John Bean Technologies Corporation (NYSE:JBT) Q2 2024 Earnings Conference Call July 31, 2024 11:00 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

Meg Dobre - RW Baird
Sam Karlov - William Blair

Operator

Good morning, and welcome to JBT Corporation Second Quarter 2024 Earnings Conference Call. My name is Krista, and I will be your conference operator today. As a reminder, today's call is being recorded. [Operator Instructions] After the speakers’ remarks there will be a question-and-answer session. [Operator Instructions]

Thank you. 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, Krista. Good morning, everyone, and welcome to our Second Quarter 2024 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. Let me start with the good news. As we said on last quarter's call, we were optimistic that improving poultry industry economics and strong quote activity will begin to translate to higher orders. This played out in the second quarter, as JBI's strong orders included an initial recovery in equipment demand from North American poultry producers.

Additionally, AGV, our automated material handling business, rebounded nicely in the second quarter as expected. Overall, this translated to the second-best quarter in terms of orders for our food technology-in our food technology history and a 13% sequential improvement.

With that said, JBT's second quarter financial performance fell short of our expectations, essentially due to a revenue shortfall. With much of that expected to be recovered in the back half of the year, we have refined our guidance to reflect 3% to 5% top line growth for the full year.