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Text: With me on the call is our Chief Executive Officer, Brian Deck; and Chief Financial Officer, Matt Meister.
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.
Commercially, we are enjoying a strong recovery in demand at FoodTech, with record orders in the period.
Cash flow was outstanding.
We also saw some encouraging signs at AeroTech.
On the other hand, we are experiencing increasing operational challenges created by supply chain constraints, inflationary pressures and COVID related customer access in select geographies, pressures that will likely persist through the remainder of 2021.
That said, I am extremely proud of how well our people from sales to customer care to manufacturing and procurement have managed this environment.
And we continue to expect a meaningful sequential ramp in our performance through the next three quarters.
Matt will walk you through our updated guidance for the full year as well as provide analysis on our first quarter results.
We are pleased with our first quarter performance.
In the quarter, we saw strong quarter growth in FoodTech at 22% year-over-year.
Revenue met our forecast and both earnings per share and free cash flow exceeded our expectations.
On a year-over-year basis, revenue increased 1% at FoodTech, while declining 28% at AeroTech.
FoodTech margins were in line with guidance, with operating margins of 13.3% and adjusted EBITDA margins of 18.7%.
AeroTech margins were ahead of expectations, with operating margins of 9.3% and adjusted EBITDA margins of 10.7%.
The better than forecasted margins were the result of favorable equipment mix, better than expected aftermarket revenue and good cost control.
Earnings in the quarter also benefited from lower interest expense as continued strong cash flow reduced our debt balance.
Additionally, corporate expense, M&A and restructuring costs were slightly favorable to guidance.
As a result, JBT posted adjusted diluted earnings per share from continuing operations of $0.90 or GAAP earnings per share of $0.84.
Free cash flow for the quarter significantly exceeded our expectations at $78 million, driven by continued strong collection of accounts receivable and customer deposits.
The robust cash flow performance improved our bank leverage ratio to 1.9 times and increased overall liquidity to $496 million.
We expect to expand our balance sheet to support an increase in sales in the back half of the year to achieve full year free cash flow conversion just above 100%.
As we look ahead to full year 2021, while we are benefiting from strong commercial activity, challenges in the operating environment are expected to increase further as we work through extended vendor lead times, worldwide constraints on logistics and inflationary pressure specifically on metals as well as COVID travel and access restrictions in Europe and Asia Pacific that increase the cost of doing business.
With that in mind, we have refined our full-year 2021 guidance.
Given the strength of orders and outlook for FoodTech we have raised, topline growth to 9% to 11%, up from our previous guidance of 5% to 8%.
However, while we expect to be able to mostly offset inflationary input costs with sourcing actions and pricing, the operational challenges I mentioned previously are expected to exert downward pressure on margins.
Therefore, we have lowered full year margin guidance by 25 basis points.
Operating margin of 14.25% to 14.75% and adjusted EBITDA margins of 19.25% to 19.75%.
Our guidance for AeroTech is unchanged with projected revenue growth of 0% to 5%.
Operating margins of 10.75% to 11.25% and adjusted EBITDA margins of 12% to 12.5%.
Due to the existing pricing commitments and current market conditions, in the short-term AeroTech is limited in its ability to adjust prices to offset inflationary conditions.
Therefore, although, AeroTech exceeded margins in Q1, we have held our full year margin guidance.
We are holding our forecast for corporate cost at 2.7% of sales, while lowering interest expense to about $11 million.
Altogether, this increases the full year adjusted earnings per share range to $4.40 to $4.60.
Our GAAP earnings per share guidance is now $4.20 to $4.40, with M&A and restructuring costs of $8 million to $10 million.
Now in terms of Q2.
We expect revenue of $325 million to $340 million at FoodTech and $105 million to $115 million at AeroTech.
Our second quarter guidance for operating margins are 13.75% to 14.25% at FoodTech, with adjusted EBITDA margins of 19% to 19.5%.
For AeroTech, operating margins are forecasted at 8.75% to 9.25%, the adjusted EBITDA margins of 10% to 10.5%.
For the quarter, we expect corporate costs of $12 million to $13 million, M&A and restructuring costs of $4 million, interest expense of about $3 million.
Factoring second quarter's adjusted earnings per share guidance to $0.90 to $1 and $0.80 to $0.90 on a GAAP basis.
I'd like to start by talking about order trends and what we hear about the market from our customers' perspective.
In the first quarter of 2021, FoodTech orders had a record $386 million.
The pandemic driven boost to need at home, retail and quick service restaurant demand continued into the quarter, filling orders from food processors requiring additional capacity [Technical Issues] to serve these markets.
From a geographic perspective, North America and the Asia Pacific region continued to be strong.
South America improved meaningfully while demand in Europe remained volatile as the region was [Technical Issues] the challenges of the pandemic.
Our research and customer engagement confirms our expectations of double-digit expansion in capital expenditures along our FoodTech customers in 2021.
This is consistent with our forecast for FoodTech equipment growth, which is expected to outpace our more stable recurring revenue.
Beyond the current strength on the retail side, we believe progress controlling COVID particularly in the US will spur new projects in the foodservice side.
Inquiries and conversations with customers serving the foodservice market has picked up.
At the same time, the pandemic has accelerated customer investment in permanent [Phonetic] design changes, production flexibility, so producers can respond quickly to shifts in demand is increasingly important.
Moreover, the pandemic serves to make automation, which was always a priority and imperative for food processors.
Automation not only gets labor shortages and enhances productivity, but it is necessary to reduce worker density.
At AeroTech, although orders were down 35% compared to pre-pandemic levels a year ago, we've met our expectations and there are some encouraging signs.
We continue to see stability and infrastructure side with our services and passenger boarding business.
So with some construction related push out of bridge deliveries from Q2 to Q3, this is reflected in our guidance.
And as we've discussed over the past few quarters, we're excited about the outlook for Cargo in 2021 and military demand longer term.
Additionally, our engagement with commercial airlines improved in the quarter, resulting in a few equipment orders, something we have not seen since the collapse in passenger air travel in 2020.
However, we believe prudently [Phonetic] in commercial airline capex spending will be gradual over the next two years.
Let me switch gears and talk about M&A.
As we said last quarter, we're looking to deploy capital in 2021 and beyond as we evaluate strategic acquisitions that advance FoodTech's competitive position as an innovative comprehensive solution provider.
Our M&A pipeline is active and includes opportunities to leverage JBT's capabilities and scale.
We continue to look at equivalent providers to provide -- that enhance our ability to provide [Indecipherable] solutions as well as those that expand our penetration to attract the food categories.
Additionally, with the company's of unique service, digital and process enhancing capabilities that enhance JBT's strategy to be a more meaningful solutions partner to our customers.
Overall we are reassured by the robust commercial activity of FoodTech and indications that AeroTech is on the upswing.
While we have challenges ahead this year, caused by inventory supply chain imbalances, JBT and our people look forward to delivering in 2021.

user
compname reports q1 adjusted earnings per share of $0.90.
q1 adjusted earnings per share $0.90.
sees fy adjusted earnings per share $4.40 to $4.60.
sees fy gaap earnings per share $4.20 to $4.40.
q1 earnings per share $0.84 from continuing operations.
q1 revenue fell 9 percent to $417.8 million.

assistant