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John Bean Technologies (JBT)

JBT Corporation (NYSE: JBT) is a leading global technology solutions provider to high-value segments of the food & beverage industry with focus on proteins, liquid foods and automated system solutions. JBT designs, produces and services sophisticated products and systems for multi-national and regional customers through its FoodTech segment. JBT also sells critical equipment and services to domestic and international air transportation customers through its AeroTech segment. JBT Corporation employs approximately 6,200 people worldwide and operates sales, service, manufacturing and sourcing operations in more than 25 countries.

Company profile

Ticker
JBT
Exchange
Website
CEO
Thomas Giacomini
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
John Bean Technologies LLC • Jetway Systems Asia, Inc. • JBT Equipment Finance LLC • JBT Holdings LLC • Tipper Tie, Inc. • Avure U.S., Inc. • Avure Technologies Incorporated • JBT Contract Services LLC • JBT Airport Services Corporation • JBT AeroTech Corporation ...
IRS number
911650317

JBT stock data

Calendar

29 Jul 22
1 Oct 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 68.1M 68.1M 68.1M 68.1M 68.1M 68.1M
Cash burn (monthly) 5.37M 11.18M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 16.45M 34.28M n/a n/a n/a n/a
Cash remaining 51.65M 33.82M n/a n/a n/a n/a
Runway (months of cash) 9.6 3.0 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
19 Sep 22 Devine Caroline Maury Common Stock Sell Dispose S No Yes 89.78 300 26.93K 47,048.735
18 Aug 22 Devine Caroline Maury Common Stock Sell Dispose S No Yes 118.96 300 35.69K 47,348.735
18 Jul 22 Devine Caroline Maury Common Stock Sell Dispose S No Yes 107.71 300 32.31K 47,648.735
21 Jun 22 Devine Caroline Maury Common Stock Sell Dispose S No Yes 108.66 300 32.6K 47,948.735
18 May 22 Devine Caroline Maury Common Stock Sell Dispose S No Yes 116.89 300 35.07K 48,248.735
1.2% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 275 280 -1.8%
Opened positions 28 39 -28.2%
Closed positions 33 43 -23.3%
Increased positions 92 103 -10.7%
Reduced positions 109 98 +11.2%
13F shares Current Prev Q Change
Total value 3.53B 4.96B -28.8%
Total shares 31.98M 32.21M -0.7%
Total puts 31.4K 18.4K +70.7%
Total calls 9.2K 19.2K -52.1%
Total put/call ratio 3.4 1.0 +256.1%
Largest owners Shares Value Change
BLK Blackrock 5.27M $581.66M +2.9%
Vanguard 3.4M $374.98M +0.2%
TROW T. Rowe Price 2.09M $230.78M +0.7%
Wellington Management 1.84M $202.73M -0.5%
Champlain Investment Partners 1.61M $178.09M -3.3%
STT State Street 1.08M $118.87M +0.3%
Alliancebernstein 1.03M $113.73M -1.2%
Kayne Anderson Rudnick Investment Management 994.17K $109.78M -3.7%
Conestoga Capital Advisors 935.66K $103.32M -14.8%
Royce & Associates 674.97K $74.53M -0.1%
Largest transactions Shares Bought/sold Change
Victory Capital Management 6.71K -248.39K -97.4%
Brown Advisory 637.95K +188.31K +41.9%
Conestoga Capital Advisors 935.66K -162.91K -14.8%
BLK Blackrock 5.27M +149.88K +2.9%
ACK Asset Management 220K +139.9K +174.7%
JPM JPMorgan Chase & Co. 638.5K -139.67K -17.9%
ArrowMark Colorado 585.77K +133.85K +29.6%
Teachers Retirement System Of The State Of Kentucky 0 -124.67K EXIT
Eagle Asset Management 275.67K -120.41K -30.4%
SLFPY Standard Life Aberdeen 120.38K +120.38K NEW

Financial report summary

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Competition
Illinois Tool WorksTextronMiddleby
Risks
  • Our financial results are subject to fluctuations caused by many factors that could result in our failing to achieve anticipated financial results and cause a drop in our stock price.
  • We may lose money or not achieve our expected profitability on fixed-price contracts.
  • We are subject to cyber-security risks arising out of breaches of security relating to sensitive company, customer, and employee information and to the technology that manages our operations and other business processes.
  • Our results of operations can be adversely affected by labor shortages, turnover and labor cost increases.
  • An increase in energy or raw material prices may reduce the profitability of our customers, which ultimately could negatively affect our business, financial condition, results of operations, and cash flows.
  • Changes in food consumption patterns due to dietary trends or economic conditions may adversely affect our business, financial condition, results of operations, and cash flows.
  • Freezes, hurricanes, droughts, other natural disasters, adverse weather conditions, outbreak of animal borne diseases (H5N1, BSE, or other virus strains affecting poultry or livestock), citrus tree diseases, or food borne illnesses or other food safety or quality concerns may negatively affect our business, financial condition, results of operations, and cash flows.
  • Our failure to comply with the laws and regulations governing our U.S. government contracts or the loss of production funding of any of our U.S. government contracts could harm our business.
  • Customer sourcing initiatives may adversely affect our new equipment and aftermarket businesses.
  • Our business could suffer in the event of a work stoppage by our unionized or non-union labor force.
  • Changes to trade regulation, quotas, duties or tariffs, caused by the changing U.S. and geopolitical environments or otherwise, may increase our costs or limit the amount of raw materials and products that we can import, or may otherwise adversely impact or business.
  • Climate change and climate change legislation or regulations may adversely affect our business, financial condition, results of operations, and cash flows.
  • Environmental protection initiatives may negatively impact the profitability of our business.
  • Our operations and industries are subject to a variety of U.S. and international laws, which can change. We therefore face uncertainties with regard to lawsuits, regulations, and other related matters.
  • We could be adversely affected by violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti-bribery laws.
  • We are subject to governmental export controls and economic sanctions laws that could impair our ability to compete in international markets and subject us to liability if we are not in full compliance with applicable laws.
  • Unfavorable tax law changes and tax authority rulings may adversely affect results.
  • We have invested substantial resources in certain markets and strategic initiatives where we expect growth, and our business may suffer if we are unable to achieve the growth we expect.
  • Our restructuring initiatives may not achieve the expected cost reductions or other anticipated benefits.
  • The industries in which we operate expose us to potential liabilities arising out of the installation or use of our systems that could negatively affect our business, financial condition, results of operations, and cash flows.
  • To remain competitive, we need to rapidly and successfully develop and introduce complex new solutions in a global, competitive, demanding, and changing environment.
  • High capacity products or products with new technology may be more likely to experience reliability, quality, or operability problems.
  • We may need to make significant capital and operating expenditures to keep pace with technological developments in our industry.
  • If we are unable to develop, preserve, and protect our intellectual property assets, our business, financial condition, results of operations, and cash flows may be negatively affected.
  • Claims by others that we infringe their intellectual property rights could harm our business, financial condition, results of operations, and cash flows.
  • The convertible note hedge and warrant transactions may negatively affect the value of the Notes and our common stock.
  • We are subject to counterparty risk with respect to the convertible note hedge transactions.
  • Conversion of the Notes or exercise of the warrants evidenced by the warrant transactions may dilute the ownership interest of existing stockholders.
  • Fluctuations in currency exchange rates could negatively affect our business, financial condition, and results of operations.
  • Terrorist attacks and threats, escalation of military activity in response to such attacks, acts of war, or outbreak of pandemic diseases may negatively affect our business, financial condition, results of operations, and cash flows.
  • Our existing financing agreements include restrictive and financial covenants.
  • Fluctuations in interest rates could adversely affect our results of operations and financial position.
  • Changes affecting the availability of the London Interbank Offered Rate (“LIBOR”) may have consequences for JBT that cannot yet reasonably be predicted.
  • Significant changes in actual investment return on pension assets, discount rates, and other factors could affect our results of operations, equity, and pension contributions in future periods.
  • As a result of our acquisition activity, our goodwill and intangible assets have increased significantly in recent years and we may in the future incur impairments to goodwill or intangible assets.
  • As a publicly traded company, we incur regulatory costs that reduce profitability.
  • Our share repurchase program could increase the volatility of the price of our common stock.
  • Our corporate governance documents and Delaware law may delay or discourage takeovers and business combinations that our stockholders might consider in their best interests.
  • Our indebtedness and liabilities could limit the cash flow available for our operations and we may not be able to generate sufficient cash to service all of our indebtedness. We may be forced to take certain actions to satisfy our obligations under our indebtedness or we may experience a financial failure.
Management Discussion
  • Total revenue in 2021 increased $140.5 million compared to 2020. This is an 8% increase, with a 5% growth in organic revenue, a 2% gain from acquisitions and a 1% gain from foreign currency translation. Organic revenue growth resulted from higher equipment revenue for FoodTech and higher recurring revenue across both segments, partially offset by lower equipment revenue for AeroTech due to delays in shipments caused by supply chain issues and labor shortages.
  • Operating income margin was 8.6% in 2021 compared to 9.4% in 2020, a decrease of 80 bps, and was caused by the following items:
  • •Gross profit margin decreased 60 bps to 30.3% compared to 30.9% in 2020. This decrease was driven by a higher mix of revenue from the faster growing equipment revenue stream for FoodTech as compared to the higher margin recurring revenue streams across both segments. In addition, margins were negatively impacted by supply chain disruptions, labor availability, and resulting inefficiencies driving increases in material, freight and labor costs.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. freshman Avg
New words: Alco, attributable, Bad, Bevcorp, commodity, Eastlake, fish, founded, Germany, GmbH, headquartered, Iburg, input, KG, meat, pizza, retirement, serve, serving, spare, Tech, volume
Removed: adjust, advisory, automated, began, calculated, clearance, collection, comparability, consumer, contractual, covering, define, depreciation, diversified, Dollar, exclude, excluding, facilitation, fall, forecasting, free, guided, home, hygiene, infection, isolation, January, ordered, payable, perform, planning, promising, reconcile, relevant, remotely, reopen, reopening, return, revitalize, sale, screening, substitute, subtracting, traffic, vehicle

Patents

Utility
Tray Positioning and Loading System
29 Sep 22
A container packaging system 20 is composed of a registration system 22 for arranging articles 24 at a staging location 26 into a loading registration configuration.
Utility
Rotary to Linear Actuator
15 Sep 22
A rotary to linear actuator, comprises a drive crankarm that rotates in a first axis of rotation; a first and second gearset connected to the drive crankarm through a second crankarm; and a piston captured between the first gearset and the second gear set, wherein the first and second gearsets rotate a crankarm connected to one end of the piston, wherein the piston is caused to move linearly upon rotation of the crankarm.
Utility
X-ray Automated Calibration and Monitoring
15 Sep 22
A scanner comprises an electromagnetic wave source; a collimator positioned to alter the electromagnetic waves emitted from the electromagnetic wave source into an electromagnetic beam; and a detector positioned to measure one or more levels of electromagnetic energy of the electromagnetic beam, wherein a collimator element is spatially adjustable in at least one axis via one or more adjusting mechanisms to change the one or more levels of electromagnetic energy measured the detector.
Utility
Conveyor with Selective Width Rejection System
8 Sep 22
Food products (22) being transported on a conveyor (24) are scanned to ascertain if designated desired physical parameters are met.
Utility
Method and device for applying coating layers to a coating material
30 Aug 22
Subject matter of the present invention is a method of applying coating layers (9) to a substrate (1, 11, 21, 31), wherein the substrate (1, 11, 21, 31) is drawn through a coating chamber (2) containing a pressurized coating agent (3) being liquefied or softened by means of a thermal exposure, wherein the substrate (1, 11, 21, 31) is drawn through a drawing tool (8), wherein the coating agent (3) serves as a lubricant between the drawing tool (8) and a surface of the substrate (8) and wherein at the same time the coating layer (9) is applied to the surface of the substrate (8).