Mixed Print and Guide Cause Us to Lower John Bean Technologies’ FVE by $1; Shares Now Discounted

After reviewing narrow-moat-rated John Bean Technologies’ latest results, we reduce our fair value estimate by $1 to $120. While there were certainly some puts and takes in its fourth-quarter print, JBT’s results were largely in line with our expectations. Revenue was nearly lineball accurate and adjusted EPS beat what we earmarked by 4%, but JBT incurred more cash charges than what we penciled in, such that GAAP EPS was about 2.5% lower than what we were hoping to see.