Raising FY18 Estimate Slightly; 1Q18 Misses by a Penny
- 1Q18 (March) adjusted EPS of 34 cents (vs 59 cents last year) was 1 cent below our estimate as a $50 million revenue benefit from a new accounting rule was more than offset by lower margins, especially in in FoodTech;
- Our 2018 EPS estimate is now $4.01 (from $3.98 and Company raised guidance of $3.95-to-$4.15), up 29% from 2017’s record, assuming growth and margins pick-up for the remainder of the year;
- Our 2019 EPS estimate remains $4.62, up 15% from our 2018 projection.
John Bean Technologies is a technology solutions provider to the food and beverage industry with focus on proteins, liquid foods and automated system solutions. The company also sells critical equipment and services to domestic and international air transportation customers. The products offerings of the company's FoodTech businesses include food processing systems to protein customers, liquid foods portfolio such as fruit and juice solutions, and robotic automated guided vehicle systems. The product offerings of the company's AeroTech businesses include mobile air transportation equipment, gate equipment for passenger boarding, and airport services such as maintenance of airport equipment, systems and facilities.
Great Lakes Review is located in Cleveland, Ohio, was founded in 1981 and became a division of Wellington Shields & Co. LLC in 2011. Great Lakes Review is a research boutique focused on the fundamentally-oriented investor seeking companies that dominate their respective specialty niche regardless of industry. The objective is to make money for the long-term by gradually accumulating a diversified portfolio from a universe of no more than 30 companies. Although short-term-oriented accounts will be alerted to trading opportunities, aggressive sell recommendations are triggered only by a deterioration in long-term fundamentals, not by short-term blips or investor fancy. Coverage of those names that lose their earnings momentum or earnings predictability may be dropped and replaced with more vital candidates.
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