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JBT (JBT) Soars 8.9%: Is Further Upside Left in the Stock?
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John Bean (JBT - Free Report) shares rallied 8.9% in the last trading session to close at $99.26. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 10.6% loss over the past four weeks.
John Bean’s shares have surged on the news that the company intends to launch a voluntary takeover offer to acquire all issued and outstanding shares of Marel hf (Marel) at €3.60 per share. This represents an enterprise value of approximately €3.5 billion.
The merger will combine JBT and Marel’s complementary product portfolios, well-known brands, and impressive technology, creating a leading and diversified global food and beverage technology solutions provider.
John Bean also announced preliminary 2023 financial results, ahead of its prior stated guidance. This upbeat performance has been aided by strong operational execution on sourcing actions and manufacturing efficiencies, along with favorable mix from continued growth in recurring revenue. For the fourth quarter 2023, JBT expects to report strong orders of $410 - $420 million, and a year-end backlog of $670- $680 million.
For fiscal 2024, the company expects revenues in $1,750 - $1,780 million. Adjusted EBITDA is expected to range between $295 million and $310 million. The company expects adjusted EPS at $5.05 - $5.45 in fiscal 2024.
This food processing and transportation services company is expected to post quarterly earnings of $1.33 per share in its upcoming report, which represents a year-over-year change of -10.7%. Revenues are expected to be $455.38 million, down 24% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For JBT, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on JBT going forward to see if this recent jump can turn into more strength down the road.
JBT belongs to the Zacks Manufacturing - Thermal Products industry. Another stock from the same industry, Zebra Technologies (ZBRA - Free Report) , closed the last trading session 0.2% lower at $249.09. Over the past month, ZBRA has returned -5.9%.
Zebra's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.63. Compared to the company's year-ago EPS, this represents a change of -65.7%. Zebra currently boasts a Zacks Rank of #3 (Hold).
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JBT (JBT) Soars 8.9%: Is Further Upside Left in the Stock?
John Bean (JBT - Free Report) shares rallied 8.9% in the last trading session to close at $99.26. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 10.6% loss over the past four weeks.
John Bean’s shares have surged on the news that the company intends to launch a voluntary takeover offer to acquire all issued and outstanding shares of Marel hf (Marel) at €3.60 per share. This represents an enterprise value of approximately €3.5 billion.
The merger will combine JBT and Marel’s complementary product portfolios, well-known brands, and impressive technology, creating a leading and diversified global food and beverage technology solutions provider.
John Bean also announced preliminary 2023 financial results, ahead of its prior stated guidance. This upbeat performance has been aided by strong operational execution on sourcing actions and manufacturing efficiencies, along with favorable mix from continued growth in recurring revenue. For the fourth quarter 2023, JBT expects to report strong orders of $410 - $420 million, and a year-end backlog of $670- $680 million.
For fiscal 2024, the company expects revenues in $1,750 - $1,780 million. Adjusted EBITDA is expected to range between $295 million and $310 million. The company expects adjusted EPS at $5.05 - $5.45 in fiscal 2024.
This food processing and transportation services company is expected to post quarterly earnings of $1.33 per share in its upcoming report, which represents a year-over-year change of -10.7%. Revenues are expected to be $455.38 million, down 24% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For JBT, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on JBT going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
JBT belongs to the Zacks Manufacturing - Thermal Products industry. Another stock from the same industry, Zebra Technologies (ZBRA - Free Report) , closed the last trading session 0.2% lower at $249.09. Over the past month, ZBRA has returned -5.9%.
Zebra's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.63. Compared to the company's year-ago EPS, this represents a change of -65.7%. Zebra currently boasts a Zacks Rank of #3 (Hold).