John Bean Technologies(US:JBT)2024-05-01 20:36Financial Performance - First quarter 2024 revenue was $392 million, an increase of 1% year-over-year[4] - Income from continuing operations was $23 million, up 33%, with earnings per share (EPS) of $0.71, a 34% increase[4] - Adjusted EBITDA reached $57 million, a 6% increase, with an adjusted EBITDA margin of 14.6%, up 60 basis points[4] - Revenue for Q1 2024 was $392.3 million, a slight increase from $388.5 million in Q1 2023, representing a growth of 0.9%[30] - Gross profit increased to $140.3 million, with a gross profit margin of 35.8%, up from 34.2% in the previous year[30] - Operating income rose to $29.1 million, reflecting an operating income margin of 7.4%, compared to 7.3% in Q1 2023[30] - Adjusted diluted earnings per share from continuing operations improved to $0.85, up from $0.61 in Q1 2023, marking an increase of 39.3%[31] Orders and Backlog - The backlog for the first quarter totaled $664 million, while orders decreased by 4% to $389 million due to market softness in North America[7] - Inbound orders decreased to $388.5 million from $405.9 million year-over-year, indicating a decline of 4.2%[30] - Orders backlog stood at $663.6 million, down from $678.3 million in the previous year, a decrease of 2.9%[30] Guidance and Projections - JBT expects full year 2024 revenue guidance of $1,735 - $1,765 million, with organic revenue growth forecasted at 4 - 6%[9][12] - Full year adjusted EBITDA guidance remains at $295 - $310 million, with an adjusted EBITDA margin of 17.0 - 17.5%[10][12] - Full Year 2024 diluted earnings per share from continuing operations is guided at $4.40 - $4.80, with adjusted diluted earnings per share projected at $5.05 - $5.45[48] - Adjusted EBITDA from continuing operations for Full Year 2024 is estimated to be between $295.0 million and $310.0 million[51] Cash Flow and Debt - The company generated operating cash flow of $10 million and free cash flow of $1 million in the first quarter[8] - Free cash flow for Q1 2024 was $0.7 million, a recovery from a negative free cash flow of $4.5 million in Q1 2023[42] - Total assets as of March 31, 2024, were $2,690.7 million, slightly down from $2,710.4 million at the end of 2023[38] - Net debt increased to $168.0 million from $163.1 million in the previous quarter, reflecting a change of 2.2%[44] - Total debt stands at $647.0 million, with net debt at $168.0 million[46] - Trailing twelve months Adjusted EBITDA from continuing operations is $276.1 million, resulting in a bank total net leverage ratio of 0.7[46] Cost Synergies and Expenses - The company anticipates annual run-rate cost synergies of over $125 million from the combination with Marel within three years[15] - M&A related costs for Full Year 2024 are estimated to be $30 - $35 million[52] - Restructuring related costs are estimated to be approximately $1 million for Full Year 2024[51] - Impact on tax provision from tax planning actions is estimated to be $8 - $9 million for Full Year 2024[53] - Interest income, net is projected to be approximately $(2.0) million for Full Year 2024[51] - Depreciation and amortization is expected to be around $90.0 million for Full Year 2024[51] - The effective tax rate is approximately 22% to 23%[53] Transaction and Regulatory Approvals - JBT plans to close the transaction with Marel by the end of 2024, pending regulatory approvals[16]