JBT Corp. (JBT) Tops Q4 EPS by 13c, Revenues Beat; Offers 1Q Below Consensus, FY21 EPS Mid-Point Guidance Above Consensus

February 22, 2021 4:48 PM EST

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JBT Corp. (NYSE: JBT) reported Q4 EPS of $1.02, $0.13 better than the analyst estimate of $0.89. Revenue for the quarter came in at $439 million versus the consensus estimate of $426.26 million.

Fourth Quarter Highlights:

  • Revenue of $439 million and earnings per share of $0.94 or $1.02 as adjusted
  • Orders increased 17% from third quarter 2020

"While JBT's 2020 performance was significantly impacted by the COVID-19 pandemic and fell short of expectations we set entering the year, we remained solidly profitable as we benefited from our diversified product line, disciplined cost control, and high level of recurring revenue," said Brian Deck, President and Chief Executive Officer.

"We ended the year with good order momentum and robust cash generation in the fourth quarter of 2020," continued Deck. "While we remain cautious due to the risks associated with the global pandemic, we are encouraged by the high level of customer engagement."

GUIDANCE:

JBT Corp. sees Q1 2021 EPS of $0.70-$0.80, versus the consensus of $0.89.

JBT Corp. sees FY2021 EPS of $4.30-$4.55, versus the consensus of $4.34.

"While the specter of the global pandemic continues to create uncertainty entering 2021 — particularly as it relates to supply chain constraints and inflationary pressures — the quality of our sales funnel and conversion rates is encouraging," concluded Deck.

The Company expects FoodTech revenue growth of 5 - 8 percent in 2021 with operating margins in the range of 14.5 - 15.0 percent and adjusted EBITDA margins in the 19.5 - 20.0 percent range.

At AeroTech, the Company expects revenue growth of 0 - 5 percent compared to 2020, with operating margins in the range of 10.75 - 11.25 percent and adjusted EBITDA margins in the 12.0 - 12.5 percent range.

Corporate expense is expected to be approximately 2.7 percent of revenue. Interest expense for 2021 is forecast at $13 - $14 million with a forecasted tax rate of 25 percent.

Based on these forecasts, earnings per diluted share guidance for full year 2021 is $4.10 - $4.35 on a GAAP basis and $4.30 - $4.55 on an adjusted basis.

The Company expects the seasonally slower first quarter 2021 revenue of $400 - $425 million, consisting of $300 - $315 million at FoodTech and $100 - $110 million at AeroTech.

The Company's first quarter 2021 guidance for operating margins are 13.0 - 13.5 percent at FoodTech with adjusted EBITDA margins of 18.25 - 18.75 percent. For AeroTech, operating margins are forecasted at 7.0 - 7.5 percent with adjusted EBITDA margins of 8.0 - 8.5 percent.

First quarter 2021 earnings guidance is $0.65 - $0.75 on a GAAP basis and $0.70 - $0.80 as adjusted.

The Company's guidance assumes no material decline in its production capacity, or in its ability to conduct commercial operations, as a result of COVID-related disruptions, as compared to capacity and operational levels as of the date of this release.

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



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