JBT Corp. (JBT) Tops Q2 EPS by 19c

JBT Corp. (NYSE: JBT) reported Q2 EPS of $1.19, $0.19 better than the analyst estimate of $1.00. Revenue for the quarter came in at $476 million versus the consensus estimate of $452.96 million.

GUIDANCE:

JBT Corp. sees Q3 2021 EPS of $1.10-$1.20, versus the consensus of $1.19.

We have revised our full-year 2021 guidance to reflect strong first-half results and order trends, partially offset by increased inflationary pressures and supply chain challenges,\" concluded Deck.

For full-year 2021, the Company raised revenue growth guidance to 14 - 16 percent at FoodTech, including 2 percent from foreign exchange translation and 2 percent from acquisitions. At the same time, margin guidance range was updated with projected operating margins of 14.0 - 14.75 percent and adjusted EBITDA margins in the 19.0 - 19.75 percent range.

At AeroTech, the Company narrowed its revenue growth guidance to 1 - 4 percent compared to 2020. Operating and adjusted EBITDA margin guidance remains unchanged at 10.75 - 11.25 percent and 12.0 - 12.5 percent, respectively.

All in, JBT expects total revenue expansion of 10 to 13 percent for the full year.

Corporate expense is expected to be approximately 2.7 percent of revenue. Interest expense for 2021 is forecasted at $9 million to $10 million and the tax rate is expected to be approximately 25 percent prior to a $4 million discrete item associated with a UK tax law change.

Based on these forecasts, earnings per diluted share guidance for full year 2021 is $4.15 - $4.35 on a GAAP basis and $4.60 - $4.80 on an adjusted basis.

Full-year, adjusted EBITDA is expected to be $280 million to $290 million.

For the third quarter of 2021, the Company expects revenue of $485 million to $505 million. At FoodTech, projected growth of 19 - 20 percent includes 3 - 4 percent from acquisitions. Year-over-year growth guidance for AeroTech is 15 - 16 percent.

The Company\'s third quarter 2021 guidance for operating margins are 14 - 14.5 percent at FoodTech with adjusted EBITDA margins of 19 - 19.5 percent. For AeroTech, operating margins are forecasted at 11.25 - 11.75 percent with adjusted EBITDA margins of 12.25 - 12.75 percent.

Third quarter 2021 earnings guidance is $1.00 - $1.10 on a GAAP basis and $1.10 - $1.20 as adjusted.

Current issues, including the rate of vaccination and new variants of the COVID-19 virus, could result in a slower recovery than currently anticipated in the full-year 2021 outlook.

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

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