John Bean Technologies Corporation (NYSE:JBT) Q3 2022 Earnings Conference Call October 27, 2022 10:00 AM ET

Company Participants

Kedric Meredith - VP, Corporate Development and IR

Brian Deck - CEO

Matt Meister - CFO

Conference Call Participants

Mircea Dobre - Baird

Lawrence De Maria - William Blair

Operator

Good morning, and welcome to the JBT Corporation's Third Quarter 2022 Earnings Conference Call. My name is Colby, and I'll be your conference operator today. As a reminder, today's call is being recorded. [Operator Instructions] 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, to begin today's conference.

Kedric Meredith

Thank you, Colby. Good morning, everyone, and welcome to our third quarter 2022 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 harbor 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 will turn the call over to Brian.

Brian Deck

Thanks, Kedric, and good morning, everyone.

In the third quarter of 2022, JBT achieved its guidance for bottom line growth and had a few high points, including posting record adjusted EBITDA at FoodTech even without the impact of this year's acquisitions and despite FX, with considerable progress in price cost realization. We completed two attractive acquisitions that enhanced FoodTech's competitive position and AeroTech is well on its path to recovery.

However, we continue to operate in a dynamic and challenging environment, which has been further pressed by macroeconomic forces. Regarding FoodTech demand, in Europe, our customers continue to grapple with high energy and input costs impacting the profitability and delaying investment decisions. And in the third quarter, we experienced some of that same pressure in North America.

That said, our customer engagement and pipeline opportunities remain quite strong as our core technology and solutions provide critical support for customers' ongoing focus on improving yield and uptime, as well as advancing the automation and sustainability objectives.