John Bean Technologies Corporation (NYSE:JBT) stock has achieved a notable milestone, soaring to a 52-week high of $110. This peak reflects a significant uptrend in the company's market performance, marking a robust 14.04% increase in value over the past year. Investors have shown growing confidence in JBT's business model and future prospects, as evidenced by the stock's impressive climb to this new height. The 52-week high serves as a testament to the company's resilience and strategic initiatives that have resonated well with the market, setting a positive tone for its financial outlook.
In other recent news, JBT Corporation has outperformed Q3 estimates and maintained its full-year outlook. The company's Q3 earnings and revenue exceeded analyst predictions, with adjusted earnings per share at $1.50 surpassing the $1.41 consensus estimate. Revenue was reported at $454 million, a 12% YoY increase, beating expectations of $442.2 million. JBT also reported a strong order intake of $440 million in Q3, a 10% YoY increase, with a backlog of $698 million at the end of the quarter.
The company reaffirmed its full-year 2024 outlook, projecting revenues of $1.71-1.75 billion and an adjusted EPS of $5.05-$5.35, aligning with analyst consensus estimates. JBT also revealed that its merger with Marel hf is progressing as planned, with the completion expected by the end of 2024. The company's Q3 adjusted EBITDA margin expanded 160 basis points YoY to 18%, with a year-to-date free cash flow of $79 million. These are the recent developments for JBT Corporation.
InvestingPro Insights
As JBT reaches its 52-week high, InvestingPro data provides additional context to the company's financial health and market position. With a market capitalization of $3.49 billion, JBT demonstrates a solid presence in its industry. The company's P/E ratio (adjusted) of 21.18 for the last twelve months suggests investors are willing to pay a premium for JBT's earnings, potentially reflecting optimism about future growth.
JBT's financial stability is underscored by two key InvestingPro Tips: the company has maintained dividend payments for 17 consecutive years, and its liquid assets exceed short-term obligations. These factors contribute to JBT's appeal as a potentially stable investment. Additionally, analysts predict the company will remain profitable this year, aligning with its track record of profitability over the last twelve months.
The stock's current price of $95.26 is near its 52-week high, trading at 98.28% of that peak. This proximity to the high, combined with a modest dividend yield of 0.42%, may attract investors looking for both growth and income potential. For those seeking a deeper understanding of JBT's valuation and prospects, InvestingPro offers 5 additional tips and a comprehensive analysis of the company's financials.
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