John Bean Technologies Provides Preliminary FY23 Results, Expects Adjusted EPS In Excess Of Guided $4.05 - $4.15 Vs. $4.02 Consensus, And Revenue Of $ $1.66B - $1.67B Vs. $1.67B Consensus; Eyes Marel Acquisition At €3.60/Share;
Portfolio Pulse from Benzinga Newsdesk
John Bean Technologies (JBT) has released its preliminary FY23 results, expecting adjusted EPS to exceed its guidance of $4.05 - $4.15, surpassing the consensus of $4.02. Revenue is projected to be between $1.66B and $1.67B, aligning with the consensus of $1.67B. JBT also announced its intention to acquire Marel hf at €3.60/share, with an enterprise value of about €3.5 billion. The deal is expected to result in cost synergies of over $125 million within three years and a significant ROIC within four to five years. The combined company would be named JBT Marel Corporation and maintain a strong presence in Iceland.
January 19, 2024 | 8:01 am
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JBT expects FY23 adjusted EPS to exceed its guidance, with revenues in line with consensus. The company also plans to acquire Marel, which is expected to generate significant cost synergies and operational scale.
The positive preliminary FY23 results exceeding guidance and consensus are likely to be viewed favorably by investors, potentially leading to a short-term increase in JBT's stock price. The acquisition announcement of Marel could also be seen as a strategic move to enhance growth and operational efficiency, which may further boost investor confidence in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100