$JBT
John Bean Technologies CORP

2024 Q2 Form 10-Q Financial Statement

#000143366024000020 Filed on May 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $402.3M $392.3M
YoY Change -5.94% -25.91%
Cost Of Revenue $259.1M $252.0M
YoY Change -7.92% -32.09%
Gross Profit $143.2M $140.3M
YoY Change -2.12% -11.43%
Gross Profit Margin 35.6% 35.76%
Selling, General & Admin $116.2M $110.1M
YoY Change 15.74% -6.54%
% of Gross Profit 81.15% 78.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.20M $22.10M
YoY Change -0.45% -7.53%
% of Gross Profit 15.5% 15.75%
Operating Expenses $116.2M $110.1M
YoY Change 15.74% -6.54%
Operating Profit $26.80M $30.20M
YoY Change -41.61% -24.5%
Interest Expense $4.100M $2.800M
YoY Change -157.75% -138.89%
% of Operating Profit 15.3% 9.27%
Other Income/Expense, Net -$1.000M -$1.000M
YoY Change 400.0% 400.0%
Pretax Income $27.40M $30.90M
YoY Change -24.1% -5.21%
Income Tax -$3.300M $8.100M
% Of Pretax Income -12.04% 26.21%
Net Earnings $30.70M $22.80M
YoY Change -0.97% -10.94%
Net Earnings / Revenue 7.63% 5.81%
Basic Earnings Per Share $0.96 $0.71
Diluted Earnings Per Share $0.95 $0.71
COMMON SHARES
Basic Shares Outstanding 31.83M shares 31.79M shares
Diluted Shares Outstanding 32.20M shares 32.20M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $474.3M $479.0M
YoY Change 1008.18% 948.14%
Cash & Equivalents $474.3M $479.0M
Short-Term Investments
Other Short-Term Assets $80.90M $73.90M
YoY Change -75.28% -12.85%
Inventory $258.7M $250.2M
Prepaid Expenses
Receivables $228.4M $299.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.125B $1.102B
YoY Change 26.91% 27.27%
LONG-TERM ASSETS
Property, Plant & Equipment $242.0M $246.7M
YoY Change -1.87% -9.67%
Goodwill $774.3M $775.2M
YoY Change -0.23% -4.7%
Intangibles $364.7M $376.0M
YoY Change -11.11% -13.82%
Long-Term Investments
YoY Change
Other Assets $183.7M $1.342B
YoY Change -87.37% 603.88%
Total Long-Term Assets $1.565B $1.588B
YoY Change -8.01% -7.3%
TOTAL ASSETS
Total Short-Term Assets $1.125B $1.102B
Total Long-Term Assets $1.565B $1.588B
Total Assets $2.690B $2.691B
YoY Change 3.95% 4.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $135.6M $142.4M
YoY Change -1.31% -33.86%
Accrued Expenses $41.00M $33.20M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $442.9M $466.1M
YoY Change -27.39% -24.62%
LONG-TERM LIABILITIES
Long-Term Debt $647.6M $647.0M
YoY Change -31.8% -32.36%
Other Long-Term Liabilities $58.80M $86.50M
YoY Change -45.05% 4.98%
Total Long-Term Liabilities $706.4M $733.5M
YoY Change -33.14% -29.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $442.9M $466.1M
Total Long-Term Liabilities $706.4M $733.5M
Total Liabilities $1.149B $1.200B
YoY Change -31.04% -27.61%
SHAREHOLDERS EQUITY
Retained Earnings $1.511B $1.483B
YoY Change 67.57% 69.75%
Common Stock $300.0K $300.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.200M $3.200M
YoY Change 0.0% -13.51%
Treasury Stock Shares
Shareholders Equity $1.519B $1.491B
YoY Change
Total Liabilities & Shareholders Equity $2.690B $2.691B
YoY Change 3.95% 4.31%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $30.70M $22.80M
YoY Change -0.97% -10.94%
Depreciation, Depletion And Amortization $22.20M $22.10M
YoY Change -0.45% -7.53%
Cash From Operating Activities $21.70M $10.20M
YoY Change -17.49% -52.78%
INVESTING ACTIVITIES
Capital Expenditures $13.10M $10.50M
YoY Change -24.71% -41.34%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$2.400M $3.300M
YoY Change -271.43% -430.0%
Cash From Investing Activities -$15.50M -$7.200M
YoY Change -3.13% -61.9%
FINANCING ACTIVITIES
Cash Dividend Paid $3.200M
YoY Change 0.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.30M -6.100M
YoY Change -4.63% -79.67%
NET CHANGE
Cash From Operating Activities 21.70M 10.20M
Cash From Investing Activities -15.50M -7.200M
Cash From Financing Activities -10.30M -6.100M
Net Change In Cash -4.100M -3.100M
YoY Change 720.0% -88.69%
FREE CASH FLOW
Cash From Operating Activities $21.70M $10.20M
Capital Expenditures $13.10M $10.50M
Free Cash Flow $8.600M -$300.0K
YoY Change -3.37% -108.11%

Facts In Submission

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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2024Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2024Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
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CY2023Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Preparation of financial statements that follow U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates.</span></div>
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CY2024Q1 us-gaap Goodwill
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CY2023Q4 us-gaap Inventory Adjustments
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250200000 usd
CY2023Q4 us-gaap Inventory Net
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238900000 usd
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CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
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CY2023Q1 us-gaap Income Loss From Continuing Operations
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CY2024Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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CY2023Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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CY2024Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Net Income Loss
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32000000.0 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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32000000.0 shares
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CY2024Q1 us-gaap Net Income Loss
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22800000 usd
CY2023Q1 us-gaap Net Income Loss
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32000000.0 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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32000000.0 shares
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q1 us-gaap Earnings Per Share Diluted
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CY2023Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value
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11200000 usd
CY2024Q1 us-gaap Derivative Fair Value Of Derivative Liability
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CY2024Q1 us-gaap Derivative Liability Fair Value Gross Asset
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CY2024Q1 us-gaap Derivative Liabilities
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4100000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Asset
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CY2023Q4 us-gaap Derivative Asset Fair Value Gross Liability
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CY2023Q4 us-gaap Derivative Assets
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23500000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Liability
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2300000 usd
CY2023Q4 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
0 usd
CY2023Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
2300000 usd
CY2023Q4 us-gaap Derivative Liability Not Offset Policy Election Deduction
DerivativeLiabilityNotOffsetPolicyElectionDeduction
2300000 usd
CY2023Q4 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeLiabilityFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
0 usd
CY2024Q1 us-gaap Gain Loss On Foreign Currency Derivative Instruments Not Designated As Hedging Instruments
GainLossOnForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstruments
-2000000.0 usd
CY2023Q1 us-gaap Gain Loss On Foreign Currency Derivative Instruments Not Designated As Hedging Instruments
GainLossOnForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstruments
1700000 usd
CY2024Q1 jbt Remeasurement Of Assets And Liabilities In Foreign Currencies
RemeasurementOfAssetsAndLiabilitiesInForeignCurrencies
300000 usd
CY2023Q1 jbt Remeasurement Of Assets And Liabilities In Foreign Currencies
RemeasurementOfAssetsAndLiabilitiesInForeignCurrencies
-700000 usd
CY2024Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-1700000 usd
CY2023Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
1000000.0 usd
CY2024Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
16100000 usd
CY2023Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
15100000 usd
CY2024Q1 us-gaap Variable Lease Income
VariableLeaseIncome
9800000 usd
CY2023Q1 us-gaap Variable Lease Income
VariableLeaseIncome
12500000 usd
CY2024Q1 us-gaap Lease Income
LeaseIncome
25900000 usd
CY2023Q1 us-gaap Lease Income
LeaseIncome
27600000 usd
CY2024Q1 us-gaap Sales Type And Direct Financing Leases Profit Loss
SalesTypeAndDirectFinancingLeasesProfitLoss
900000 usd
CY2023Q1 us-gaap Sales Type And Direct Financing Leases Profit Loss
SalesTypeAndDirectFinancingLeasesProfitLoss
0 usd
CY2024Q1 us-gaap Guarantee Obligations Term
GuaranteeObligationsTerm
one year
CY2024Q1 us-gaap Guarantee Obligations Liquidation Proceeds Percentage
GuaranteeObligationsLiquidationProceedsPercentage
0.85
CY2023Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
9900000 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
10800000 usd
CY2024Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
2600000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
3700000 usd
CY2024Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-100000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-300000 usd
CY2024Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1800000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
3300000 usd
CY2024Q1 us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
0 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
100000 usd
CY2024Q1 us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-100000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
100000 usd
CY2024Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
10500000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
11100000 usd
CY2024Q1 us-gaap Restructuring And Related Cost Cost Incurred To Date1
RestructuringAndRelatedCostCostIncurredToDate1
17900000 usd
CY2024Q1 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-7200000 usd
CY2023Q4 us-gaap Restructuring And Related Cost Cost Incurred To Date1
RestructuringAndRelatedCostCostIncurredToDate1
16800000 usd
CY2024Q1 us-gaap Restructuring Charges
RestructuringCharges
1100000 usd
CY2024Q1 us-gaap Restructuring And Related Cost Cost Incurred To Date1
RestructuringAndRelatedCostCostIncurredToDate1
17900000 usd
CY2023Q4 us-gaap Restructuring Reserve
RestructuringReserve
8000000.0 usd
CY2024Q1 us-gaap Restructuring Costs
RestructuringCosts
1800000 usd
CY2024Q1 jbt Restructuringand Related Cost Releaseof Liability
RestructuringandRelatedCostReleaseofLiability
700000 usd
CY2024Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
4200000 usd
CY2024Q1 us-gaap Restructuring Reserve
RestructuringReserve
4900000 usd
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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