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.
