JBT Corp. (JBT) Tops Q3 EPS by 12c

JBT Corp. (NYSE: JBT) reported Q3 EPS of $0.83, $0.12 better than the analyst estimate of $0.71. Revenue for the quarter came in at $419 million versus the consensus estimate of $388.77 million.

GUIDANCE:

JBT Corp. sees Q4 2020 EPS of $0.80-$0.90, may not compare versus the consensus of $1.06.

• "While the specter of the global pandemic still creates uncertainty for the fourth quarter and 2021, we are encouraged by the quality of our sales funnel, increasing levels of customer engagement, and the sequential pickup in orders in the third quarter of 2020," concluded Deck.
• Based on current information available to management, the Company expects FoodTech revenue growth of 3 - 5 percent sequentially in the fourth quarter of 2020 with operating margins of 13 - 14 percent and adjusted EBITDA margins in the 18 - 19 percent range.
• At AeroTech, the Company expects a 7 - 8 percent sequential decline in fourth quarter revenue with operating margins of approximately 10 percent and adjusted EBITDA margins in the 11 - 12 percent range.
• Corporate expense is expected to be approximately $14 million in the fourth quarter, including $2 to $3 million in the previously discussed restructuring activities and management succession costs. Interest expense is forecast at $4.5 million with a tax rate of 25 percent.
• Based on these forecasts, earnings per diluted share guidance for the fourth quarter is $0.75 - $0.85 on a GAAP basis and $0.80 - $0.90 on an adjusted basis.

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

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