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John Bean Technologies Corp JBT

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Morningstar’s Analysis

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JBT Performs Largely as Expected, but Valuation Looks Rich to us

Joshua Aguilar Equity Analyst

Analyst Note

| Joshua Aguilar |

Narrow-moat-rated JBT's full-year results were broadly in line with our expectations. At $1.73 billion, full-year revenue marginally exceeded our expectations of $1.72 billion, even as sales declined just over 11.2%. Moreover, full-year adjusted EPS of $3.94 came in negligibly above our expectations of $3.91 per share. Despite this dynamic, full-year segment operating margins came in about 20 basis points below what we had in our model. Nonetheless, we’re not concerned with these developments, particularly as full-year free cash flow outperformed. Of course, that’s unsurprising in a recession, and we expect most of these working capital tailwinds will reverse in 2021 as working capital tends to be procyclical.

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Company Profile

Business Description

John Bean Technologies is a mid-cap, diversified industrial conglomerate that spun out of FMC Technologies in August 2008. Over half of JBT’s sales are made in the United States. The firm operates through two segments: JBT FoodTech and JBT AeroTech. FoodTech provides both customized and turnkey industrial solutions for the food and beverage industry, including a large variety of protein processing and packaging solutions, as well as fruit and juice extraction and ready-to-eat solutions. Aerotech sells solutions to airport authorities, passenger airlines, airfreight firms, and defense contractors, among others. These solutions include gate equipment, as well as commercial and military cargo loading, aircraft deicing, and aircraft ground power and cooling system products.

70 West Madison Street, Suite 4400
Chicago, IL, 60602
T +1 312 861-5900
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 6,200