John Bean Technologies Corporation (JBT) reported significant financial results for the third quarter and the first nine months of 2024, reflecting both growth in revenue and challenges in net income due to prior year gains from discontinued operations.
For the three months ended September 30, 2024, JBT's total revenue reached $453.8 million, a 12.4% increase from $403.6 million in the same period of 2023. Product revenue also rose to $409.1 million from $362.1 million year-over-year. The nine-month revenue figures showed a modest increase to $1,248.4 million from $1,219.8 million in 2023, driven by organic growth and a favorable backlog, particularly in the poultry equipment sector.
Operating income for the third quarter improved to $46.8 million, up 26.8% from $36.9 million in 2023. Income from continuing operations before income taxes also increased to $47.6 million, a 33.0% rise compared to $35.8 million in the prior year. However, net income for the third quarter fell sharply to $38.9 million from $441.6 million in 2023, primarily due to a significant gain from the sale of the AeroTech business in the previous year. For the nine months, net income decreased to $92.4 million from $501.5 million, reflecting the absence of similar extraordinary gains.
Adjusted EBITDA from continuing operations for the third quarter was $81.7 million, a 23.2% increase from $66.3 million in 2023. The company’s gross profit margin improved slightly to 36.1% from 35.9% year-over-year, attributed to higher volumes and strategic sourcing initiatives.
JBT's selling, general, and administrative expenses rose by $15.5 million, largely due to M&A-related costs associated with the proposed acquisition of Marel hf., which is expected to close by the end of 2024, pending regulatory approvals. The company has committed approximately €950 million in cash and equity for this transaction.
As of September 30, 2024, JBT's cash and cash equivalents totaled $534.5 million, an increase from $483.3 million at the end of 2023. Total assets rose to $2,789.0 million, while total liabilities decreased to $1,204.0 million. The company’s liquidity position remains strong, with $1.3 billion available from cash and credit facilities.
Overall, JBT's performance in 2024 reflects a solid operational foundation, with strategic growth initiatives underway, despite the challenges posed by the previous year's extraordinary gains from discontinued operations.
About John Bean Technologies CORP
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