AI Earnings Predictions for JBT Marel Corporation (JBTM)

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Exhibit 99.1

News Release

JBT Marel Corporation

333 West Wacker Drive

Suite 3400

Chicago, IL 60606

JBT Marel Corporation Reports Second Quarter 2026 Results

Second Quarter 2026 Highlights:

◦Continued strong demand with orders exceeding $1 billion; revenue was $981 million, resulting in a book-to-bill ratio of 1.05x

◦Net income margin was 2.9 percent, and adjusted EBITDA margin was 17.1 percent

◦Diluted earnings per share was $0.54, and adjusted earnings per share was $1.95

◦Leverage ratio was just below 2.5x and within the long-term target leverage range of 2.0 - 2.5x

CHICAGO, August 3, 2026 - JBT Marel Corporation (NYSE and Nasdaq Iceland: JBTM), a leading global technology solutions provider to high-value segments of the food & beverage industry, today reported financial results for the second quarter of 2026.

"We are extremely pleased with the continued orders strength, which was led by robust demand in our Prepared Food and Beverage Solutions segment with strong customer investment in downstream, further processing technology," said Brian Deck, Chief Executive Officer. "While we experienced some operational inefficiencies and logistics constraints in the Prepared Food and Beverage Solutions segment in the second quarter, our record backlog, coupled with the fundamental benefits of the JBT Marel combination and ongoing operational improvement initiatives, provide visibility into our second half 2026 outlook and further our confidence in achieving our full year revenue and adjusted EBITDA guidance."

Comparisons in this news release are to the comparable period of the prior year, unless otherwise noted. An earnings presentation with supplemental information is available on the Company's Investor Relations website at https://ir.jbtmarel.com/events/presentations.

JBT Marel Second Quarter 2026 Consolidated Results

"We continue to execute on our integration and cost synergy initiatives, which we expect will enable $60 million of in-year realized savings for 2026," said Matt Meister, Chief Financial Officer. "At the same time, we are navigating a dynamic operating environment with higher inflationary costs. While these factors create near-term headwinds, our focus remains on disciplined execution, pricing actions, and operational improvements to mitigate the impact."

Second quarter 2026 consolidated revenue of $981 million increased 5 percent with approximately 2 percent benefit from foreign exchange translation. Net income of $28 million increased $25 million, and net income margin of 2.9 percent improved 250 basis points. Included in net income was a $33 million non-cash, non-recurring impairment charge related to a 2021 acquisition.

During the second quarter 2026, JBT Marel operated in a dynamic economic and trade environment and experienced a few discrete items, the effects of which will be discussed during the upcoming earnings call.

Second quarter 2026 consolidated adjusted EBITDA of $168 million increased $12 million, and adjusted EBITDA margin of 17.1 percent improved 40 basis points. Diluted earnings per share (EPS) was $0.54 compared to $0.07. Adjusted EPS was $1.95 compared to $1.49. Orders totaled $1.03 billion, inclusive of approximately $16 million in a year-over-year benefit from foreign exchange translation, and quarter-ending backlog was $1.54 billion.

Year to date 2026 operating cash flow was $221 million, and free cash flow was $179 million. As of June 30, 2026, the Company's net debt to trailing twelve months adjusted EBITDA was 2.47x.

As previously announced, JBT Marel's Board of Directors authorized a share repurchase program for the purchase of up to $200 million of the Company’s common stock, effective from May 18, 2026, through May 31, 2029. During the second quarter 2026, the Company repurchased approximately 200,000 shares of common stock for $26 million.

JBT Marel Second Quarter 2026 Segment Results

Three Months Ended June 30, 2026

In millions except marginProtein SolutionsPrepared Food and Beverage Solutions

Segment revenue$467$514

Segment adjusted EBITDA $112$90

Segment adjusted EBITDA margin24.0%17.5%

Second quarter 2026 Protein Solutions segment revenue increased 11 percent, inclusive of approximately 3 percent year-over-year benefit from foreign exchange translation. Segment adjusted EBITDA margin improved 350 basis points.

Second quarter 2026 Prepared Food and Beverage Solutions segment results were below Company expectations primarily due to the timing of backlog-to-revenue conversion resulting from logistics constraints and certain productivity inefficiencies in connection with optimizing supply chain and manufacturing operations. Segment revenue was flat, inclusive of approximately 2 percent year-over-year benefit from foreign exchange translation. Segment adjusted EBITDA margin declined 70 basis points.

JBT Marel Outlook

JBT Marel is reiterating its full year 2026 guidance for revenu

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Document

Exhibit 99.1

News Release

JBT Marel Corporation

333 West Wacker Drive

Suite 3400

Chicago, IL 60606

JBT Marel Corporation Reports First Quarter 2026 Results and Reiterates Full Year 2026 Guidance

First Quarter 2026 Highlights:

◦Continued strong demand with orders exceeding $1 billion; revenue was $936 million, resulting in a book-to-bill ratio of 1.14x

◦Net income margin was 4.8 percent, and adjusted EBITDA margin was 15.2 percent

◦GAAP diluted earnings per share was $0.86, and adjusted earnings per share was $1.58

◦Operating cash flow of $119 million, coupled with year-over-year operational improvement, enabled further balance sheet deleveraging to 2.6x

CHICAGO, May 4, 2026 - JBT Marel Corporation (NYSE and Nasdaq Iceland: JBTM), a leading global technology solutions provider to high-value segments of the food & beverage industry, today reported financial results for the first quarter of 2026.

"We started 2026 on a positive note, marking the second consecutive quarter with inbound orders above $1 billion," said Brian Deck, Chief Executive Officer. "Our orders reflected strong demand across our Prepared Food and Beverage Solutions and Protein Solutions segments."

"During the first quarter, we hosted our 2026 Investor Day," continued Deck. "We introduced our NextGen strategy, which further elevates our value proposition by advancing our customer-centric service model, enhancing our full-line product offering with targeted innovation, expanding commercial opportunities through cross-selling, and harnessing our continuous improvement culture to reduce complexity and achieve sustainable margin expansion."

Comparisons in this news release are to the comparable period of the prior year, unless otherwise noted. An earnings presentation with supplemental information is available on the Company's Investor Relations website at https://ir.jbtmarel.com/events/presentations.

JBT Marel First Quarter 2026 Consolidated Results

"We achieved meaningful year-over-year operational performance as we continued the margin expansion journey outlined in our strategy," said Matt Meister, Executive Vice President and Chief Financial Officer. "Additionally, we generated quarterly free cash flow of $100 million, enabling us to further deleverage our balance sheet."

First quarter 2026 consolidated revenue of $936 million increased 10 percent with approximately 6 percent benefit from foreign exchange translation. The foreign exchange benefit was largely as expected. Net income of $45 million improved $218 million, and net income margin was 4.8 percent. The improvement in net income was primarily driven by lower non-recurring and transaction related costs as well as margin enhancement efforts and lower interest expense.

First quarter 2026 consolidated adjusted EBITDA of $142 million improved $30 million, and adjusted EBITDA margin was 15.2 percent. Diluted earnings per share (EPS) was $0.86 compared to a loss per share of $3.35. Adjusted EPS was $1.58 compared to $0.97. Orders totaled $1.07 billion, inclusive of approximately $60 million in a year-over-year benefit from foreign exchange translation, and quarter-ending backlog was $1.49 billion.

First quarter 2026 operating cash flow was $119 million, and free cash flow was $100 million. As of March 31, 2026, the Company's net debt to trailing twelve months adjusted EBITDA was 2.6x.

JBT Marel First Quarter 2026 Segment Results

Three Months Ended March 31, 2026

In millions except marginProtein SolutionsPrepared Food and Beverage Solutions

Segment revenue$460$476

Segment adjusted EBITDA $100$70

Segment adjusted EBITDA margin21.7%14.7%

First quarter 2026 Protein Solutions segment revenue increased 22 percent, inclusive of approximately 8 percent year-over-year benefit from foreign exchange translation. Segment adjusted EBITDA margin improved more than 500 basis points, benefiting from higher poultry volume and continued improvement in the meat and fish businesses.

First quarter 2026 Prepared Food and Beverage Solutions segment revenue was flat, inclusive of approximately 4 percent year-over-year benefit from foreign exchange translation. Segment adjusted EBITDA margin declined 170 basis points, which was impacted, as expected, by higher tariff costs, lower volume from the CPG end market, and operational challenges in the warehouse automation business.

JBT Marel Outlook

JBT Marel is reiterating its full year 2026 guidance, and the below table reflects consolidated guidance.

Guidance

In millions except EPS and marginFY 2026

Revenue $3,990 - $4,065

Net income margin6.1% - 6.6%

Adjusted EBITDA margin(1) 17.0% - 17.5%

GAAP diluted EPS$4.70 - $5.15

Adjusted EPS(1) $8.00 - $8.50

(1) Non-GAAP figure. Please see supplemental schedules for adjustments and reconciliations.

For the full year 2026, given the continued demand strength experienced in the first quarter 2026, JBT Marel still expects year-over-ye

EX-99.1

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Document

Exhibit 99.1

News Release

JBT Marel Corporation

333 W. Wacker Drive

Suite 3400

Chicago, IL 60606

JBT Marel Corporation Reports Fourth Quarter and Full Year 2025 Results and Establishes 2026 Guidance with Continued Growth

Fourth Quarter 2025 Highlights: (Results are from continuing operations)

◦Achieved record quarterly orders and revenue with both exceeding $1.0 billion

◦Realigned reportable segments to Protein Solutions and Prepared Food and Beverage Solutions, reflecting the integration of the Company's operating model

Full Year 2025 Highlights: (Results are from continuing operations)

◦Revenue totaled $3.8 billion with 50% generated from recurring revenue

◦Realized year-over-year synergy savings of approximately $43 million

◦Cash provided by operating activities was $342 million, and free cash flow was $250 million

◦De-leveraged balance sheet by approximately 1.1x since the close of the transaction

CHICAGO, February 23, 2026 - JBT Marel Corporation (NYSE and Nasdaq Iceland: JBTM), a leading global technology solutions provider to high-value segments of the food & beverage industry, today reported financial results for the fourth quarter and full year 2025.

“We delivered on our ambitious expectations for our first year operating as JBT Marel and demonstrated that we are truly better together," said Brian Deck, Chief Executive Officer. “Our team's strong execution, successful integration efforts, and continuous improvement initiatives led to excellent performance in 2025 and a positive outlook for 2026."

“As expected for 2025, we benefited from demand recovery in the protein end markets, especially within poultry," continued Deck. “We also implemented a customer-focused go-to-market strategy, allowing us to capitalize on cross-selling opportunities and to advance our customer value proposition with integrated solutions and comprehensive lifecycle support.”

Comparisons in this news release are to the comparable period of the prior year, unless otherwise noted. An earnings presentation with supplemental information is available on the Company's Investor Relations website at https://ir.jbtmarel.com/events/presentations.

JBT Marel Full Year 2025 Consolidated Results

"We are extremely pleased that we delivered strong full year financial results even in the face of a challenging tariff environment," said Matt Meister, Chief Financial Officer. "Additionally, our ability to de-lever the balance sheet to below 3 times within the first year of the combination underscores the significant cash flow generation and earnings power of our business."

Full year 2025 consolidated revenue of $3.8 billion included approximately $77 million in year-over-year foreign exchange translation benefit. Loss from continuing operations of $50 million, representing a margin of (1.3) percent, included $179 million in acquisition related amortization and depreciation expense, $147 million in pre-tax charges related to the non-cash financial settlement of the U.S. pension plan, $115 million in M&A related costs, and $31 million in restructuring related costs.

Full year 2025 consolidated adjusted EBITDA was $600 million, representing a margin of 15.8 percent. Diluted loss per share from continuing operations was $0.96, and adjusted earnings per share ("EPS") was $6.41. Full year orders totaled approximately $3.8 billion, inclusive of approximately $79 million in a year-over-year benefit from foreign exchange translation, and year-ended backlog was approximately $1.4 billion.

Full year 2025 operating cash flow from continuing operations was $342 million, and free cash flow was $250 million. As of December 31, 2025, the Company's net debt to trailing twelve months adjusted EBITDA was 2.9x.

JBT Marel Realignment of Reportable Segments and Full Year 2025 Segment Results

As previously announced, JBT Marel realigned its reportable segments during the fourth quarter of 2025 to reflect the integration of the Company's operating model. The realignment now includes two reporting segments, Protein Solutions and Prepared Food and Beverage Solutions.

Twelve Months Ended December 31, 2025

($ millions except margin)Protein SolutionsPrepared Food and Beverage Solutions

Segment revenue$1,716$2,082

Segment Adjusted EBITDA$345$359

Segment Adjusted EBITDA margin20.1%17.2%

Synergy Actions and Target Cost Savings

For the full year 2025, JBT Marel realized year-over-year synergy savings of approximately $43 million. Exiting 2025, JBT Marel achieved annualized run rate savings of approximately $85 million.

For the full year 2026, JBT Marel anticipates approximately $60 million in year-over-year synergy savings.

Full Year 2026 Guidance

JBT Marel's consolidated guidance for full year 2026 reflects continued year-over-year growth in revenue, margins, and earnings.

Guidance

($ millions except margin and EPS)FY 2026

Revenue $3,990 - $4,065

Income from continuing operation

EX-99.1

2 a2025q3earningsexhibit9918k.htm

EX-99.1

Document

Exhibit 99.1

News Release

JBT Marel Corporation

70 W. Madison

Suite 4400

Chicago, IL 60602

JBT Marel Corporation Reports Third Quarter 2025 Results and Raises Full Year 2025 Guidance

Third Quarter 2025 Highlights: (Results are from continuing operations)

◦Achieved quarterly orders of $946 million and quarter-ending backlog of $1.3 billion

◦Revenue totaled $1.0 billion with 49% generated from recurring revenue

◦Income from continuing operations was $67 million, and adjusted EBITDA was $171 million

◦Realized $14 million in year-over-year synergy savings

◦Raising full year 2025 guidance given solid Q3 2025 performance

CHICAGO, November 3, 2025 - JBT Marel Corporation (NYSE and Nasdaq Iceland: JBTM), a leading global technology solutions provider to high-value segments of the food & beverage industry, today reported financial results for the third quarter of 2025.

"JBT Marel outperformed our third quarter earnings expectations, primarily driven by better-than-expected revenue, excellent supply chain and operational productivity, and solid cost control," said Brian Deck, Chief Executive Officer. "Given our strong third quarter results, we are raising our full year 2025 guidance, demonstrating the benefits of our diverse end markets and the enhanced scale of our combined organization."

Comparisons in this news release are to the comparable period of the prior year, unless otherwise noted. An earnings presentation with supplemental information is available on the Company's Investor Relations website at https://ir.jbtc.com/events-and-presentations/.

JBT Marel Third Quarter 2025 Consolidated Results

"Our $65 million revenue outperformance was the result of higher book and ship revenue coupled with better backlog conversion from manufacturing and supply chain efficiencies, allowing us to realize revenue ahead of schedule, particularly in poultry," said Matt Meister, Chief Financial Officer. "Margins also exceeded our expectations, driven by higher volume flow through, a favorable mix of poultry equipment and shorter cycle products, and accelerated synergy savings."

Third quarter 2025 consolidated revenue of $1.0 billion included approximately $26 million in year-over-year foreign exchange translation benefit. Net income from continuing operations of $67 million, representing a margin of 6.7 percent, included $33 million in acquisition related amortization and depreciation expense, $7 million in restructuring related costs, and $6 million in M&A related costs.

Third quarter 2025 consolidated adjusted EBITDA was $171 million, representing a margin of 17.1 percent. Diluted earnings per share (EPS) was $1.28, and adjusted EPS was $1.94. Orders totaled $946 million, inclusive of approximately $26 million in a year-over year tailwind from foreign exchange translation, and quarter-ending backlog was $1.3 billion.

Year-to-date operating cash flow from continuing operations was $224 million, and free cash flow was $163 million. As of September 30, 2025, the Company's bank leverage ratio was 2.7x, which includes the benefit of certain run rate synergies. Net debt to trailing twelve months pro forma adjusted EBITDA was 3.1x. Additionally, the Company's liquidity as of September 30, 2025, was approximately $1.9 billion.

JBT Marel Third Quarter 2025 Segment Results

Three Months Ended September 30, 2025

In millions except marginJBTMarel

Segment revenue$465$537

Segment adjusted EBITDA 71100

Segment adjusted EBITDA margin15.3%18.6%

JBT Marel Convertible Senior Notes Issuance

As previously announced, on September 9, 2025, JBT Marel closed its private offering of $575 million aggregate principal amount of 0.375 percent convertible senior notes due 2030. The Company utilized proceeds from the offering to execute convertible note hedge and warrant transactions and repay a portion of the borrowings outstanding under its revolving credit facility. By executing the note hedge transactions and warrant transactions, the Company effectively mitigated shareholder dilution until the share price reaches $283.42 per share.

Synergy Actions and Target Cost Savings

For the third quarter of 2025, JBT Marel incurred $7 million in restructuring costs and $6 million in M&A related costs while realizing year-over-year savings of $8 million in operating expense and an additional $6 million in cost of goods sold. JBT Marel now expects to achieve in-year realized synergy savings of $40 - $45 million and is maintaining its annualized run rate savings forecast of $80 - $90 million exiting 2025.

Realignment of JBT Marel Reportable Segments

During the fourth quarter of 2025, JBT Marel plans to realign its reportable segments to better reflect the continued integration of the Company's operating model. The realignment will include two financial reporting segments, Protein Solutions and Prepared Food and Beverage Solutions, and the Company expects to recast prior period f

EX-99.1

2 a2025q2earningsexhibit9918k.htm

EX-99.1

Document

Exhibit 99.1

News Release

JBT Marel Corporation

70 W. Madison

Suite 4400

Chicago, IL 60602

JBT Marel Corporation Reports Second Quarter 2025 Results

Second Quarter 2025 Highlights: (Results are from continuing operations)

◦Achieved quarterly orders of $938 million and quarter-ending backlog of $1.4 billion

◦Revenue totaled $935 million with more than half generated from recurring revenue

◦Income from continuing operations was $3 million, and adjusted EBITDA was $156 million

◦Realized $8 million in year-over-year synergy savings from integration efforts related to operating expense and supply chain

◦Re-establishing full year 2025 guidance

CHICAGO, August 4, 2025 - JBT Marel Corporation (NYSE and Nasdaq Iceland: JBTM), a leading global technology solutions provider to high-value segments of the food & beverage industry, today reported financial results for the second quarter of 2025.

"We are pleased with our second quarter results, which exceeded our guidance, reflecting our ability to navigate a dynamic operating environment and manage the integration of two global businesses," said Brian Deck, Chief Executive Officer. "Our outperformance was primarily driven by better than expected recurring revenue and favorable foreign exchange translation."

"We are re-establishing full year 2025 guidance given greater clarity around tariff policies and further supported by the strength of our backlog. We expect that second half 2025 margins will reflect the increased cost of tariffs and a higher mix of equipment revenue."

Comparisons in this news release are to the comparable period of the prior year, unless otherwise noted. An earnings presentation with supplemental information is available on the Company's Investor Relations website at https://ir.jbtc.com/events-and-presentations/.

JBT Marel Second Quarter 2025 Consolidated Results

"Our strong cash flow, which was supported by working capital management and customer deposits, allowed us to de-lever our balance sheet to just below 3.4x net debt to trailing twelve months pro forma adjusted EBITDA," said Matt Meister, Chief Financial Officer. "Our ability to quickly reduce leverage by over half a turn since the closing of the Marel transaction at the beginning of 2025 demonstrates the strength of the cash flow model of the combined business."

Second quarter 2025 consolidated revenue of $935 million included approximately $21 million in year-over-year foreign exchange translation benefit, which was approximately $8 million higher than expectations. Additionally, the Company exceeded its recurring revenue expectations by approximately $25 million. Net income from continuing operations of $3 million, representing a margin of 0.4 percent, included $58 million in acquisition related amortization and depreciation expense, $20 million in M&A related costs, an $11 million loss on investment related to an impairment charge from a joint-venture, and $6 million in restructuring related costs.

Second quarter 2025 consolidated adjusted EBITDA was $156 million, representing a margin of 16.7 percent. Diluted EPS was $0.07, and adjusted EPS was $1.49. Orders totaled $938 million, inclusive of approximately $22 million in year-over year tailwind from foreign exchange translation, and quarter-ending backlog was $1.4 billion.

Year to date operating cash flow from continuing operations was $137 million, and free cash flow was $106 million. As of June 30, 2025, the Company's bank leverage ratio was 2.8x, which includes the benefit of certain run rate synergies. As noted above, net debt to trailing twelve months pro forma adjusted EBITDA was just below 3.4x. Additionally, the Company's liquidity as of June 30, 2025, was approximately $1.3 billion.

JBT Marel Second Quarter 2025 Segment Results

Three Months Ended June 30, 2025

In millions except marginJBTMarel

Segment revenue$455$480

Segment adjusted EBITDA 8275

Segment adjusted EBITDA margin18.0%15.5%

Synergy Actions and Target Cost Savings

JBT Marel remains on track to deliver expected in-year realized synergy savings of $35 - $40 million and annualized run rate savings of $80 - $90 million exiting 2025. These anticipated synergy savings will be driven by the Company's integration efforts related to operating expense and supply chain.

For the second quarter of 2025, JBT Marel incurred $6 million in restructuring costs and $20 million in M&A related costs while realizing year-over-year savings of $5 million in operating expense and an additional $3 million in supply chain.

JBT Marel Outlook

JBT Marel is re-establishing full year 2025 guidance given greater clarity around tariff policies and the strength of its backlog. The guidance for the second half of 2025 reflects an additional $20 - $30 million in estimated net costs from tariffs, expected mix of equipment versus recurring revenue, continued realization of synergy benefits, updated net interest exp

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Document

Exhibit 99.1

News Release

JBT Marel Corporation

70 W. Madison

Suite 4400

Chicago, IL 60602

JBT Marel Corporation Reports First Quarter 2025 Results

First Quarter 2025 Highlights: (Results are from continuing operations)

◦Achieved quarterly orders of $916 million and backlog of $1.3 billion

◦Revenue totaled $854 million with more than half generated from recurring revenue

◦Earnings per share (EPS) was $(3.35) and adjusted EPS was $0.97

◦Integration is on track, and the Company continues to expect to achieve $35 - $40 million in realized cost synergies for the full year and $80 - $90 million in annualized run rate savings exiting 2025

CHICAGO, May 5, 2025 - JBT Marel Corporation (NYSE and Nasdaq Iceland: JBTM), a leading global technology solutions provider to high-value segments of the food & beverage industry, today reported financial results for the first quarter of 2025.

"JBT Marel had a solid start to the year as we outperformed our first quarter expectations," said Brian Deck, Chief Executive Officer. "Orders continue to demonstrate the benefits of our diverse and holistic end-market solutions, with healthy demand in poultry, meat, beverages, pharmaceuticals, and pet food."

"The potential outcomes from global trade and tariff policies are creating increased uncertainty and costs, and we are taking proactive measures to mitigate impacts on our cost exposure, including vendor concessions, price increases, and reshoring of third party suppliers," added Deck.

Comparisons in this news release are to the comparable period of the prior year, unless otherwise noted. An earnings presentation with supplemental information is available on the Company's Investor Relations website at https://ir.jbtc.com/events-and-presentations/.

JBT Marel First Quarter 2025 Results

"Our team delivered strong operational execution, with solid equipment volume and expense management, leading to results that exceeded our guidance," said Matt Meister, Chief Financial Officer.

Beginning in the first quarter of 2025, the Company revised its adjusted income from continuing operations and adjusted EPS calculations to exclude acquisition related amortization expense. The Company believes this change better reflects its core operating earnings and improves comparability versus peers. Prior year periods have been recast to reflect this change.

First quarter 2025 consolidated revenue was $854 million with more than half generated from recurring products and services. Net income from continuing operations of $(173) million included pre-tax charges of $147 million related to the non-cash final settlement of the U.S. pension plan, $74 million in M&A

related items, $42 million in acquisition related amortization expense, and $11 million in restructuring costs. Consolidated adjusted EBITDA was $112 million, and consolidated adjusted EBITDA margin was 13.1 percent. Diluted EPS was $(3.35), and adjusted EPS was $0.97. Orders totaled $916 million, and backlog was $1.3 billion.

First quarter 2025 operating cash flow from continuing operations was $34 million, and free cash flow was $18 million. Included in free cash flow was approximately $42 million in one-time M&A related cash payments. As of March 31, 2025, the Company's bank leverage ratio was 3.2x, which includes the benefit of certain run rate synergies. Net debt to trailing twelve months adjusted EBITDA was 3.8x, an improvement of approximately 0.2x from January 2, 2025. Additionally, the Company's liquidity as of March 31, 2025, was approximately $1.3 billion, providing significant flexibility to fund strategic initiatives.

Comparison Summary of Segment and Combined Results

The below tables provide a summary, for comparison purposes, of certain first quarter 2025 and first quarter 2024 financial results for JBT and Marel segments as well as total combined JBT and Marel. The first quarter 2024 information contained in this table is not intended to represent pro forma financial information for JBT Marel as defined in Regulation S-X, Article 11.

Three Months Ended March 31, 2025

In millions except marginJBT Marel Total

Revenue$409$445$854

Adjusted EBITDA(1) 6151112

Adjusted EBITDA margin14.9%11.5%13.1%

Three Months Ended March 31, 2024

In millions except marginJBT Marel (2) Total

Revenue$392$449$841

Adjusted EBITDA(1) 5743100

Adjusted EBITDA margin14.6%9.6%11.9%

(1) Non-GAAP figure. Please see supplemental schedules for adjustments and reconciliations.

(2) Marel results for March 31, 2024, represent converted USD and U.S. GAAP figures.

Synergy Actions and Target Cost Savings

The Company remains on track to deliver expected in-year realized synergy savings of $35 - $40 million and annualized run rate savings of $80 - $90 million exiting 2025. In connection with these efforts, JBT Marel implemented a restructuring plan during the first quarter of 2025 to achieve a portion of its synergy targets and incu

EX-99.1

2 a2024q4earningsexhibit9918k.htm

EX-99.1

Document

Exhibit 99.1

News Release

JBT Marel Corporation

70 W. Madison

Suite 4400

Chicago, IL 60602

JBT Marel Corporation Reports JBT Standalone Fourth Quarter and Full Year 2024 Results, Provides Highlights on Marel's 2024 Results, and Establishes 2025 Guidance

JBT Standalone Highlights: (Results are from continuing operations with comparisons to the prior year period)

◦Achieved record quarterly orders of $523 million

◦Fourth quarter loss from continuing operations of $7 million and full year income from continuing operations of $85 million included M&A costs and U.S. pension settlement expense

◦Fourth quarter adjusted EBITDA of $92 million and full year adjusted EBITDA of $295 million increased 14 percent and 8 percent, respectively

Marel Standalone Highlights: (Results are in IFRS and EUR with comparisons to the prior year period)

◦Achieved record quarterly orders of €474 million and book-to-bill of 1.11

◦Full year revenue of €1,643 million, a decline of 5 percent, included aftermarket revenue of €821 million, which increased 5 percent

◦Full year net loss of €25 million and adjusted EBITDA of €200 million included an unfavorable net adjustment of €17 million

Highlights for the Combination of JBT and Marel:

◦Successfully completed combination of JBT and Marel on January 2, 2025

◦Combined JBT and Marel fourth quarter 2024 orders exceeded $1 billion

◦Increasing confidence in leveraging combined company's operations; raising cost synergy expectations to $150 million within three years post transaction close

CHICAGO, February 24, 2025 - JBT Marel Corporation (NYSE and Nasdaq Iceland: JBTM), a leading global technology solutions provider to high-value segments of the food & beverage industry, today reported JBT standalone results for the fourth quarter and full year 2024, provided highlights for Marel's standalone full year 2024 results, and established 2025 guidance for JBT Marel. JBT standalone results and Marel standalone results are as of December 31, 2024, and are prior to the combination, which was completed on January 2, 2025.

"JBT delivered another strong performance for the fourth quarter and full year, achieving record quarterly orders, revenue, margins, and adjusted earnings per share from our continuing operations," said Brian Deck, Chief Executive Officer of JBT Marel Corporation. "Additionally, we are incredibly pleased to have

completed the combination with Marel, uniting two leading and complementary food and beverage technology companies. JBT Marel's holistic solutions offering, deep application knowledge, and global service network allow us to be a better partner to our customers and deliver long-term value creation to our stakeholders. We have increasing confidence in our ability to realize benefits of JBT Marel’s combined operations, and as a result, are raising our cost synergy expectations from $125 million to $150 million within three years."

Comparisons in this news release are to the comparable period of the prior year, unless otherwise noted. An earnings presentation with supplemental information is available on the Company's Investor Relations website at https://ir.jbtc.com/events-and-presentations/.

JBT Standalone Full Year 2024 Results

Full year 2024 revenue of $1,716 million increased 3 percent year over year. Organic revenue growth of approximately 3.5 percent was partially offset by 0.5 percent foreign exchange impact. Income from continuing operations of $85 million decreased $45 million as operational performance was partially offset by M&A related costs and pension settlement expense. M&A related costs totaled $86 million and included $42 million in mark-to-market losses from a deal contingent foreign exchange hedge that was put in place to hedge a portion of the euro-denominated cash portion of the Marel transaction. JBT also incurred $27 million in non-cash pension expense due to the previously announced voluntary lump sum settlements related to the fully funded U.S. pension plan. Adjusted EBITDA of $295 million increased 8 percent, and adjusted EBITDA margin of 17.2 percent increased 80 basis points.

Diluted EPS was $2.63 versus $4.02 in the prior year period. Adjusted EPS of $5.10 increased 24 percent. Orders of $1,788 million increased 7 percent, and year-end backlog of $721 million increased 6 percent. JBT generated full year 2024 operating cash flow from continuing operations of $233 million. Free cash flow of $199 million increased 20 percent.

Marel Standalone Full Year 2024 Results (IFRS) ]

For the full year 2024, Marel standalone orders of €1,663 million, which included record fourth quarter orders of €474 million, increased 2 percent. For the fourth quarter of 2024, Marel generated revenue of €428 million, including record aftermarket revenue of €216 million. Full year 2024 revenue of €1,643 million declined 5 percent. Full year 2024 aftermarket revenue of €821 million, an incre

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Document

Exhibit 99.1

News Release

JBT Corporation

70 W. Madison

Suite 4400

Chicago, IL 60602

JBT Corporation Reports Strong Third Quarter 2024 Results and Reiterates Full Year 2024 Guidance for Revenue, Adjusted EBITDA, and Adjusted EPS

Third Quarter Highlights: (Results are from continuing operations with comparisons to the prior year period)

◦Achieved another strong quarter with orders of $440 million and backlog of $698 million

◦Revenue of $454 million increased 12 percent

◦Income from continuing operations of $38 million and adjusted EBITDA of $82 million both increased 23 percent

◦Earnings per share (EPS) of $1.18 and adjusted EPS of $1.50 increased 22 percent and 35 percent, respectively

◦On track to complete remaining items and close combination with Marel hf. (Marel) on or about the end of 2024

CHICAGO, October 22, 2024 - JBT Corporation (NYSE: JBT), a leading global technology solutions provider to high-value segments of the food & beverage industry, today reported results for the third quarter of 2024.

"We are pleased with our third quarter execution, which enabled record quarterly revenue, adjusted EBITDA, and adjusted EPS from continuing operations," said Brian Deck, President and Chief Executive Officer. "Additionally, we experienced continued recovery in demand from our global poultry customers, and our solid orders and backlog benefited from our diverse end market solutions."

Comparisons in this news release are to the comparable period of the prior year, unless otherwise noted. An earnings presentation with supplemental information is also available on the Company's Investor Relations website at https://ir.jbtc.com/events-and-presentations/.

Third Quarter 2024 Results

The below paragraphs reflect JBT's results from continuing operations. AeroTech's financial results were transitioned to discontinued operations beginning in the second quarter of 2023, and prior period financial results have been recast accordingly.

"For the third quarter of 2024, we achieved our target of double-digit year-over-year revenue and adjusted EBITDA growth," said Matt Meister, Executive Vice President and Chief Financial Officer.

"Additionally, we delivered excellent cash flow, which was primarily driven by sequential earnings growth and improved working capital management."

Third quarter 2024 revenue of $454 million increased 12 percent year over year. Income from continuing operations of $38 million increased 23 percent. The improvement in income from continuing operations was driven by volume growth, restructuring and supply chain cost savings, and lower net interest expense, which was partially offset by higher M&A costs and a higher tax rate. Adjusted EBITDA of $82 million increased 23 percent and adjusted EBITDA margin of 18.0 percent increased 160 basis points. Diluted EPS of $1.18 increased 22 percent, and adjusted EPS of $1.50 increased 35 percent. Third quarter 2024 backlog totaled $698 million, and orders of $440 million improved 10 percent.

JBT generated year-to-date operating cash flow from continuing operations of $104 million and free cash flow of $79 million. JBT's net leverage ratio was 0.4x net debt to trailing twelve months adjusted EBITDA.

2024 Outlook

JBT is updating its full year 2024 guidance for income from continuing operations and GAAP EPS to account for JBT's plan to settle all outstanding obligations of its fully funded pension plan through the combination of voluntary lump sum payments and the purchase of an annuity contract. Accordingly, during the fourth quarter of 2024, JBT anticipates incurring approximately $28 - $32 million in a non-cash, pre-tax charge.

JBT is reiterating its guidance for revenue, adjusted EBITDA, and adjusted EPS.

Guidance

$ millions except EPSFY 2024

Revenue $1,715 - $1,750

Income from continuing operations$116 - $125

Adjusted EBITDA(1) $295 - $305

Adjusted EBITDA margin17.0 - 17.5%

GAAP EPS$3.60 - $3.90

Adjusted EPS(1) $5.05 - $5.35

(1) Non-GAAP figure. Please see supplemental schedules for adjustments and reconciliations.

Combination with Marel

Following completion of an in-depth preliminary review process, JBT received indication from the European Commission (E.C.) that the Company will be able to imminently notify the E.C. under the EU Merger Regulation of JBT's proposed acquisition of Marel (ICL: Marel). Upon submission of this notification, the E.C. will formally review the notification subject to its standard 25 working day Phase 1 review period.

In order to accommodate the E.C.'s formal review period, JBT and Marel will collaborate with the Financial Supervisory Authority of the Central Bank of Iceland to determine the corresponding extension of the voluntary takeover offer. The extension of the offer will provide an adequate amount of time following receipt of regulatory approvals for Marel shareholders to tender their shares, and JBT and Marel will issue public an

EX-99.1

2 a2024q2earningsexhibit9918k.htm

EX-99.1

Document

Exhibit 99.1

News Release

JBT Corporation

70 W. Madison

Suite 4400

Chicago, IL 60602

JBT Corporation Reports Second Quarter 2024 Results and Updates Full Year 2024 Guidance

Second Quarter Highlights: (Results are from continuing operations with comparisons to the prior year period)

◦Strong orders of $437 million, just below all-time record

◦Revenue of $402 million decreased 6 percent; expect full year revenue growth of 3 - 5%

◦Income from continuing operations of $31 million and earnings per share of $0.95 increased 8 percent and 7 percent, respectively

◦Adjusted earnings per share of $1.05 increased 8 percent

◦Formally issued voluntary takeover offer for the combination with Marel hf. (Marel)

CHICAGO, July 30, 2024 - JBT Corporation (NYSE: JBT), a leading global technology solutions provider to high-value segments of the food & beverage industry, today reported results for the second quarter of 2024.

"As expected, JBT's second quarter orders improved sequentially driven primarily by an initial recovery in equipment demand from North American poultry customers and continued strength in warehouse automation," said Brian Deck, President and Chief Executive Officer. "Our second quarter revenue fell short of our expectations, much of which we expect will be recovered in the back half of the year."

Comparisons in this news release are to the comparable period of the prior year, unless otherwise noted. An earnings presentation with supplemental information is also available on the Company's Investor Relations website at https://ir.jbtc.com/events-and-presentations/.

Second Quarter 2024 Results

AeroTech's financial results were transitioned to discontinued operations beginning in the second quarter of 2023, and prior period financial results have been recast accordingly. The below paragraphs reflect JBT's results from continuing operations.

"Our second quarter results were impacted by a shortfall in revenue, due in part to the performance of book and ship orders and a temporary delay in progress on over time projects and aftermarket parts orders from a system upgrade," said Matt Meister, Executive Vice President and Chief Financial Officer. "With the system implementation now stabilized and our expected strong backlog conversion in the second half

of the year, we are anticipating double-digit year-over-year revenue growth in both the third and fourth quarter."

Second quarter 2024 revenue of $402 million decreased 6 percent year over year with a 1 percent unfavorable impact from foreign exchange translation. Income from continuing operations of $31 million increased 8 percent. Included in income from continuing operations was a $9 million net interest expense benefit and $9 million in discrete tax benefits.

Adjusted EBITDA of $64 million decreased 11 percent and adjusted EBITDA margin of 15.8 percent declined 90 basis points as the benefits from restructuring and supply chain initiatives were more than offset by the impact of lower volume. Sequentially, revenue and adjusted EBITDA improved 3 percent and 11 percent, respectively.

During the second quarter of 2024, JBT realized approximately $3 million in restructuring savings and achieved cumulative annual run-rate cost savings of approximately $17 million exiting the quarter. Diluted earnings per share (EPS) of $0.95 increased 7 percent, and adjusted EPS of $1.05 increased 8 percent.

Second quarter 2024 backlog totaled $697 million, and orders were $437 million. Orders improved 13 percent sequentially driven by an increase in equipment demand from North American poultry customers and fruit and vegetable processing, along with continued strength in warehouse automation. North American poultry market fundamentals are stabilizing and customer profitability continues to strengthen, and as a result, JBT expects continued improvement in equipment demand within this market in the second half of 2024.

JBT generated year to date operating cash flow from continuing operations of $32 million and free cash flow of $14 million. JBT's net leverage ratio was 0.6x net debt to trailing twelve months adjusted EBITDA.

2024 Outlook

JBT updated its year-over-year revenue growth guidance to 3 to 5 percent, primarily reflecting year-to-date performance, which is partially offset by additional warehouse automation growth in the back half of 2024. As a result of the revenue update, the Company narrowed its full year 2024 guidance for adjusted EBITDA and EPS. The Company is maintaining its adjusted EBITDA margin forecast and is expecting margins to improve sequentially in both the third and fourth quarter of 2024.

For the full year 2024, JBT now expects to incur approximately $40 million in pre-closing M&A costs related to the combination with Marel. The Company updated its guidance for income from continuing operations and GAAP EPS to reflect the estimate for M&A costs.

Guidance

$ millions except EPS

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EX-99.1

Document

Exhibit 99.1

News Release

JBT Corporation

70 W. Madison

Suite 4400

Chicago, IL 60602

JBT Corporation Reports First Quarter 2024 Results and Reiterates Full Year 2024 Adjusted EBITDA and Adjusted EPS Guidance

First Quarter Highlights: (Results are from continuing operations with comparisons to the prior year period)

◦Revenue of $392 million increased 1 percent

◦Income from continuing operations of $23 million and earnings per share of $0.71 increased 33 percent and 34 percent, respectively

◦Adjusted EBITDA of $57 million increased 6 percent and adjusted EBITDA margin of 14.6 percent increased 60 basis points

◦Adjusted earnings per share of $0.85 increased 39 percent

◦Executed definitive transaction agreement related to the combination with Marel hf. (Marel) and advanced multiple regulatory work streams

CHICAGO, May 1, 2024 - JBT Corporation (NYSE: JBT), a leading global technology solutions provider to high-value segments of the food & beverage industry, today reported results for the first quarter of 2024.

"JBT's financial results for the first quarter, which is typically the seasonally slowest quarter, were in line with our expectations," said Brian Deck, President and Chief Executive Officer. "We are executing on our pure-play strategy and focusing on continuous improvement efforts within our operations, as demonstrated by JBT's sixth consecutive quarter of year-over-year improvement in margins."

Comparisons in this news release are to the comparable period of the prior year, unless otherwise noted. An earnings presentation with supplemental information is also available on the Company's Investor Relations website at https://ir.jbtc.com/events-and-presentations/.

First Quarter 2024 Results

AeroTech's financial results were transitioned to discontinued operations beginning in the second quarter of 2023, and prior period financial results have been recast accordingly. The below paragraphs reflect JBT's results from continuing operations.

"As expected, JBT's margins improved year over year primarily driven by cost savings from our supply chain initiatives and restructuring program," said Matt Meister, Executive Vice President and Chief Financial Officer.

First quarter 2024 revenue of $392 million increased 1 percent year over year. Income from continuing operations of $23 million increased 33 percent. Adjusted EBITDA of $57 million increased 6 percent, and adjusted EBITDA margin of 14.6 percent increased 60 basis points. During the first quarter of 2024, JBT completed actions related to its restructuring program, resulting in approximately $1 million expense in the quarter and cumulative expense of approximately $18 million. JBT realized approximately $4 million in restructuring savings during the quarter and is on track to achieve cumulative annual run-rate cost savings of approximately $18 million exiting the second quarter of 2024.

First quarter 2024 diluted earnings per share (EPS) of $0.71 increased 34 percent, and adjusted EPS of $0.85 increased 39 percent. Included in EPS was a $9 million improvement, or approximately $0.22 per share, from net interest expense.

First quarter 2024 backlog totaled $664 million, and orders of $389 million decreased 4 percent due to select market softness in North America, including timing of warehouse automation orders and continuation of the slower investment profile in the poultry market. That said, North American poultry market fundamentals have continued to improve, leading to better cash flow and profitability as well as a more positive sentiment for investment among JBT customers. As such, JBT's pipeline activity is improving, which is expected to translate to increased orders during the second quarter of 2024.

JBT generated first quarter 2024 operating cash flow from continuing operations of $10 million and free cash flow of $1 million. JBT's net leverage ratio was 0.6x net debt to trailing twelve months adjusted EBITDA.

2024 Outlook

For the full year 2024, JBT continues to expect solid year-over-year revenue growth and margin expansion. Revenue guidance was updated to reflect current expectations for foreign exchange translation, while the forecast for year-over-year organic revenue growth remains 4 - 6 percent.

Full year guidance for income from continuing operations and GAAP EPS was updated to reflect current expectations of $30 - $35 million for M&A related costs, an estimated $4 million net interest expense impact from the new bridge financing facility secured in anticipation of the combination with Marel, and an expected discrete tax benefit of $8 - $9 million from tax planning actions. These anticipated costs and the discrete tax benefit do not impact adjusted EBITDA or adjusted EPS, which remain unchanged from the previous guidance.

Additionally, JBT's full year forecast for net interest income is now approximately $2 million, which includes the $4 million estimated impa

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Document

Exhibit 99.1

News Release

JBT Corporation

70 W. Madison

Suite 4400

Chicago, IL 60602

JBT Corporation Reports Fourth Quarter and Full Year 2023 Results and Establishes 2024 Guidance with Solid Organic Revenue Growth and Continued Margin Expansion

Record Fourth Quarter Highlights as a Pure-Play Food and Beverage Business: (Results are from continuing operations with comparisons to the prior year period)

◦Income from continuing operations of $53 million and earnings per share of $1.64 both increased 69 percent

◦Adjusted EBITDA of $81 million increased 18 percent and adjusted EBITDA margin of 18.2 percent increased 260 basis points

◦Adjusted earnings per share of $1.40 increased 24 percent

Record Full Year Highlights as a Pure-Play Food and Beverage Business: (Results are from continuing operations with comparisons to the prior year period)

◦Income from continuing operations of $129 million and earnings per share of $4.02 increased 25 percent and 24 percent, respectively

◦Adjusted EBITDA of $273 million increased 20 percent and adjusted EBITDA margin of 16.4 percent increased 210 basis points

◦Adjusted earnings per share of $4.10 increased 12 percent

CHICAGO, February 20, 2024 - JBT Corporation (NYSE: JBT), a leading global technology solutions provider to high-value segments of the food & beverage industry, today reported results for the fourth quarter and full year 2023.

"JBT delivered solid year-over-year earnings growth and continued margin expansion in 2023," said Brian Deck, President and Chief Executive Officer. "Moreover, we made continued progress on our Elevate 2.0 strategy by becoming a pure-play food and beverage technology solutions provider, advancing the adoption of our digital solutions, and growing recurring revenue."

Comparisons in this news release are to the comparable period of the prior year, unless otherwise noted. An earnings presentation with supplemental information is also available on the Company's Investor Relations website at https://ir.jbtc.com/events-and-presentations/.

Fourth Quarter 2023 Results

"We are pleased with our financial performance, as fourth quarter margins and earnings per share exceeded our guidance while revenue met our expectations," said Matt Meister, Executive Vice President and Chief Financial Officer. "Our margin improvement was highlighted by strong operational performance and excellent execution on our supply chain initiatives."

AeroTech's financial results were transitioned to discontinued operations beginning in the second quarter of 2023, and prior period financial results have been recast accordingly. The below paragraphs reflect JBT's results from continuing operations.

During the fourth quarter of 2023, JBT elected to move to the FIFO inventory method for all inventories historically on LIFO. As a result, historical financial results have been recast. This election change does not impact adjusted EBITDA or adjusted earnings per share as JBT’s metrics already reflected a FIFO accounting basis.

Fourth quarter 2023 revenue of $445 million increased 1 percent year over year. Income from continuing operations of $53 million increased 69 percent. Included in income from continuing operations was an $11 million discrete benefit to the tax provision, resulting from the sale of a subsidiary. Adjusted EBITDA of $81 million increased 18 percent, and adjusted EBITDA margin of 18.2 percent increased 260 basis points. JBT incurred approximately $2 million of expense and realized approximately $4 million in savings related to its ongoing restructuring program.

Diluted earnings per share (EPS) of $1.64 increased 69 percent, and adjusted EPS of $1.40 increased 24 percent. The discrete benefit to the tax provision was excluded from adjusted EPS.

Full Year 2023 Results

Full year 2023 revenue of $1,664 million increased 5 percent year over year, which was primarily due to growth from acquisitions. Income from continuing operations of $129 million increased 25 percent. Adjusted EBITDA of $273 million increased 20 percent, and adjusted EBITDA margin of 16.4 percent increased 210 basis points. JBT incurred approximately $11 million of expense and realized approximately $11 million in savings related to its ongoing restructuring program.

Diluted EPS of $4.02 increased 24 percent, and adjusted EPS of $4.10 increased 12 percent. Orders of $1,668 million increased 5 percent, and year-end backlog of $678 million increased 2 percent.

JBT generated full year 2023 operating cash flow from continuing operations of $74 million and free cash flow of $167 million, representing a free cash flow conversion of 129 percent. Free cash flow excludes the income taxes related to the gain from the sale of AeroTech as well as voluntary pension contributions. At year-end, JBT's leverage ratio was 0.6x net debt to trailing twelve months adjusted EBITDA.

2024 Outlook

"In 2024, we expect to deliver mid-single-d

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EX-99.1

Exhibit 99.1

JBT Corporation

70 W.

Madison

Chicago, IL 60602

JBT Corporation Announces Intention to Launch a Voluntary Takeover Offer to Effectuate Merger with Marel hf; also Announces Solid Preliminary 2023 Financial Results and 2024 Guidance

Key Highlights:

●

Full year 2023 preliminary earnings per share (EPS) in excess of guidance (GAAP EPS: $4.00 - $4.10 and adjusted EPS: $4.05 - $4.15) driven by strong operational execution; a discrete tax benefit of approximately $0.33 per share favorably impacted GAAP EPS

●

Initiated strong preliminary 2024 guidance with continued expected profitable growth and margin expansion

●

JBT intends to launch a voluntary takeover offer in the first quarter of 2024 to acquire all issued and outstanding shares of Marel hf (Marel) at €3.60 per share, representing an enterprise value of approximately €3.5 billion

●

Will provide a flexible cash / stock consideration mix for Marel shareholders, resulting in a total expected consideration mix of approximately 65 percent JBT common stock and approximately 35 percent cash

●

Combined company expected to generate annual run-rate cost

synergies of more than $125 million within three years post close, with enhanced operational scale and double-digit return on invested capital (ROIC) within four to five years post close

●

Assuming a transaction close by the end of 2024, pro forma net leverage ratio is expected to be less than 3.5x at year-end 2024, which is prior to synergies, and well below 3.0x by the end of 2025, providing ongoing financial flexibility

●

Proposed combined company anticipated to be named JBT Marel Corporation and committed to a significant Icelandic presence

CHICAGO, January 19, 2024 – JBT Corporation (NYSE: JBT), a leading global technology solutions provider to high-value segments of the food & beverage industry, today reported continued, strong execution of its Elevate 2.0 strategy with the intention to pursue a merger with Marel by acquiring all of Marel’s issued and outstanding common stock. Additionally, JBT announced preliminary, unaudited 2023 financial results that are expected to exceed prior guidance and issued its 2024 guidance.

“We are pleased that JBT continues to demonstrate the resiliency of our business as evidenced by our stronger than expected 2023 preliminary financial results along with continued, profitable growth expected in 2024,” said Brian Deck, JBT’s President and Chief Executive Officer. “Our results provide support to continue to execute on our strategic priorities, including today’s announcement regarding our intention to pursue a merger with Marel.”

“A key priority of our Elevate 2.0 strategy is to deploy capital to strategic mergers and acquisitions while maintaining financial flexibility, and a merger with Marel would be an exciting and transformational step in our journey,” stated Deck. “We believe that the highly synergistic merger with Marel will create a compelling platform to accelerate growth and provide meaningful value to all JBT and Marel stakeholders.”

An investor presentation with supplemental information will be available on the Company’s Investor Relations website at https://ir.jbtc.com/events-and-presentations/presentations.

JBT’s Preliminary, Unaudited Full Year 2023 Financial Results from Continuing Operations and 2024 Guidance

$ millions except EPS

Preliminary

FY 2023

Prior FY 2023 Guidance

Preliminary FY 2024 Guidance

Revenue

$1,660 - $1,670

$1,660 - $1,680

$1,750 - $1,780

Income from Continuing Ops.

$128 - $131

$113 - $117

$154 - $167

Adjusted EBITDA

$272 - $275

$265 - $271

$295 - $310

Adjusted EBITDA Margin

16.4 - 16.6%

16.0 - 16.25%

17.0 - 17.5%

GAAP EPS

$4.00 - $4.10

$3.50 - $3.65

$4.80 - $5.20

Adjusted EPS

$4.05 - $4.15

$3.95 - $4.10

$5.05 - $5.45

Free Cash Flow Conversion

>100%

>100%

>100%

JBT expects 2023 financial results will exceed prior guidance for income from continuing operations and adjusted EBITDA driven by strong operational execution on sourcing actions and manufacturing efficiencies, along with favorable mix from continued growth in recurring revenue. Full year 2023 income from continuing operations and GAAP EPS include a discrete benefit to the tax provision of $10 - $11 million, resulting from a reorganization and sale of a legal entity during the fourth quarter of 2023. This beneficial impact has been excluded from adjusted EPS.

For the fourth quarter 2023, JBT expects to report strong orders of $410 - $420 million, and a year-end backlog of $670 - $680 million.

JBT also expects to deliver continued margin expansion and consistent revenue performance for 2024. JBT’s preliminary 2024 guidance does not include any impact from the proposed Marel transaction.

Compelling Strategic Rationale for Merger with Marel

A merger of JBT and Marel would create a leading and diversified global food and beverage technology solutions provider by bringing togeth

EX-99.1

2 a2023q3earningsexhibit9918k.htm

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Document

Exhibit 99.1

News Release

JBT Corporation

70 W. Madison

Suite 4400

Chicago, IL 60602

JBT Corporation Reports Third Quarter 2023 Results

Third Quarter Highlights from Continuing Operations: (Comparisons are to the prior year period)

◦Income from continuing operations of $31 million and earnings per share of $0.95 both increased 19 percent

◦Adjusted EBITDA from continuing operations of $66 million increased 9 percent

◦Adjusted earnings per share from continuing operations of $1.11 increased 16 percent

◦Backlog of $689 million and orders of $398 million increased 4 percent and 14 percent, respectively

◦Completed the sale of AeroTech on August 1, 2023, realizing a pre-tax book gain of $588 million

CHICAGO, October 24, 2023 - JBT Corporation (NYSE: JBT), a leading global technology solutions provider to high-value segments of the food & beverage industry, today reported results for the third quarter of 2023.

"During the third quarter, we achieved strong margins and double-digit, year-over-year growth in orders," said Brian Deck, President and Chief Executive Officer. "The demand environment is showing signs of improvement in Europe and Asia, and healthier dynamics in the poultry end markets are expected to translate to better order activity. Additionally, with the completion of the AeroTech sale, we have a strong balance sheet and ample liquidity to continue to execute on our Elevate 2.0 strategic priorities."

Comparisons in this news release are to the comparable period of the prior year, unless otherwise noted. An earnings presentation with supplemental information is also available on the Company's Investor Relations website at https://ir.jbtc.com/events-and-presentations/.

Third Quarter 2023 Results

"We continued to deliver solid year-over-year improvement in profitability as a result of our pricing actions, restructuring program, and supply chain efforts," said Matt Meister, Executive Vice President and Chief Financial Officer. "We achieved a quarterly free cash flow conversion of greater than 100 percent, and moving forward, we expect that conversion rate to be more stable as a pure-play business."

AeroTech's financial results were transitioned to discontinued operations beginning in the second quarter of 2023, and prior period financial results have been recast accordingly. The below paragraphs reflect JBT's results from continuing operations.

Third quarter 2023 revenue of $404 million increased 1 percent year over year driven by 3 percent growth from acquisitions, which was partially offset by a 2 percent decline in organic revenue. Income from continuing operations of $31 million increased 19 percent. Adjusted EBITDA from continuing operations of $66 million increased 9 percent, and the adjusted EBITDA margin of 16.4 percent increased 120 basis points.

During the third quarter, JBT incurred $6 million of expense and realized approximately $3.5 million in savings related to its ongoing restructuring program. Diluted earnings per share (EPS) from continuing operations of $0.95 increased 19 percent, and adjusted EPS from continuing operations of $1.11 increased 16 percent. Included in the third quarter 2023 EPS was a $0.09 discrete tax benefit. Orders were $398 million, an increase of 14 percent, and backlog of $689 million increased 4 percent.

JBT generated year to date operating cash flow from continuing operations of $96 million. Year to date free cash flow was $62 million. As a result of JBT's strong cash flow and the proceeds from the sale of AeroTech, the leverage ratio at the end of the quarter was 0.5x net debt to trailing twelve months adjusted EBITDA from continuing operations.

2023 Outlook for Continuing Operations

JBT is updating and narrowing its guidance for full year 2023 based on the fourth quarter outlook and year-to-date performance.

GuidanceGuidance

$ millions except EPSQ4 2023FY 2023

Revenue growth (year over year)0 - 4%4.5 - 5.5%

Income from continuing operations$39 - $43$113 - $117

Adjusted EBITDA(1) $73 - $79$265 - $271

Adjusted EBITDA margin16.5 - 17.0%16.0 - 16.25%

GAAP EPS$1.20 - $1.35$3.50 - $3.65

Adjusted EPS(1) $1.25 - $1.40$3.95 - $4.10

(1) Non-GAAP figure. Please see supplemental schedules for adjustments and reconciliations.

For the fourth quarter of 2023, JBT expects to earn interest income of approximately $2.5 million. Additionally, JBT expects to incur approximately $1.5 million in restructuring costs, $1 million in LIFO expense, and $0.5 million in M&A related costs. The tax rate is expected to be 22 - 23 percent, which is prior to any discrete items.

Third Quarter 2023 Earnings Conference Call

A conference call is scheduled for 10:00 a.m. ET on Wednesday, October 25, 2023, to discuss third quarter 2023 results. Participants may access the conference call through online registration at https://conferencingportals.com/event/OCZuDEaG. A simultaneous webcast and audio replay of

EX-99.1

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Document

Exhibit 99.1

News Release

JBT Corporation

70 W. Madison

Suite 4400

Chicago, IL 60602

JBT Corporation Reports Second Quarter 2023 Results from Continuing Operations and Completes Sale of AeroTech

Second Quarter Highlights of Results from Continuing Operations: (Comparisons are to the prior year period)

◦Executed on strategy to become a pure-play food and beverage solutions provider with the previously announced sale of AeroTech to Oshkosh Corporation for $800 million; transaction closed on August 1, 2023

◦Revenue from continuing operations of $428 million increased 9 percent

◦Income from continuing operations of $28 million and earnings per share of $0.87 increased 8 and 9 percent, respectively

◦Adjusted EBITDA from continuing operations of $71 million increased 34 percent

◦Adjusted earnings per share from continuing operations of $0.97 increased 11 percent

◦Backlog from continuing operations of $697 million and orders of $445 million increased 4 percent and 13 percent, respectively

CHICAGO, August 1, 2023 - JBT Corporation (NYSE: JBT), a leading global technology solutions provider to high-value segments of the food & beverage industry, today reported results for the second quarter of 2023. The Company also announced that it completed the sale of AeroTech to Oshkosh Corporation.

"JBT continued to capture the benefit of its product and end market diversification during the second quarter with a solid contribution from recurring revenue and healthy order demand from several end markets," said Brian Deck, President and Chief Executive Officer.

"Additionally, we are excited to announce that we completed the sale of AeroTech to Oshkosh Corporation," added Deck. "Closing the AeroTech transaction is a significant milestone, transforming JBT into a pure-play food and beverage solutions provider and positioning us for growth and margin enhancement in resilient markets."

Comparisons in this news release are to the comparable period of the prior year, unless otherwise noted. An earnings presentation with supplemental information is also available on the Company's Investor Relations website at https://ir.jbtc.com/events-and-presentations/.

Second Quarter 2023 Results from Continuing Operations

"During the second quarter, we delivered meaningful year-over-year margin improvement driven by better price-cost realization, a higher mix of recurring revenue, lower discretionary costs, and benefits from our restructuring program," said Matt Meister, Executive Vice President and Chief Financial Officer.

AeroTech's financial results were transitioned to discontinued operations in the second quarter 2023, and prior period financial results have been recast accordingly. The below paragraphs reflect JBT's results from continuing operations.

Second quarter 2023 revenue from continuing operations of $428 million increased 9 percent year over year driven by 2 percent organic growth and 8 percent from acquisitions; this was partially offset by a negative 1 percent foreign exchange impact. Income from continuing operations of $28 million increased 8 percent. Adjusted EBITDA from continuing operations of $71 million increased 34 percent, and adjusted EBITDA margin of 16.7 percent increased 320 basis points. Included in adjusted EBITDA from continuing operations was approximately $13 million in corporate related costs. Excluding corporate related costs, the adjusted EBITDA margin for JBT's FoodTech operations was 19.7 percent, which exceeded the previously provided guidance range of 18.0 - 18.75 percent.

During the second quarter, JBT incurred $3 million of expense and realized approximately $2 million in savings related to its ongoing restructuring program. Diluted earnings per share (EPS) from continuing operations of $0.87 increased 9 percent. Adjusted EPS from continuing operations of $0.97 increased 11 percent and exceeded the previously provided implied guidance range of $0.70 - $0.85. Orders from continuing operations were $445 million, an increase of 13 percent. Backlog from continuing operations of $697 million increased 4 percent.

JBT generated year to date operating cash flow from continuing operations of $63 million. Year to date free cash flow from continuing operations was $29 million. Prior to the effect of the AeroTech sale, liquidity at quarter end was approximately $600 million, and the Company's leverage ratio was 2.8x net debt to trailing twelve months pro forma adjusted EBITDA. Considering the impact from the sale of AeroTech, the second quarter leverage ratio from continuing operations would have been below 1.0x.

AeroTech Sale Completion

JBT completed the sale of its AeroTech business to Oshkosh Corporation (NYSE: OSK) in an all-cash transaction valued at $800 million, subject to customary closing items. JBT expects net proceeds after taxes and transaction costs to be approximately $650 million. The Company expects to use the net p

EX-99.1

2 a2023q1earningsexhibit9918k.htm

EX-99.1

Document

Exhibit 99.1

News Release

JBT Corporation

70 W. Madison

Suite 4400

Chicago, IL 60602

JBT Corporation Reports First Quarter 2023 Results

First Quarter Consolidated Highlights: (Comparisons are to the prior year period)

◦Revenue of $530 million increased 13 percent

◦Net income of $26 million and earnings per share of $0.80 in both periods

◦Adjusted EBITDA of $70 million increased 30 percent

◦Adjusted earnings per share of $0.94 increased 7 percent

◦Backlog of $1.2 billion and orders of $638 million, an increase of 5 percent and 13 percent, respectively

CHICAGO, April 25, 2023 - JBT Corporation (NYSE: JBT), a leading global technology solutions provider to high-value segments of the food & beverage industry, today reported results for the first quarter of 2023.

"JBT outperformed our first quarter expectations primarily driven by stronger recurring revenue and higher shipments as supply chain dynamics improved," said Brian Deck, President and Chief Executive Officer. "At FoodTech, we continue to see a high level of customer engagement with a focus on products and solutions that enhance automation, sustainability, and digitalization. AeroTech posted record orders with robust demand from the infrastructure and commercial airline markets."

Comparisons in this news release are to the comparable period of the prior year, unless otherwise noted. An earnings presentation with supplemental information is also available on the Company's Investor Relations website at https://ir.jbtc.com/events-and-presentations/.

First Quarter 2023 Results

"Revenue and margins increased year over year as a result of improved price-cost realizations and a higher mix of recurring revenue at FoodTech," said Matt Meister, Executive Vice President and Chief Financial Officer.

Summary of First Quarter 2023 Results

FoodTechAeroTechTotal JBT

Total revenue growth (year over year)9.0%24.9%12.9%

Operating profit margin11.9%9.4%7.6%

Adjusted EBITDA margin(1) 18.1%10.1%13.2%

(1) Non-GAAP figure. Please see supplemental schedules for adjustments and reconciliations.

First quarter 2023 FoodTech revenue of $389 million increased 9 percent year over year driven by 2 percent organic growth and 10 percent growth from acquisitions; this was partially offset by a negative foreign exchange impact of 3 percent. Operating profit of $46 million increased 16 percent, and operating profit margin of 11.9 percent improved 70 basis points. Adjusted EBITDA of $70 million increased 21 percent, and adjusted EBITDA margin of 18.1 percent improved 180 basis points. FoodTech orders totaled $406 million, which decreased 1 percent. On a constant currency basis, orders were $417 million, or slightly above the prior year. FoodTech backlog was $678 million.

AeroTech revenue of $141 million increased 25 percent year over year. Operating profit of $13 million increased $6 million, or 94 percent, and operating profit margin of 9.4 percent improved 340 basis points. Adjusted EBITDA of $14 million increased $6 million, or 79 percent, and adjusted EBITDA margin of 10.1 percent improved 300 basis points. AeroTech achieved record orders of $232 million, which increased 51 percent. AeroTech backlog of $482 million was also a record level.

In total, consolidated JBT revenue of $530 million increased 13 percent year over year. Net income of $26 million was consistent with the prior year while adjusted EBITDA of $70 million increased 30 percent. Diluted earnings per share (EPS) from net income of $0.80 was consistent, and adjusted EPS of $0.94 increased 7 percent.

JBT generated cash from operations of $22 million. Free cash flow was $4 million, which included investment in inventory to support JBT's total revenue growth. Liquidity at quarter end was $543 million, and the Company's net leverage ratio was 3.0x net debt to trailing twelve months pro forma adjusted EBITDA.

2023 Outlook

JBT is largely reiterating its full year 2023 guidance and continues to expect that margins will approach pre-pandemic levels.

For the full year 2023, FoodTech year-over-year revenue growth is estimated to be 5 - 9 percent, comprised of 1 - 4 percent from organic growth and 4 - 5 percent from acquisitions. FoodTech operating profit margin is forecast to be 13 - 14 percent, and adjusted EBITDA margin is expected to be 18.5 - 19.5 percent.

For the full year 2023, AeroTech year-over-year revenue growth is estimated to be 12 - 14 percent. AeroTech operating profit margin is forecast to be 11.25 - 11.75 percent, and adjusted EBITDA margin is projected to be 12 - 12.5 percent.

Additionally, for the full year 2023, JBT expects to incur approximately $4 million of restructuring expense related to FoodTech. These restructuring plans, along with the actions taken in the second half of 2022, are expected to generate savings of $5 - $6 million in 2023 with annual run rate savings of $9 - $12 million in 2024.

For the second quarter

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Exhibit 99.1

News Release

JBT Corporation

70 W. Madison

Suite 4400

Chicago, IL 60602

For Release: February 21, 2023

Investors & Media:Kedric Meredith 312.861.6034

JBT Corporation Reports Fourth Quarter and Full Year 2022 Results

Fourth Quarter 2022 Highlights:

◦Consolidated revenue of $599 million increased 20 percent year over year

◦Earnings per share of $1.17 and adjusted earnings per share of $1.49, a year-over-year increase of 18 percent and 60 percent, respectively

◦Total backlog of $1.1 billion increased 5 percent year over year

Full Year 2022 Highlights:

◦Consolidated revenue of $2.2 billion increased 16 percent from 2021

◦Earnings per share of $4.07 and adjusted earnings per share of $4.77, a year-over-year increase of 10 percent and 18 percent, respectively

◦Introduced the Elevate 2.0 strategy, positioning JBT for continued profitable growth

◦Completed two strategic acquisitions, Bevcorp and Alco, which are highly complementary with FoodTech's diverse products and solutions

CHICAGO, February 21, 2023 - JBT Corporation (NYSE: JBT), a leading global technology solutions provider to high-value segments of the food & beverage industry, today reported results for the fourth quarter and full year 2022.

"JBT achieved double-digit revenue and earnings per share growth in 2022 in a year marked by rapid inflation and supply chain challenges," said Brian Deck, President and Chief Executive Officer. "At FoodTech, we are pleased with the continued high level of customer engagement and sequential fourth quarter order improvement. Additionally, during 2022, we closed two strategic acquisitions, Bevcorp and Alco. The integrations of these acquisitions are going well, and we are realizing commercial synergies with our existing FoodTech solutions."

"During 2022, we also introduced our Elevate 2.0 strategy," added Deck. "As part of Elevate 2.0's core pillars, we are pursuing a pure-play food and beverage strategy; developing and commercializing our holistic, customer-centric digital solution, OmniBlu™; introducing new products that support our customers' need for yield, capacity, automation, and sustainability; enhancing margins through supply

chain and our continuous improvement initiatives; and deploying capital to strategic acquisitions that provide meaningful synergies with FoodTech's existing products and solutions."

Comparisons in this news release are to the comparable period of the prior year, unless otherwise noted. An earnings presentation with supplemental information is also available on the Company's Investor Relations website at https://ir.jbtc.com/events-and-presentations/.

Fourth Quarter 2022 Results

"We achieved meaningful margin progression in the fourth quarter driven by higher revenue and better price-cost dynamics," said Matt Meister, Executive Vice President and Chief Financial Officer. "Additionally, we reduced our net leverage ratio to 3.0x, demonstrating our ability to deploy capital to strategic acquisitions and quickly de-lever."

Summary of Fourth Quarter 2022 Results

FoodTechAeroTechTotal JBT

Total revenue growth (year over year)19.7%23.0%20.4%

Operating profit margin14.5%9.6%8.3%

Adjusted EBITDA margin(1) 19.7%10.3%14.3%

(1) Non-GAAP figure. Please see supplemental schedules for adjustments and reconciliations.

Fourth quarter 2022 FoodTech revenue of $441 million increased 20 percent year over year driven by 15 percent organic growth and 10 percent growth from acquisitions; this was partially offset by a foreign exchange headwind of 5 percent. Operating profit was $64 million. Adjusted EBITDA of $87 million increased 37 percent, and adjusted EBITDA margin of 19.7 percent improved 240 basis points and, sequentially, 40 basis points. FoodTech orders totaled $432 million, which decreased 5 percent while improving 24 percent sequentially. On a constant currency basis, orders were $454 million, or flat to the prior year period's all time record. FoodTech backlog was $664 million, which increased 5 percent.

AeroTech revenue of $158 million increased 23 percent year over year. Operating profit was $15 million. Adjusted EBITDA of $16 million increased $11 million, or 231 percent. Adjusted EBITDA margin of 10.3 percent increased 650 basis points and, sequentially, 210 basis points. AeroTech orders totaled $161 million, which increased 23 percent and, sequentially, 42 percent. AeroTech backlog of $391 million increased 5 percent.

In total, consolidated JBT revenue of $599 million increased 20 percent year over year. Operating income was $50 million, and net income was $38 million. Diluted earnings per share (EPS) from net income was $1.17 compared with $0.99. Adjusted EPS was $1.49 compared with $0.93. Fourth quarter 2022 earnings included a discrete tax benefit of $0.07 per share and a $0.07 per share headwind from foreign exchange.

Full Year 2022 Results

Summary of Full Year 2022 Results

FoodTechAeroT

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News Release

JBT Corporation

70 W. Madison

Suite 4400

Chicago, IL 60602

For Release: October 26, 2022

Investors & Media:Kedric Meredith 312.861.6034

JBT Corporation Reports Third Quarter 2022 Results

Third Quarter 2022 Highlights:

◦Consolidated revenue of $555 million, representing a 16 percent increase year over year

◦Earnings per share of $1.07 and adjusted earnings per share of $1.27, which represent a year over year increase of 18 percent and 25 percent, respectively

◦Total backlog of $1.0 billion increased 15 percent year over year

◦Completed Alco and Bevcorp acquisitions, expanding JBT’s presence in protein processing and carbonated beverage applications, respectively

CHICAGO, October 26, 2022 - JBT Corporation (NYSE: JBT), a leading global technology solutions provider to high-value segments of the food & beverage industry, today reported results for the third quarter of 2022.

"In the third quarter, we delivered sequential improvement in revenue and margins for both FoodTech and AeroTech despite the continued challenging operating environment," said Brian Deck, President and Chief Executive Officer. "At the same time, the uncertainty associated with global macroeconomic conditions impacted our customers' timeline to invest in food and beverage processing equipment during the third quarter. Nevertheless, we believe that JBT remains well-positioned given the resiliency of our recurring revenue and our core technologies, which provide critical support for yield, uptime, automation, and sustainability within the highly attractive food and beverage markets."

Comparisons in this news release are to the comparable period of the prior year, unless otherwise noted.

Third Quarter 2022 Results

"As we anticipated, our third quarter results improved both sequentially and year over year," said Matt Meister, Executive Vice President and Chief Financial Officer. "We are encouraged by the meaningful progress we made in margins and price cost realization, especially at FoodTech, even as our businesses navigated supply chain constraints and inflationary pressures."

Summary of Third Quarter 2022 Results

FoodTechAeroTechTotal JBT

Total Revenue Growth (Year over Year)11.1 %32.4 %16.3 %

Operating Profit Margin14.4 %7.4 %8.3 %

Adjusted EBITDA Margin(1) 19.3 %8.2 %13.4 %

(1) Non-GAAP figure. Please see supplemental schedules for adjustments and reconciliations.

Third quarter 2022 FoodTech revenue of $399 million increased 11 percent year over year driven by 11 percent organic growth and 7 percent growth from acquisitions; this was partially offset by a foreign exchange headwind of 7 percent versus an expectation of 5 - 6 percent. Operating profit was $57 million. Adjusted EBITDA of $77 million increased 15 percent, and adjusted EBITDA margin of 19.3 percent improved 60 basis points year over year and 210 basis points sequentially. FoodTech orders totaled $349 million and declined 9 percent. On a constant currency basis, orders were $370 million. The decline in orders was driven by continued softness in Europe coupled with lengthening conversion rates in North America, which materialized in the third quarter, as customers slowed investment decision making for equipment due to economic uncertainty, including rising interest rates and high energy costs. FoodTech backlog was $662 million and increased 22 percent.

AeroTech revenue of $157 million increased 32 percent year over year. Operating profit was $12 million. Adjusted EBITDA of $13 million increased $5 million, or 56 percent. Adjusted EBITDA margin of 8.2 percent increased 130 basis points year over year and improved 60 basis points sequentially. AeroTech orders totaled $113 million, which decreased 18 percent. The decline in orders was expected due to timing of large projects. AeroTech backlog was $387 million and increased 5 percent.

In total, consolidated JBT revenue of $555 million increased 16 percent year over year. Operating income was $46 million, and net income was $34 million. Diluted earnings per share (EPS) from net income was $1.07 for the third quarter of 2022 compared with $0.91 in the prior year period. Adjusted EPS was $1.27 compared with $1.02 in the year-ago period. Third quarter 2022 earnings included a discrete tax benefit of $0.02 per share and a $0.10 per share headwind from foreign exchange.

Year to date, JBT generated cash from operations of $75 million, which included an investment in inventory in support of double-digit revenue growth and to help mitigate supply chain risks. Year to date free cash flow was $13 million, including capital expenditures of $30 million associated with our digital strategy. Liquidity at quarter end stood at $425 million, and the Company's net leverage ratio was 3.4x net debt to trailing twelve months pro forma adjusted EBITDA. The Company's net leverage ratio is currently above its target range due to the acquisitions

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Exhibit 99.1

News Release

JBT Corporation

70 W. Madison

Suite 4400

Chicago, IL 60602

For Release: July 27, 2022

Investors & Media:Kedric Meredith 312.861.6034

JBT Corporation Reports Second Quarter 2022 Results and Signs Definitive Agreement to Acquire Bevcorp

Second Quarter 2022 Highlights:

◦Revenue of $542 million, representing a 14 percent increase year over year

◦Earnings per share of $1.04, or $1.13 as adjusted

◦Total backlog of $1.1 billion increased 25 percent year over year

Bevcorp Highlights

◦Bevcorp is a leading provider of beverage processing and packaging solutions

◦Purchase price of $290 million before tax benefit of approximately $35 million

◦Full year 2022 expected revenue and EBITDA of approximately $85 million and $20 million, respectively

CHICAGO, July 27, 2022 - JBT Corporation (NYSE: JBT), a leading global technology solutions provider to high-value segments of the food & beverage industry, today reported results for the second quarter of 2022. The Company also announced it has signed a definitive agreement to acquire Bevcorp, a leading provider of beverage processing and packaging solutions.

"During the second quarter, our team continued to navigate a challenging operating environment in order to deliver for our customers," said Brian Deck, President and Chief Executive Officer. "Demand for our FoodTech solutions remained strong in North America, while economic pressures in Europe materialized in connection with high inflation and the conflict in Ukraine. At AeroTech, the strong demand trajectory continues."

"We are executing on our Elevate 2.0 capital deployment strategy with the acquisition of Alco-food-machines and the announcement to acquire Bevcorp," continued Deck. "Bevcorp will expand JBT's presence in the beverage processing and packaging market, while its strong recurring revenue profile, leading service culture, and accretive margins will enhance JBT's competitive position."

Comparisons in this news release are to the comparable period of the prior year, unless otherwise noted.

Second Quarter 2022

"We made progress in the second quarter of 2022 with sequential gains in revenue, margins, and earnings," said Matt Meister, Executive Vice President and Chief Financial Officer. "As we expected, inflation and supply chain impacts continued, while foreign exchange headwinds weighed more heavily on our results. Overall, orders remained at healthy levels and total backlog was at $1.1 billion, which is supportive of our double digit revenue growth forecast for full year 2022."

Second quarter 2022 FoodTech revenue of $394 million increased 9 percent year over year, including 10 percent organic growth and 4 percent from acquisitions, which was partially offset by greater than anticipated foreign exchange headwind of 5 percent versus an expectation of 2 percent. Operating profit was $50 million. Adjusted EBITDA of $68 million declined $1 million, and adjusted EBITDA margin contracted 180 basis points to 17.2 percent while improving 90 basis points sequentially. The negative foreign exchange impact on adjusted EBITDA was approximately $3 million.

AeroTech revenue of $148 million increased 29 percent year over year. Operating profit was $10 million. Adjusted EBITDA of $11 million declined $2 million. Adjusted EBITDA margin contracted 350 basis points to 7.6 percent while improving 50 basis points sequentially.

In total, consolidated JBT revenue of $542 million increased 14 percent year over year. Operating income was $42 million and net income was $33 million. Adjusted EBITDA of $65 million decreased 7 percent, and adjusted EBITDA margin declined 280 basis points to 12.0 percent while improving 50 basis points sequentially. The foreign exchange impact on consolidated adjusted EBITDA was also $3 million.

Diluted earnings per share from net income was $1.04 for the second quarter of 2022 compared with $0.95 for the second quarter of 2021. Adjusted earnings per share was $1.13 compared with $1.20 in the year-ago period. Second quarter 2022 earnings included a discrete tax benefit of $0.07 per share and $0.05 per share headwind from foreign exchange.

Year to date, JBT generated cash from operations of $45 million, which included meaningful inventory investments in support of second half of 2022 revenue growth. Year to date free cash flow was $4 million, including capital expenditures of $20 million associated with the digital strategy. Liquidity at quarter end stood at $642 million, and the Company's leverage ratio was 2.5x net debt to trailing twelve months adjusted EBITDA.

Third Quarter and Full Year 2022 Guidance

The below guidance does not include impacts from Bevcorp, which is expected to close in the third quarter of 2022.

For the third quarter of 2022, JBT expects year over year consolidated revenue growth of 16.0 - 17.5 percent. At FoodTech, organic revenue growth is forecast to be 12.0 - 13.5 perc

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Exhibit 99.1

News Release

JBT Corporation

70 W. Madison

Suite 4400

Chicago, IL 60602

For Release: April 26, 2022

Investors & Media:Kedric Meredith 312.861.6034

JBT Corporation Reports First Quarter 2022 Results

First Quarter 2022 Highlights:

◦Achieved orders of $566 million, representing a 16% increase year over year

◦Revenue of $469 million and earnings per share of $0.80, or $0.87 as adjusted

◦Record backlog of $1.1 billion increased 43% year over year

◦Hosted an Investor Day in March and introduced the Elevate 2.0 strategy

CHICAGO, April 26, 2022 - JBT Corporation (NYSE: JBT), a leading global technology solutions provider to high-value segments of the food & beverage industry, today reported results for the first quarter of 2022.

"Our first quarter orders and record backlog demonstrate the strong demand environment for our products and solutions," said Brian Deck, President and Chief Executive Officer. "At the same time, persistent supply chain, inflation, and labor disruptions are impacting our productivity and margins. As we move through the remainder of the year, our priority remains working hand in hand with our customers and suppliers to mitigate these operating challenges and uncertainty."

Comparisons in this news release are to the comparable period of the prior year, unless otherwise noted.

First Quarter 2022

"Revenue at both FoodTech and AeroTech was slightly better than our outlook as Omicron-related absenteeism and productivity improved in the back half of the quarter," said Matt Meister, Executive Vice President and Chief Financial Officer.

FoodTech orders increased 7 percent compared to the first quarter of 2021. AeroTech orders increased 53 percent, primarily driven by continued recovery in mobile equipment.

First quarter 2022 FoodTech revenue of $356 million increased 14 percent year over year, including 4 percent from acquisitions, which was partially offset by a 3 percent foreign exchange headwind. Operating profit was $40 million. Adjusted EBITDA of $58 million was flat, and adjusted EBITDA margin contracted 240 basis points to 16.3 percent.

AeroTech revenue of $113 million increased 7 percent year over year. Operating profit was $7 million. Adjusted EBITDA of $8 million declined $3 million. Adjusted EBITDA margin contracted 360 basis points to 7.1 percent, but improved 330 basis points sequentially.

In total, consolidated JBT revenue of $469 million increased 12 percent year over year. Operating income was $31 million and net income was $26 million. Adjusted EBITDA of $54 million decreased 8 percent, and adjusted EBITDA margin declined 250 basis points to 11.5 percent.

Diluted earnings per share from net income was $0.80 for the first quarter of 2022 compared with $0.84 for the first quarter of 2021. Adjusted earnings per share was $0.87, compared with $0.90 in the year-ago period. Included in both GAAP and adjusted earnings per share was a $0.10 gain from two discrete tax items.

JBT generated cash from operations of $39 million, which included $47 million in inventory investments to support the expected revenue growth in 2022. Free cash flow was $15 million, representing a conversion rate of 57 percent. Excluding capital expenditures of $14 million associated with the digital strategy, free cash flow conversion was approximately 110 percent. Liquidity at quarter end stood at $687 million, and the Company's leverage ratio was 2.4x net debt to trailing twelve months adjusted EBITDA.

Second Quarter and Full Year 2022 Guidance

The Company's outlook for 2022 continues to reflect a higher level of uncertainty associated with supply chain, inflation, and labor constraints.

For the second quarter of 2022, JBT expects year over year consolidated revenue growth of 15 - 17 percent. At FoodTech, organic revenue growth is forecast to be 11 - 13 percent with acquisitions adding approximately 4 percent, which will be partially offset by approximately 2 percent foreign exchange headwind. At AeroTech, revenue growth is expected to be 20 - 25 percent.

The Company anticipates second quarter 2022 FoodTech operating margin to be 13 - 14 percent with adjusted EBITDA margin of 17.5 - 18.5 percent. AeroTech operating margin is projected to be 7.0 - 8.0 percent with adjusted EBITDA margin of 8.0 - 9.0 percent.

Quarterly corporate expense is forecast at approximately 2.8 percent of sales with interest expense of approximately $2.5 million. The quarterly tax rate is expected to be 22 - 23 percent, excluding discrete items.

Second quarter 2022 earnings per share guidance is $1.00 - $1.15 on a GAAP basis and $1.05 - $1.20 as adjusted.

For full year 2022, JBT expects year over year FoodTech revenue growth of 15 - 18 percent. AeroTech's year over year revenue growth expectations have increased to 18 - 22 percent.

Margins are forecast to improve sequentially through the remainder of 2022. For the full year, FoodTech operati

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Exhibit 99.1

News Release

JBT Corporation

70 W. Madison

Suite 4400

Chicago, IL 60602

For Release: February 22, 2022

Investors & Media:Kedric Meredith 312.861.6034

JBT Corporation Reports Fourth Quarter and Full Year 2021 Results

Exceptional Demand While Impacted by Macro Challenges

Full Year 2021 Highlights:

◦Orders expanded 26% with double-digit growth at both FoodTech and AeroTech

◦Revenue of $1.9 billion and earnings per share of $3.69, or $4.03 as adjusted

◦Generated strong operating cash flow of $226 million and free cash flow of $190 million

Fourth Quarter 2021 Highlights:

◦Achieved orders of $587 million, including record orders at FoodTech of $455 million

◦Revenue of $498 million and earnings per share of $0.99, or $0.92 as adjusted

◦Closed acquisition of Urtasun, a provider of fruit and vegetable processing solutions

CHICAGO, February 22, 2022 - JBT Corporation (NYSE: JBT), a leading global technology solutions provider to high-value segments of the food & beverage industry, today reported results for the fourth quarter and full year 2021.

"For the full year 2021, JBT benefited from robust customer demand for our diversified portfolio of solutions," said Brian Deck, President and Chief Executive Officer. "At the same time, JBT experienced a challenging operating environment in the second half of the year due to intensifying supply chain disruptions, labor shortages, and material cost inflation, causing us to fall short of expectations."

"In terms of 2022, we are very encouraged by our record backlog and high level of customer engagement," continued Deck. "However, we anticipate that the operating challenges will likely persist at least through the first half of 2022. Longer-term, we believe that JBT is extremely well positioned for growth, serving highly attractive markets with innovative solutions that enhance our customers' output and yield, provide labor-saving automation, and advance their sustainability journey. We are also excited about ongoing progress on our digital strategy, which will enhance JBT's competitive position as a preferred solution partner by providing digitally enabled, full lifecycle support to our customers."

Comparisons in this news release are to the comparable period of the prior year, unless otherwise noted.

Fourth Quarter 2021

"Supply chain constraints were more pronounced in the fourth quarter than we expected," said Matt Meister, Executive Vice President and Chief Financial Officer. "Shortages of critical materials, in particular electronic components, coupled with labor availability issues impacted our productivity and output at both AeroTech and FoodTech."

FoodTech orders increased 25 percent, and AeroTech orders increased 3 percent compared to the fourth quarter of 2020.

Fourth quarter 2021 revenue of $498 million increased 13 percent year over year. Operating income was $35 million and net income was $32 million. Adjusted EBITDA of $58 million decreased 12 percent year over year while adjusted EBITDA margin declined 330 basis points to 11.7 percent.

FoodTech revenue of $369 million increased 15 percent year over year, including 5 percent from acquisitions which was partially offset by a 1 percent foreign exchange translation headwind. Operating profit was $45 million. Adjusted EBITDA of $64 million increased 6 percent year over year while adjusted EBITDA margin contracted 140 basis points to 17.3 percent.

AeroTech revenue of $128 million increased 8 percent year over year. Operating profit was $4 million. Adjusted EBITDA of $5 million declined $9 million year over year while adjusted EBITDA margin contracted 820 basis points to 3.8 percent.

Diluted earnings per share from continuing operations was $0.99 for the fourth quarter of 2021 compared with $0.94 for the fourth quarter of 2020. Adjusted earnings per share were $0.92, compared with $1.02 in the year-ago period.

As previously announced, JBT completed the acquisition of Urtasun in the fourth quarter, expanding FoodTech's offerings in fruit and vegetable processing. "We are very excited about the opportunity to expand Urtasun's growth opportunities by leveraging JBT's global sales and service capabilities," added Deck.

Full Year 2021

Full year 2021 orders expanded 29 percent at FoodTech with a 49 percent increase in backlog compared to year end 2020. AeroTech orders and backlog increased 16 percent and 30 percent, respectively.

Full year 2021 revenue of $1.9 billion increased 8 percent year over year. Operating income was $160 million and net income was $118 million. Adjusted EBITDA of $252 million decreased 3 percent year over year while adjusted EBITDA margin declined 150 basis points to 13.5 percent.

FoodTech revenue of $1.4 billion increased 13 percent year over year, including 2 percent each from acquisitions and foreign currency translation. Operating profit was $187 million. Adjusted EBITDA of $258 million incre