John Bean Technologies Corporation (NYSE:JBT) Q1 2023 Earnings Conference Call April 26, 2023 10:00 AM ET

Company Participants

Kedric Meredith - Vice President of Corporate Development and IR

Brian Deck - CEO

Matt Meister - CFO

Conference Call Participants

Mircea Dobre - Robert W. Baird & Co.

John Joyner - BMO Capital Markets

Lawrence De Maria - William Blair

Walt Liptak - Seaport Research

Operator

Good morning, and welcome to JBT Corporation's First Quarter 2023 Earnings Conference Call. My name is Audra, and I'll be your conference operator today. As a reminder, today's call is being recorded. [Operator Instructions]

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

Kedric Meredith

Thank you, Audra. Good morning, everyone and welcome to our first quarter 2023 conference call. With me on the call is our Chief Executive Ofiicer, Brian Deck; and Chief Financial Ofiicer, Matt Meister. In today's call, we'll use forward-looking statements that are subject to the safe harbour language in today'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 could 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. Overall, we outperformed our expectations in what is typically JBT's seasonally slowest quarter of the year. As we have said before, FoodTech continues to be driven by a resilient business model, a diverse product offering, and value-added acquisitions.

In the first quarter, FoodTech revenue and margins exceeded our guidance, largely on the strength of recurring revenue. At AeroTech, we're no longer on a path to recovery where we are there, with exceptional demand and record orders in the quarter.

With that, I'll turn the call over to Matt to provide details on the first quarter and outlook for the second quarter.

Matt Meister

Thanks Brian. JBT delivered solid Q1 results with double digit year-over-year growth of 13% on revenue and 30% on adjusted EBITDA. At FoodTech, revenue increased 9%, with growth of 2% organic and 10% from acquisitions, partially offset by a 3% negative foreign exchange impact.