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Text: With me on the call is our Chief Executive Officer, Brian Deck; and our 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.
A reconciliation of these measures to the most comparable GAAP measure can be found in the Investor Relations section of our website.
Finally, I encourage you to review the second quarter slide deck, which is also posted in the Investor Relations section of the JBT website.
In it, we show historical trends, our key performance metrics and business opportunities and speak to our growth strategy.
It's great to be here to talk about JBT's strong financial performance and the strategic progress we made in the second quarter.
As we highlighted last quarter, JBT continues to enjoy robust demand at FoodTech and encouraging signs of recovery at AeroTech.
At the same time, we continue to face a challenging macro environment driving increase in cost of doing the business including material cost inflation, supply chain constraints and tight logistics.
Those pressures have intensified and now also include rising labor costs and labor shortages.
Notwithstanding this challenging backdrop, we outperformed expectations on the top and bottom lines in the second quarter.
I'd like to express my appreciation to everyone at JBT who did an excellent job of getting orders out the door to satisfy customer needs in this tough operating environment.
In the second quarter, we also booked record orders and generated excellent cash flow.
Moreover, we advanced our growth strategy with the exciting acquisition of Prevenio which expands our recurring revenue stream and further strengthens JBT's wall in food safety.
I'll hand it over to Matt who will provide a more detailed analysis of the second quarter results, speak to the benefits of the convertible note offering we completed in the quarter and walk you through our updated guidance.
JBT's second quarter performance continued to demonstrate our ability to deliver on growth in a challenging operating environment.
FoodTech revenue was $361 million, an increase of 19% year-over-year and 16% sequentially.
As Brian mentioned, we outperformed in the quarter driven primarily by better than expected shipments as our businesses executed well despite the challenges they faced.
The impact of foreign exchange translation was also a positive factor in the quarter, accounting for approximately 5 percentage points of the year-over-year growth which was 3 percentage points higher than expected.
Adjusted EBITDA margin for the quarter was 19%, operating margins of 14.3% at the low end of our guidance range and negatively impacted by the cost pressures we experienced with the supply chain and labor market.
AeroTech revenue of $115 million which was ahead 6% year-over-year and 8% sequentially was at the high end of our expectations.
Adjusted EBITDA margins of 11.1% and operating margins of 10.5% exceeded guidance due to a favorable mix of higher recurring revenue.
Interest expense came in nearly $1 million less than forecast due to better than expected cash flow.
As a result, JBT reported diluted earnings per share from continuing operations of $0.95 in the second quarter.
Adjusted earnings per share of $1.19 includes an adjustment for a $4.4 million or $0.14 per share non-cash deferred tax remeasurement associated with the tax law change in the UK.
Adjusted EBITDA for the second quarter was $70.1 million up 2.58% year-over-year and 20% sequentially.
Operating profit of $47.3 million declined 1% year-over-year and higher M&A costs also had [Phonetic] 25% sequentially.
Free cash flow for the quarter remained strong at $35 million, representing a conversion rate of 115% with continued goods collections and accounts receivable, customer deposits and a slower than expected investment in inventory due to supply chain constraints.
Going forward, we need to invest in inventory levels to support the increased backlog.
And therefore, with higher forecasted revenue, we anticipate that the balance sheet will expand in the second half of the year.
Additionally, we are increasing our capital expenditure forecast for the year by approximately $5 million from our previous guidance to support further strategic investment in our digital capabilities.
Altogether, we expect free cash flow conversion for the year to remain north of 100%.
As we look ahead to the full year of 2021, we have refined our guidance based on first half results and order trends.
We have again raised top line guidance for FoodTech, forecasting a year-over-year gain of 10% to 12% organically with another 2% increase related to FX translation, that compares with our previous guidance of 9% to 11%.
With the inclusion of Prevenio acquisition, our all-in top line guidance for FoodTech is 14% to 16% growth in the full year.
Considering the continuing supply chain and operational cost pressures, we have updated the margin guidance range for FoodTech with projected operating margins of 14% to 14.75% and adjusted EBITDA margin of 19% to 19.75%.
At AeroTech, we have narrowed our revenue guidance range to 1% to 4% from the previously communicated range of 0% to 5%.
We are holding margin guidance with projected operating margins of 10.75% to 11.25% and adjusted EBITDA margins of 12% to 12.5%.
Additionally, we are adjusting our forecast for corporate costs as a percent of sales down slightly to 2.7% and lowering interest expense guidance to $9 million to $10 million.
Altogether, we have raised our adjusted earnings per share guidance to $4.60 to $4.80 which excludes M&A and restructuring costs of $12 million to $14 million and the previously mentioned UK tax remeasurement in the second quarter.
Our GAAP earnings per share guidance of $4.15 to $4.35 is $0.05 below our previous guidance and primarily due to higher M&A related costs.
We've also raised our full year adjusted EBITDA guidance to $280 million to $290 million up from the previous guidance of $270 million to $285 million.
Now focusing on the third quarter, we expect revenue growth for JBT of 18% to 19%.
This consists of year-over-year growth of 19% to 20% at FoodTech, which includes 3% to 4% from acquisitions.
For the AeroTech business, we are projecting growth of 15% to 16% for the quarter.
At FoodTech, we are projecting third quarter operating margin of 14% to 14.5% with adjusted EBITDA margins of 19% to 19.5%.
For AeroTech, operating margins are forecasted in 11.25% to 11.75% with adjusted EBITDA margin of 12.25% to 12.75%.
Corporate costs for the quarter are expected to be $13 million to $14 million, excluding approximately $4 million in M&A and restructuring costs.
Interest expense should be $2.5 million to $3 million.
That brings third quarter 2021 earnings per share guidance to $1 to $1.10 on a GAAP basis and $1.10 to $1.20 as adjusted.
Finally, I would like to briefly touch on the convertible note offering that we completed in the second quarter.
With net proceeds of more than $350 million, we have locked in a portion of JBT's capital at a historically low fixed interest rate with favorable conversion terms that limit shareholder dilution until the stock exceeds the synthetic strike price of $240 per share.
The notes also afford JBT's additional flexibility in our capital structure to support our organic investments and acquisition strategy.
As I mentioned at the top of the call, JBT generated record orders in the second quarter.
FoodTech orders expanded 3% sequentially from the first quarter's record level.
We continue to enjoy robust demand from customers serving the retail market with improvements on the foodservice side with particular strength in poultry, plant-based foods, pet foods, fresh produce and packaged ready meals.
In addition, our automated guided vehicle business outperformed in the second quarter with several large food customer orders, a reflection of the growing demand for back-end automation among our customer base.
FoodTech's robust order trends are also a direct reflection of the continued investment we've made in product innovation.
JBT's recent product launches featuring advances of hygiene, capacity and automation have gained nice acceptance in the marketplace.
Furthermore, new features that reduce food waste and promote more efficient use of water and energy enabled JBT to help our customers on their sustainability journey.
Geographically, FoodTech commercial activity in North America remained robust.
Europe was essentially flat versus a volatile first quarter, but with progress on vaccine penetration and governmental economic support, its outlook seems to be more promising albeit subject to uncertainty surrounding COVID.
As it relates to Asia and South America, we are experiencing some fresh pandemic-related delays in customer investment decision making.
AeroTech also enjoyed record orders in the second quarter.
This primarily reflected some major orders on the infrastructure side of the business, which will mostly ship in 2022.
AeroTech's second quarter orders also reflected typical seasonal strength including demand for cargo loaders and deicers.
Given the lumpiness of orders, we expect AeroTech order activity in the second half of the year to be normal -- to be more normalized relative to the outstanding second quarter.
At the same time, we are encouraged by the pickup in US passenger traffic and have a few -- have secured a few additional orders from commercial airlines.
However, as we've said, we expect full recovery to take another two years to play out and we're cautiously watching the developments surrounding the Delta variant, which also could impact the pace of recovery in air travel.
Nonetheless, we feel we are clearly beyond the bottom of the investment cycle.
Now to the acquisition of Prevenio which closed in early July.
Prevenio further strengthens JBT's role in food safety, which is a critical and growing concern for our food processing customers.
They offer a unique delivery system for consumption-driven anti-microbial solutions which provide optimal food safety performance on our customers' operations, a safer environment for their employees as well as enhances food integrity.
Financially, Prevenio has demonstrated an impressive growth record with EBITDA margins in the mid-20s.
Moreover, the revenue model is predominantly consumable and contractual adding to the strength of our recurring revenue profile.
And as part of JBT, we foresee significant opportunities to expand Prevenio's applications beyond its core poultry market and its other proteins and fresh food and vegetables where JBT has a strong presence.
Furthermore, over time, we see opportunities to extend its geographic reach.
Switching gears toward internal investments, JBT plans to accelerate investment in our digital strategy in iOPS platform that builds intelligence in our products and services.
Through a focus on digitally enabled customer-centric solutions, we believe we can further entrench JBT as a holistic uptime solutions provider with our customers.
Additionally, I want to speak to the rebranding of what was previously our liquid food business within the FoodTech segment.
Its new name Diversified Food & Health reflects a business that has expanded far beyond its historical focus on juice and canned goods as a result of continued investment, both organically and through acquisition.
Diversified Food & Health now provides a wide portfolio of solutions for customers across the FoodTech segment including processing, preservation and packaging solutions to serve end markets for fresh cut and processed foods and vegetables, convenience foods, prepared and ready to eat meals, pet foods, protein and plant-based beverages, dairy, pharmaceuticals and nutraceuticals.
Together with our protein business, FoodTech has an enviable diverse offering for our food and beverage customers.
Overall, we are very pleased with the robust commercial activity at FoodTech, which has enjoyed broad-based strength on the retail side growing demand for automation solutions and a pickup in the hard hit foodservice side.
At AeroTech, continued strength on the infrastructure side has been accompanied by initial improvement in our business with commercial airlines.
However, we remain concerned by the recent resurgence in COVID and the potential impact of macroeconomic conditions.
We are otherwise mindful of the high cost environment under which we are working.
Lastly, as part of JBT's core values, we continue to prioritize a diverse and inclusive work culture that promotes continued education, enhance development opportunities, mutual respect and teamwork.

user
compname reports q2 adjusted earnings per share $1.19.
q2 adjusted earnings per share $1.19.
sees q3 adjusted earnings per share $1.10 to $1.20.
sees fy adjusted earnings per share $4.60 to $4.80.
sees fy gaap earnings per share $4.15 to $4.35.
q2 earnings per share $0.95 from continuing operations.
qtrly orders increased 68 percent year over year and 19 percent sequentially with an expanding backlog.
expects total revenue expansion of 10 to 13 percent for full year.

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