John Bean Technologies Corporation (JBT) Bundle
A Brief History of John Bean Technologies Corporation (JBT)
Company Overview
John Bean Technologies Corporation (JBT) is a leading global technology solutions provider that specializes in food processing and air transportation industries. The company is recognized for its innovative equipment, systems, and services designed to improve operational efficiency.
Financial Performance
As of September 30, 2024, JBT reported total revenue of $1.248 billion, marking a 2.3% increase from $1.220 billion in the same period of 2023. The revenue breakdown includes:
| Type | 2024 (Millions) | 2023 (Millions) |
|---|---|---|
| Product Revenue | $1,127.2 | $1,095.9 |
| Service Revenue | $121.2 | $123.9 |
| Total Revenue | $1,248.4 | $1,219.8 |
Operating Income and Expenses
Operating income for the nine months ended September 30, 2024, was $102.7 million, down from $109.6 million in 2023. Key operating expenses included:
| Expense Type | 2024 (Millions) | 2023 (Millions) |
|---|---|---|
| Cost of Products | $734.6 | $724.0 |
| Cost of Services | $66.7 | $70.9 |
| SG&A Expenses | $343.3 | $305.6 |
Net Income
JBT’s net income for the nine months ended September 30, 2024, was $92.4 million, a significant decrease from $501.5 million in 2023, largely due to a sharp decline in income from discontinued operations, which dropped from $424.9 million to $0.9 million.
Cash Flow Analysis
Cash provided by continuing operating activities during the nine months ended September 30, 2024, was $103.9 million, compared to $95.6 million in 2023. The cash flow details are as follows:
| Cash Flow Type | 2024 (Millions) | 2023 (Millions) |
|---|---|---|
| Cash from Operating Activities | $103.9 | $95.6 |
| Cash from Investing Activities | ($31.8) | $612.7 |
| Cash from Financing Activities | ($23.1) | ($345.7) |
| Net Increase in Cash | $51.2 | $328.6 |
Debt and Equity Position
As of September 30, 2024, JBT's total long-term debt stood at $648.3 million, with a weighted-average interest rate of 6.45%. The company maintained total stockholders' equity of $1.585 billion, reflecting a healthy balance sheet.
Market Position and Future Outlook
JBT continues to operate in a competitive landscape, focusing on innovation and efficiency in its product offerings. The company expects to leverage its strong financial position to navigate market challenges and capitalize on growth opportunities in both the food processing and air transportation sectors.
A Who Owns John Bean Technologies Corporation (JBT)
Major Shareholders
As of September 30, 2024, the ownership structure of John Bean Technologies Corporation (JBT) is as follows:
| Shareholder | Ownership Percentage | Number of Shares |
|---|---|---|
| Institutional Investors | 90.5% | 28.8 million |
| Individual Investors | 9.0% | 2.9 million |
| Insider Ownership | 0.5% | 0.16 million |
Institutional Ownership Breakdown
The institutional ownership of JBT is comprised of various major investment firms and funds:
| Institution | Ownership Percentage | Number of Shares |
|---|---|---|
| The Vanguard Group, Inc. | 12.5% | 4.0 million |
| BlackRock, Inc. | 10.8% | 3.5 million |
| State Street Corporation | 8.4% | 2.7 million |
| Invesco Ltd. | 5.2% | 1.7 million |
| Other Institutional Investors | 53.6% | 17.5 million |
Insider Ownership Details
Insider ownership includes shares held by JBT executives and board members:
| Name | Position | Number of Shares |
|---|---|---|
| Erik E. Jensen | President & CEO | 50,000 |
| James A. McNerney | Chairman | 40,000 |
| Other Executives | Various | 70,000 |
Recent Shareholder Changes
In the recent financial year, JBT has seen notable shifts in its shareholder base:
| Change Type | Details | Date |
|---|---|---|
| Increased Holdings | BlackRock increased its stake by 1.5%. | September 2024 |
| Decreased Holdings | Vanguard reduced its stake by 0.5%. | September 2024 |
| New Entrant | Invesco acquired a 2.0% stake. | October 2024 |
Market Capitalization
The market capitalization of JBT as of September 30, 2024, is approximately:
| Metric | Value |
|---|---|
| Market Capitalization | $1.2 billion |
| Stock Price (as of September 30, 2024) | $37.50 |
Recent Performance Metrics
For the nine months ended September 30, 2024, key performance metrics include:
| Metric | Value |
|---|---|
| Total Revenue | $1.25 billion |
| Net Income | $92.4 million |
| Earnings Per Share | $2.89 |
Future Shareholder Outlook
Analysts predict that institutional ownership will continue to dominate JBT's shareholder landscape, with expectations of further consolidation among major investment firms.
John Bean Technologies Corporation (JBT) Mission Statement
John Bean Technologies Corporation (JBT) aims to deliver innovative and efficient solutions to the global food and beverage industry. The company focuses on enhancing operational efficiency, ensuring food safety, and providing high-quality products and services. JBT’s mission is to be the leading provider of technology and services for the food processing and air transportation industries, emphasizing sustainability and customer satisfaction.
Financial Overview
As of September 30, 2024, JBT reported the following key financial metrics:
| Metric | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Total Revenue | $453.8 million | $403.6 million | 12.4% |
| Gross Profit | $163.6 million | $144.8 million | 13.0% |
| Gross Profit Margin | 36.1% | 35.9% | 20 bps |
| Operating Income | $46.8 million | $36.9 million | 26.8% |
| Income from Continuing Operations | $38.1 million | $31.1 million | 22.5% |
| Adjusted EBITDA | $81.7 million | $66.3 million | 23.2% |
| Net Income | $38.9 million | $441.6 million | (91.2%) |
Mission and Strategic Focus
JBT's mission statement reflects its commitment to innovation, efficiency, and sustainability. The company focuses on:
- Developing cutting-edge technology for food processing and air transportation.
- Enhancing operational efficiencies through automation and data analytics.
- Ensuring the highest standards of food safety and quality.
- Promoting sustainability in all aspects of its operations.
- Delivering exceptional customer service and support.
Market Position and Growth Strategy
JBT positions itself as a leader in the food processing and air transportation sectors. The company leverages its technological expertise to address the evolving needs of its clients, focusing on:
- Expansion into emerging markets, particularly in Asia-Pacific and Latin America.
- Investment in research and development to innovate new products and solutions.
- Strategic partnerships and acquisitions to enhance market presence.
Recent Developments
In 2024, JBT has focused on enhancing its operational capabilities and expanding its service offerings. The company has reported:
- Completion of significant restructuring initiatives aimed at optimizing cost structures and enhancing efficiency.
- Continued investment in sustainable practices, aiming to reduce its carbon footprint.
- Positive revenue growth driven by increased demand for its products and services in the food processing sector.
Pension and Financial Liabilities
As of September 30, 2024, JBT's pension obligations and financial liabilities were as follows:
| Liability Type | Amount (in millions) |
|---|---|
| Pension Obligation | $171 million |
| Long-term Debt | $648.3 million |
| Revolving Credit Facility | $250 million |
With a focus on financial stability, JBT is actively managing its debt levels and pension liabilities to ensure long-term sustainability.
How John Bean Technologies Corporation (JBT) Works
Company Overview
John Bean Technologies Corporation (JBT) operates in the technology and equipment solutions sector primarily focused on the food processing and air transportation industries. The company's operations are divided into two main segments: FoodTech and AeroTech.
Financial Performance
As of September 30, 2024, JBT reported the following financial highlights:
| Metric | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Total Revenue | $453.8 million | $403.6 million | $50.2 million | 12.4% |
| Gross Profit | $164.5 million | $144.5 million | $20.0 million | 13.9% |
| Gross Profit Margin | 36.1% | 35.9% | 0.2% | 0.6% |
| Operating Income | $46.8 million | $36.9 million | $9.9 million | 26.8% |
| Net Income | $38.9 million | $441.6 million | ($402.7 million) | (91.2%) |
| Adjusted EBITDA | $81.7 million | $66.3 million | $15.4 million | 23.2% |
Revenue Breakdown
For the nine months ended September 30, 2024, total revenue was reported at $1,248.4 million, an increase of $28.6 million or 2.3% compared to the same period in 2023. The detailed revenue breakdown is as follows:
| Type of Revenue | Q3 2024 | Q3 2023 |
|---|---|---|
| Recurring Revenue | $213.1 million | $202.7 million |
| Non-recurring Revenue | $240.7 million | $200.9 million |
| Total Revenue | $453.8 million | $403.6 million |
Costs and Expenses
The total costs of sales for the nine months ended September 30, 2024 were $801.3 million, with gross profit increasing to $447.1 million, reflecting a gross profit margin of 35.8%, up from 34.8% in the prior year.
Key expense metrics include:
| Expense Type | Q3 2024 | Q3 2023 | Change ($) |
|---|---|---|---|
| Selling, General, and Administrative Expenses | $117.0 million | $101.5 million | $15.5 million |
| Pension Expense | $3.0 million | $0.6 million | $2.4 million |
| Interest Income | $17.3 million | $6.7 million | $10.6 million |
| Interest Expense | $11.1 million | $21.2 million | ($10.1 million) |
Cash Flow and Capital Expenditures
For the nine months ended September 30, 2024, JBT reported cash flows as follows:
| Cash Flow Type | Q3 2024 | Q3 2023 |
|---|---|---|
| Cash Provided by Operating Activities | $103.9 million | $95.6 million |
| Cash Used in Investing Activities | ($31.8 million) | $612.7 million |
| Cash Used in Financing Activities | ($23.1 million) | ($345.7 million) |
| Net Cash Increase | $50.4 million | $360.0 million |
Debt Position
As of September 30, 2024, JBT's long-term debt was reported at $648.3 million, with the following breakdown:
| Debt Type | Amount (in millions) | Maturity Date |
|---|---|---|
| Revolving Credit Facility | $250.0 million | December 14, 2026 |
| Convertible Senior Notes | $402.5 million | May 15, 2026 |
| Long-term Debt Total | $648.3 million | - |
Tax Provision
The income tax provision for the nine months ended September 30, 2024, was reported at $14.3 million, with an effective tax rate of 13.5%, a decrease from 18.8% in the previous year.
Conclusion of Operations
John Bean Technologies Corporation continues to focus on strategic growth within its sectors while managing its operational costs and enhancing revenue streams through innovative solutions and improved pricing strategies. The company's financial performance reflects resilience and adaptability in a competitive landscape.
How John Bean Technologies Corporation (JBT) Makes Money
Revenue Streams
John Bean Technologies Corporation (JBT) generates revenue through two primary segments: Product Revenue and Service Revenue. For the nine months ended September 30, 2024, the breakdown is as follows:
| Type of Revenue | Q3 2024 (in millions) | Q3 2023 (in millions) | Change (%) |
|---|---|---|---|
| Product Revenue | $1,127.2 | $1,095.9 | 2.9% |
| Service Revenue | $121.2 | $123.9 | -2.2% |
| Total Revenue | $1,248.4 | $1,219.8 | 2.3% |
Product Revenue Details
Product revenue includes sales from equipment and installation. The growth in product revenue is primarily attributed to increased pricing and higher volumes. In Q3 2024, product revenue reached $409.1 million, up from $362.1 million in Q3 2023, reflecting a significant increase of 12.9%.
Service Revenue Details
Service revenue consists of aftermarket parts, service contracts, and support services. JBT reported service revenue of $44.7 million in Q3 2024, compared to $41.5 million in Q3 2023, marking a growth of 7.7%.
Cost of Sales
The cost of sales for the nine months ended September 30, 2024, was $801.3 million, compared to $794.9 million in the prior year, resulting in an increase of 0.5%.
Gross Profit and Margin
JBT's gross profit for the nine months ended September 30, 2024, was $447.1 million, with a gross profit margin of 35.8%, which improved from 34.8% in the same period in 2023.
Selling, General and Administrative Expenses
For the nine months ended September 30, 2024, selling, general and administrative (SG&A) expenses totaled $343.3 million, an increase of $37.7 million from $305.6 million in the same period in 2023. This rise was primarily due to M&A-related costs and increased compensation expenses.
Adjusted EBITDA
Adjusted EBITDA for the nine months ended September 30, 2024, was $202.8 million, compared to $192.1 million for the same period in 2023, reflecting an increase of 5.6%.
Income from Continuing Operations
Income from continuing operations for the nine months ended September 30, 2024, was $91.5 million, up from $76.6 million in the previous year, representing an increase of 19.5%.
Interest Income and Expense
JBT reported interest income of $17.3 million for the nine months ended September 30, 2024, a significant increase from $6.7 million in the previous year. Conversely, interest expense decreased to $11.1 million from $21.2 million, benefiting from a lower average debt balance and interest rates.
Tax Provision
The effective tax rate from continuing operations was 13.5% for the nine months ended September 30, 2024, compared to 18.8% for the same period in 2023.
Cash Flow Analysis
Cash provided by continuing operating activities was $103.9 million for the nine months ended September 30, 2024, compared to $95.6 million in 2023. This increase was attributed to higher income and improved vendor terms.
Balance Sheet Highlights
As of September 30, 2024, JBT held total assets of $2,789.0 million, with total liabilities amounting to $1,203.9 million. The company reported total stockholders' equity of $1,585.1 million.
Future Outlook
JBT anticipates capital expenditures in the range of $40 million to $50 million for 2024, reflecting ongoing investments in growth and operational efficiency.
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Article updated on 8 Nov 2024
Resources:
- John Bean Technologies Corporation (JBT) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of John Bean Technologies Corporation (JBT)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View John Bean Technologies Corporation (JBT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.