JBT Corporation Reports First Quarter 2021 Results

FoodTech Experiencing Robust Recovery

JBT Corporation

Apr 26, 2021, 16:48 ET


CHICAGO, April 26, 2021/PRNewswire/ -

First Quarter Highlights:

Income of $418 million and profit for each offer surpassed assumptions at $0.84 or $0.90 as changed

Year-over-year orders expanded 22% at FoodTech

Produced remarkable working income of $85.7 million and free income of $77.6 million

JBT Corporation (NYSE: JBT), a main worldwide innovation arrangements supplier to high-esteem fragments of the food and drink industry, today revealed results for the primary quarter of 2021.

"We keep on being supported by the significant degree of client commitment bringing about record FoodTech orders in the principal quarter of 2021," said Brian Deck, President and Chief Executive Officer. "Simultaneously, we see disturbance in the production network and inflationary pressing factors that are probably going to affect our edge extension for the rest of 2021."

Correlations in this news discharge are to the tantamount time of the earlier year, except if in any case noted.

First Quarter 2021

"Income was in accordance with our direction for the main quarter at both FoodTech and AeroTech," said Matthew Meister, Executive Vice President and Chief Financial Officer. "FoodTech's edges were likewise in accordance with assumptions, while AeroTech outflanked dependent on a positive hardware blend and better reseller's exchange income."

First quarter 2021 income of $417.8 million declined 9 percent year over year. Working pay was $37.8 million and net gain was $27.0 million, declining 14 percent and 7 percent, separately. Changed EBITDA of $58.5 million declined 11 percent year over year while changed EBITDA edge declined 40 premise focuses to 14.0 percent.

FoodTech income of $311.8 million expanded 1 percent year over year, with great unfamiliar cash interpretation counterbalancing a slight decrease in natural income. Working benefit was $41.5 million. Changed EBITDA of $58.3 million expanded 4 percent year over year while changed EBITDA edge extended 50 premise focuses to 18.7 percent.

AeroTech income of $106.0 million declined 28 percent year over year, mirroring the effect of a sharp decrease in traveler carrier travel. Working benefit was $9.9 million. Changed EBITDA of $11.3 million declined 43 percent year over year while changed EBITDA edge declined 260 premise focuses to 10.7 percent.
Corporate cost declined 7% year over year reflecting lower M&A related expenses while premium cost declined fundamentally year over year with lower obligation and lower loan fees.