JBT Corp. raises FY23 adjusted EPS view to $4.05-$4.15 from $3.95-$4.10

Consensus $4.02. Narrows FY23 revenue view to $1.66B-$1.67B from $1.66B-$1.68B, consensus $1.67B. Raises FY23 adjusted EBITDA view to $272M-$275M from $265M-$271M. Sees year-end backlog $670M-$680M. Sees Q4 orders $410M-$420M. The company said, “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.”