JBT Corp. (JBT) Tops Q1 EPS by 26c

JBT Corp. (NYSE: JBT) reported Q1 EPS of $1.01, $0.26 better than the analyst estimate of $0.75. Revenue for the quarter came in at $457.7 million versus the consensus estimate of $429.61 million.

Outlook

Given the tremendous uncertainty in the marketplace resulting from the pandemic, and based on current information available to management, the Company foresees a 10 - 15 percent sequential decline in revenue in the second quarter of 2020, with an estimated 5 percent decline at FoodTech and an estimated 30 percent decline at AeroTech. While operating results in both segments will benefit from cost reductions, the anticipated revenue decline at AeroTech is expected to drive significant margin contraction. FoodTech operating margins could remain consistent sequentially. Directionally, FoodTech may experience further sequential revenue declines in the third quarter while AeroTech revenue could be flat to up sequentially.

The Company is withdrawing earnings guidance for full year 2020 due to the limited visibility into the length of the pandemic and the severity of its impact on JBT, its customers, and suppliers.

"We are confident in JBT's ability to manage through the challenges and capitalize on the opportunities created from the changes in our markets, by leveraging our operating discipline, diverse customer base and product offering, strong competitive position, and benefits of our recurring revenue stream," concluded Giacomini.

For earnings history and earnings-related data on JBT Corp. (JBT) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Rein Therapeutics Inc. (RNTX) Tops Q2 EPS by 39c
• Reading (RDI) Tops Q2 EPS by 4c