JBT Corporation sees Q3 adjusted EPS 90c-$1.05

Sees Q3 revenue $410M-$425M, may not compare to consensus $474.86M. “JBT is pursuing additional restructuring actions during 2023 to further optimize its global cost structure. The Company now expects to incur approximately $11 – $13M in restructuring expense for the full year 2023, bringing the total cost of the restructuring program, which was initiated in the second half of 2022, to $16 – $18M. These restructuring actions are estimated to generate annualized run-rate savings of $18 – $20M by mid-2024. Included in the third quarter 2023 adjusted EBITDA from continuing operations is approximately $16M in corporate related costs. Interest expense for the third quarter 2023 is estimated to be approximately $2M, which includes the benefits from the net proceeds of the AeroTech sale. Additionally, JBT expects to incur approximately $7 – $8M in restructuring expense, $1M in LIFO expense, and $1 – $2M in M&A related costs. The tax rate is estimated to be 22 – 23%. Included in the full year 2023 adjusted EBITDA from continuing operations is approximately $57 – $60M in corporate related costs. Interest expense for the full year 2023 is estimated to be approximately $14M, which includes the benefits from the net proceeds of the AeroTech sale. Additionally, JBT expects to incur approximately $11 – $13M in restructuring expense, $4M in LIFO expense, and $7M in M&A related costs. The tax rate is estimated to be 22 – 23%,” the company said.