John Bean Technologies Corporation (NYSE:JBT) Q3 2023 Earnings Conference Call October 25, 2023 10:00 AM ET

Company Participants

Kedric Meredith - Vice President of Corporate Development and Investor Relations

Brian Deck - Chief Executive Officer

Matt Meister - Chief Financial Officer

Conference Call Participants

Mig Dobre - RW Baird

Walter Liptak - Seaport Research

Operator

Good morning, everyone, and welcome to JBT Corporation's Third 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 speakers' prepared 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 third 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 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'll turn the call over to Brian.

Brian Deck

Thanks, Kedric, and good morning, everyone.

JBT reported another good quarter and our first as a pure-play food and beverage technology business. Third quarter orders were solid. While we maintain a cautious posture due to macroeconomic uncertainty, interest rate pressure and geopolitical risk, we're encouraged by some strengthening of activity in Europe and Asia, and we believe that improving price/cost dynamics in the poultry industry will create a more attractive environment for investment and higher order activity in the fourth quarter and in 2024.

While third quarter revenue came in a little soft, we are very pleased with margins that exceeded our forecast and resulting EBITDA growth. Overall, JBT's performance continues to reflect the benefit of our resilient business model, a diverse product and end market mix and our value-added acquisitions.