John Bean Technologies Corporation (NYSE:JBT) Q2 2023 Earnings Conference Call August 2, 2023 9:30 AM ET

Company Participants

Kedric Meredith - Vice President, Corporate Development and Investor Relations

Brian Deck - Chief Executive Officer

Matt Meister - Chief Financial Officer

Conference Call Participants

Mig Dobre - RWBaird

Walter Liptak - Seaport Research

Lawrence De Maria - William Blair

Operator

Good morning, and welcome to JBT Corporation's Second Quarter 2023 Earnings Conference Call. My name is Bo, and I will be your conference operator today. As a reminder, today's call is being recorded. At this time, all lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a question-and-answer session. [Operator Instructions]

I will now turn the call over to JBT's Vice President of Corporate Development and Investor Relations, Kedric Meredith. Please go ahead, sir.

Kedric Meredith

Thank you, Bo. Good morning, everyone and welcome to our second quarter 2023 conference call. With me on the call is our Chief Executive Officer, Brian Deck; and Chief Financial Officer, Matt Meister. In today's call, we will use forward-looking statements that are subject to the safe harbour language in yesterday’s press release and 8-K filing. JBT's periodic SEC filings also contain information regarding risk factors that may have an impact on our results. These documents are available in the Investor Relations section of our website. Also, our discussion today includes references to certain non-GAAP measures. A reconciliation of these measures to the most comparable GAAP measure can be found in the Investor Relations section of our website.

Now I'll turn the call over to Brian.

Brian Deck

Thanks, Kedric, and good morning, everyone. With the closing of the sale of AeroTech, which we announced yesterday, JBT has delivered on its commitment to become a pure-play food and beverage technology business. We achieved an attractive valuation for AeroTech positioning JBT with a strong balance sheet to support strategic M&A, which we believe will make JBT an even more valuable partner to our food and beverage customers.

We are pleased with JBT's continuing operations performance in the second quarter with margins, earnings and orders exceeding our expectations. Once again, the solid performance of our food and beverage business demonstrated the benefit of JBT's resilient business model, a diverse product and end market mix and our value-added acquisitions.

With that, I'll turn the call over to Matt, who will walk you through our second quarter performance and revised full year guidance.