JBT Corporation, a prominent 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.
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For more information: jbtc.com