million in the first quarter of 2025 related to pension plan settlements.
- Certain consumer packaged goods (CPG) areas, such as beverages, showed pockets of weakness in demand.
- The merger with Marel is still pending regulatory approvals, with the timeline to close expected by the end of 2024, which could pose integration risks.
- Despite improvements, the poultry market has not yet fully recovered to pre-pandemic levels, indicating ongoing challenges in this sector.
Good morning, and welcome to JBT Corporation's third-quarter 2024 earnings conference call. My name is Prilla, and I will be your conference operator today. As a reminder, today's call is being recorded. (Operator Instructions)
Thank you. I will now turn the call over to JBT's Director of Investor Relations, Marlee Spangler to begin today's conference.
Thank you, Prilla. Good morning, everyone, and welcome to our third-quarter 2024 earnings 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 8-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.
Also, our discussion today includes references to certain
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