Executive Summary

Q4 2024 revenue was $467.6M (+5.2% YoY), gross margin expanded to 38.4% (+220 bps YoY), and adjusted EBITDA rose to $92.1M with a 19.7% margin; GAAP diluted EPS from continuing operations was a loss of $0.21 due to elevated M&A and pension settlement costs .
Adjusted diluted EPS from continuing operations increased to $1.70 (+21% YoY) on operational strength despite non-GAAP add-backs related to M&A, pension settlement, and bridge financing fees .
Orders were a record $523.1M (Q4) and backlog ended the year at $720.5M (+6% YoY); combined JBT+Marel Q4 2024 orders exceeded $1B, underscoring strong demand ahead of integration .
The company raised cost synergy expectations to $150M (from $125M) within three years post-close and issued FY 2025 guidance for revenue of $3.575–$3.650B, adjusted EBITDA margin of 15.75–16.50%, and adjusted EPS of $5.50–$6.10; GAAP EPS is guided to a loss given acquisition-related amortization and pension settlement effects .

What Went Well and What Went Wrong

What Went Well

Record quarterly orders of $523.1M, with year-end backlog of $720.5M (+6% YoY), positioning the company for continued growth .
Margin expansion: gross margin improved to 38.4% (+220 bps YoY) and adjusted EBITDA margin to 19.7% (+150 bps YoY) on operational execution and pricing .
Management confidence in integration: “We have increasing confidence in our ability to realize benefits of JBT Marel’s combined operations, and as a result, are raising our cost synergy expectations from $125 million to $150 million within three years” — CEO Brian Deck .

What Went Wrong

GAAP diluted EPS from continuing operations was a loss of $0.21, driven by elevated M&A costs, bridge financing fees, and recognition of non-cash pension settlement costs in the quarter .
Operating margin compressed to 3.4% (from 12.4% YoY), with SG&A elevated at $163.4M vs. $104.0M YoY amid transaction and integration costs .
FY 2025 GAAP EPS is guided to a loss (−$1.30 to −$0.70) due to significant acquisition-related amortization, restructuring, and pension settlement charges, which may weigh on headline optics despite adjusted profitability .

Financial Results

Quarterly Comparison (YoY)

Metric	Q4 2023	Q4 2024
Revenue ($USD Millions)	$444.6	$467.6
Gross Profit Margin %	36.2%	38.4%
Operating Income ($USD Millions)	$55.1	$15.7
Operating Margin %	12.4%	3.4%
Diluted EPS - Continuing Operations ($)	$1.64	$(0.21)
Adjusted Diluted EPS - Continuing Operations ($)	$1.40	$1.70
Adjusted EBITDA ($USD Millions)	$81.0	$92.1
Adjusted EBITDA Margin %	18.2%	19.7%
Inbound Orders ($USD Millions)	$418.1	$523.1
Orders Backlog ($USD Millions)	$678.2	$720.5

Note: Prior-quarter (Q3 2024) line-item detail was not available in the documents repository.

Full-Year Comparison

Metric	FY 2023	FY 2024
Revenue ($USD Millions)	$1,664.4	$1,716.0
Adjusted EBITDA ($USD Millions)	$273.1	$295.0
Adjusted EBITDA Margin %	16.4%	17.2%
Diluted EPS - Continuing Operations ($)	$4.02	$2.63
Adjusted Diluted EPS - Continuing Operations ($)	$4.10	$5.10
Inbound Orders ($USD Millions)	$1,667.5	$1,788.3
Year-End Backlog ($USD Millions)	$678.2	$720.5
Free Cash Flow ($USD Millions)	$166.5	$199.3

Segment Breakdown

Segment detail was not provided in the Q4 2024 8-K press release; AeroTech remains in discontinued operations and continuing operations are consolidated. No segment table available .

KPIs

KPI	Q4 2023	Q4 2024
Inbound Orders ($USD Millions)	$418.1	$523.1
Orders Backlog ($USD Millions)	$678.2	$720.5

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue ($USD Billions)	FY 2025	N/A	$3.575 – $3.650	—
GAAP EPS ($)	FY 2025	N/A	$(1.30) – $(0.70)	—
Adjusted EPS ($)	FY 2025	N/A	$5.50 – $6.10	—
Adjusted EBITDA Margin %	FY 2025	N/A	15.75% – 16.50%	—
Realized Cost Synergies ($USD Millions)	FY 2025	N/A	$35 – $40	—
Exit Run-Rate Cost Synergies ($USD Millions)	YE 2025 exit	$125 (prior target)	$80 – $90 (run-rate exiting 2025); Total raised to $150 within 3 years	Raised total to $150
Interest Expense ($USD Millions)	FY 2025	N/A	~$110	—
Depreciation & Amortization ($USD Millions)	FY 2025	N/A	~$240	—
Operating Tax Rate	FY 2025	N/A	~25%	—
Revenue Breakdown ($USD Millions)	FY 2025	N/A	JBT: $1,800–$1,840; Marel: $1,850–$1,885; FX translation impact: ~$75 (negative)	—
Adjusted EPS Methodology	FY 2025	Excluded certain items but included intangible amortization previously	Beginning 2025, adjusted EPS excludes acquisition-related items including intangible amortization for better peer comparability	Methodology revised

Earnings Call Themes & Trends

The earnings call was scheduled for Feb 25, 2025; a transcript was not available in the repository. Themes below reflect press release disclosures.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period	Trend
Cost Synergies	N/A	Raised total synergy expectations to $150M within three years; $35–$40M realized in 2025; exit run-rate $80–$90M	Improving (confidence rising)
Demand/Orders	N/A	Record Q4 orders of $523.1M; combined JBT+Marel Q4 orders >$1B	Strengthening
Margin Profile	N/A	Gross margin +220 bps YoY; adjusted EBITDA margin +150 bps YoY	Improving (on adjusted basis)
Capital Structure/Leverage	N/A	Post-close net debt ≈ $1.9B; leverage just below 4.0x; target <3.0x by YE 2025 via FCF and synergies	Deleveraging planned
FX and Methodology	N/A	FY25 revenue guide includes ~$75M FX headwind; adjusted EPS to exclude intangible amortization starting FY25	Policy change; FX headwind manageable

Management Commentary

“JBT delivered another strong performance for the fourth quarter and full year, achieving record quarterly orders, revenue, margins, and adjusted earnings per share from our continuing operations.” — Brian Deck, CEO .
“We have increasing confidence in our ability to realize benefits of JBT Marel’s combined operations… raising our cost synergy expectations from $125 million to $150 million within three years.” — Brian Deck, CEO .
Beginning in 2025, adjusted income and adjusted EPS will exclude acquisition-related items, including intangible amortization, to better reflect core operating earnings and improve peer comparability .

Q&A Highlights

Earnings call transcript not available in the repository; no Q&A details to report. The company scheduled the call for Feb 25, 2025, with webcast/replay links on the IR site .

Estimates Context

Wall Street consensus (S&P Global) for Q4 2024 EPS and revenue was unavailable due to access limits at the time of request; comparisons to consensus cannot be provided. Values would have been retrieved from S&P Global if available.
Given the absence of consensus data, no determination of beats/misses versus street is included here.

Key Takeaways for Investors

Demand strength: Record Q4 orders and higher backlog support near-term revenue visibility; combined JBT+Marel Q4 orders >$1B is a constructive indicator for integration momentum .
Adjusted performance healthy: YoY expansion in gross and adjusted EBITDA margins and higher adjusted EPS ($1.70) despite significant non-GAAP add-backs; watch for sustainability as integration progresses .
Headline GAAP optics noisy: Q4 GAAP EPS loss and FY25 GAAP loss guide reflect heavy acquisition-related amortization, restructuring, and pension settlement costs; adjusted metrics provide clearer read on operations .
Synergy trajectory improving: Total cost synergies raised to $150M within three years; FY25 realized synergies of $35–$40M underpin margin and cash flow cadence; this is a key stock narrative catalyst .
Deleveraging plan: Post-close net debt ≈ $1.9B with leverage just below 4.0x; target <3.0x by YE 2025 via FCF and synergy capture—monitor integration execution and cash conversion .
Methodology change: Beginning FY25, adjusted EPS will exclude intangible amortization, improving peer comparability but altering continuity versus prior periods; adjust models accordingly .
FX headwinds: FY25 revenue guidance embeds ~$75M translation drag; constant-currency growth of ~5.5% at mid-point signals underlying demand strength despite FX .

Citations:
All quarter and full-year financials, margins, EPS, orders, backlog, and reconciliations .
Management quotes and synergy commentary .
Capital structure and leverage outlook .
FY 2025 guidance details and methodology change .
Earnings call scheduling .

JBT Marel Corp (JBTM)·Q4 2024 Earnings Summary