John Bean Technologies Corporation Reports Strong Q4 2023 Earnings, Exceeds Expectations, US

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John Bean Technologies Corporation JBT reported adjusted earnings of $1.40 per share in fourth-quarter 2023, which were 24% higher than the year-ago quarter, aided by a strong operational performance and the solid execution of its supply-chain initiatives. The figure beat the Zacks Consensus Estimate of earnings of $1.39.

On a reported basis, the company’s earnings per share (from continuing operations) were $1.64, a 69% improvement from the year-ago quarter’s 97 cents.

Revenues of $445 million increased 1% from the year-ago quarter. The top-line figure beat the Zacks Consensus Estimate of $443 million.

In the quarter under review, adjusted EBITDA was around $81 million, reflecting a year-over-year increase of 18%.

John Bean reported cash and cash equivalents of $483 million at the end of 2023. The company’s total debt was $646 million as of Dec 31, 2023, down from $978 million as of Dec 31, 2022.

JBT expects revenues between $1.75 billion and $1.78 billion for 2024, with adjusted earnings per share projected between $5.05 and $5.45 per share.

On Jan 19, 2024 JBT announced an updated offer to acquire each outstanding common stock of Marel hf. (Marel) at €3.60 per share, aiming to create JBT Marel Corporation.

Some top-ranked stocks in the Industrial Products sector include Cadre Holdings, Inc., AZZ Inc., and Applied Industrial Technologies.

Each was handpicked by a Zacks expert. The Zacks Consensus Estimate for Cadre Holdings’ 2024 earnings is $1.11 per share; for AZZ, it is $4.19 per share, and for AIT, it is $9.43 per share.

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Shreya Gupta
Shreya Gupta
Shreya Gupta is an insightful author at The Reportify who dives into the realm of business. With a keen understanding of industry trends, market developments, and entrepreneurship, Shreya brings you the latest news and analysis in the Business She can be reached at shreya@thereportify.com for any inquiries or further information.

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