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JBT Investor Presentation
March 2018
Exhibit 99.1
These slides and the accompanying presentation contain “forward-looking”
statements, including statements about management’s expectations
regarding trends in the food markets, strategic initiatives, acquisition
strategies and long-term goals, which represent management’s best
judgment as of the date hereof, based on currently available information.
Actual results may differ materially from those contained in such forward-
looking statements.
JBT Corporation’s (the “Company”) most recent filings with the Securities
and Exchange Commission include information concerning factors, including
the factors set forth under “Item 1A. Risk Factors” in the Company’s Annual
Report on Form 10-K filed with the Securities and Exchange Commission on
February 28, 2018 that may cause actual results to differ from those
anticipated by these forward-looking statements. The Company undertakes
no obligation to update or revise these forward-looking statements to reflect
new events or uncertainties.
Forward-Looking Statements
2
JBT Snapshot
3
One Purpose & Set of Values
Across the Entire Organization
Leading Global Technology Solutions
Provider to High-value Segments of the
Food & Beverage Industry
72%
28%
Total Revenue
$1.6 billion
Segment Operating Profit
$190 million
73%
27%
2017 at a Glance
AeroTech
FoodTech
Founded
Listed
Market Cap
Employees
Customers
Countries
Locations
1884
JBT (NYSE)
$3.5 billion1
5,800
500+
25+
20+
1As of February 28, 2018
Enjoy Lunch
Day
Ends
Drive to Airport
Day
Begins
Enjoy Dinner… …& Dessert
Fly to Meeting
Feed Pet
Grocery Shop Attend Meeting
Enjoy Breakfast
4
If you ate or drank something today, there’s a
good chance JBT equipment played a critical
role in its preparation
ConsumerDistribution
Leading Technology Solutions Provider to
High-Value Segments of the Market
5
Delivering innovative solutions we believe offer best-in-class yield and productivity,
with a goal of maximizing customer profitability
Clear Value Proposition
for JBT Customers
Yield
Food Safety
Reduced Operating Costs
Uptime
Full-Line Solutions
Global Food and Beverage ProducersFarm / Ranch
Restaurants
Entire Market Value Chain
Grocery / C-Store
Foodservice
Commissary
Automation
Global Service and Support
Our FoodTech Solutions for Customers
6
C
u
s
t
o
m
e
r
s
1Protein Technology made up 47%, while Liquid Food Solutions was 48% of the $1,172M FoodTech segment revenue for FY 2017; the remaining 5% represents revenue of
Automated Systems
2JBT management estimates of market
Market Leader Room to Grow Capability Gap
EOLFurtherSecondaryPrimary
Primary Portioning Weighing / Packaging
Coating/
Frying Cooking Freezing
Filling /
Forming SlicingInspection Packaging Preservation
Mixing /
Grinding /
Blending
InspectionInjecting / Marination
Raw
Material
Handling
Extraction /
Refining
Ingredient
& H2O
Prep
Mixing /
Metering Blending SterilizationThawing
CIP/
Controls &
Instruments
Beverage
Handling Filling Packaging
Pasteurizing /
Evaporation /
Bulk Filling
PreservationStorage
Protein
Technology1
(18 bn+) 2
Liquid Food
Solutions1
(8 bn+) 2
Food Production Value Chain
Returns
Durable Shareholder Value Creation
“Value creation is a virtuous
circle, starting with margin
expansion initiatives
generating results that are
reinvested to drive organic
growth, creating customer
value and returns that
support further growth – and
the cycle continues…”
7
Serving Large, Growing Food Markets with
Low Cyclicality
1 Source: Technavio, “Global Food Processing Machinery Market, 2016-2020”
2 Euromonitor International
3 Technavio, “Global Functional Drinks Market 2016-2020”, April 2016
Global Food Machinery Market1
Size: $53 billion as of 2016
Global Packaged Food Market1
Size: $3.2 trillion by 2020
Growth: 5% CAGR Global
Packaged Meat
$145 billion2
Functional Fruit &
Vegetable Juices
5%
2016-2020 CAGR3
Supportive Key Global Trends in Global Consumption4
(in millions of metric tons)
Functional Fruit &
Vegetable Juices
$58 billion3
25
70
90
Per Capita Meat Consumption
APAC Europe North America
Growing Global Income
5.8%
Global Disposable Income CAGR
2017-20302
JBT FoodTech Market
~$26 billion5
100
200
300
400
Global Meat Production, 1995 - 2025
Innovation Driving Equipment
Investment
11-15%
Medium and Small Food
Companies’ Revenue CAGR
2012-20156
8
(kg/person/year)
4 OECD-FAO Agricultural Outlook 2016-2025, WATTAgNet.com
5 JBT management estimate
6 AT Kearney, “Is Big Food in Big Trouble”
JBT is Positioned to Benefit From Positive
Macro Trends…
9
Accelerating TrendsPositive Macro Drivers
Consolidating Food Industry
Industry increasingly served by fewer global producers
Growing Middle Class
2x growth by 20301; Asia a significant contributor
…unique and supportive trends in both developed and
developing markets
Emergence of Clean Labels & Organic Foods
10%+ annual growth2
Consumer Focus on Health, Safety & Convenience
Increasingly selective consumers seeking ‘on-demand’ food
Increasing Customer Adoption of Automation
Shrinking labor pool coupled with rising wages
Protein & Value-Added Food & Bev Consumption
Positively correlates to GDP per capita
JBT Positioning
Global Footprint
International & local
customers
Strong Asia
Presence
Mfg, engineering,
Innovation center
Wolf-tec and
C.A.T.
protein injection
technology
SF&DS solutions &
ReadyGo Veggie
skid
Largest Selection
of Preservation
Solutions
iOPS
Development
Internet of Things
initiative
Avure
HPP solutions
JBT Positioning
DSI
waterjet portioners,
iOPS capabilities
Source:
1https://www.ota.com/news/press-releases/19031
2http://www.reuters.com/middle-class-infographic
Canada
U.S.
Mexico
Brazil
Chile
Argentina
U.K.
Belgium
Spain
Sweden
Germany
South Africa
Saudi Arabia
Russia
India
Malaysia
Philippines
Australia
New Zealand
Netherlands
China
Vietnam
Thailand
Indonesia
Global Footprint and Comprehensive
Offerings
Global Reach Strengthens Competitive Advantage
10
FoodTech Production
AeroTech Production
Personnel Location
Corporate HQ
Italy
2017 Sales
NA 63%
EMEA 21%
APAC 11%
LatAm 5%
$413 $438 $455
$518
$653
2013 2014 2015 2016 2017
Significant Recurring Revenue
Recurring Revenue % of Total Revenue
Significant Recurring Revenue…
11
…through aftermarket parts, service, and emerging iOPS
offering with further penetration opportunities
• Developing economies driving demand
• New equipment designed to meet
evolving customer preferences
− Organic foods
− Clean labels
− Functional beverages
− Convenience foods
• Real-time data allows for
predictive maintenance
• Enables ability to improve
equipment performance,
resulting in higher customer
profitability
• 130 years delivering equipment and systems
• Solutions are highly customized
• Equipment operates in challenging
environment for extended periods of
time
• Significant downtime expense
for customers results in
planned rebuild opportunities
• Food safety requirements
driving need for regular
servicing
• Improve customer profitability with higher yield
and efficiency, while reducing labor costs
• Equipment can preemptively notify
of service need
Aftermarket
Share of
Customer
Wallet:
30 – 35%
40%
ONE JBT
Continued Growth and Margin Expansion
Opportunities
12
Multi-pronged approach continues to deliver value to all stakeholders
Key Initiative Focus Long-Term Benefits
Integrity, accountability, relentless
improvement and teamwork
Unlocks benefits of common ownership, e.g.
coordinated supply chain, and shared service
centers and production facilities
Increase customers’ profitability with higher
levels of engagement and thorough
understanding of their business
Enables above market growth rates and
margin expansion
Deliver continuous improvement in Safety,
Quality, Delivery, and Cost metrics and
become a lean enterprise
Boosts competitive advantage, drives organic
growth and lowers cost of goods sold
Focus on opportunities that add
complementary solutions across portfolio
Continuous value creation coupled with
stronger global customer opportunities
Customer First
Relentless
Continuous
Improvement (RCI)
Disciplined
Acquisitions
…supported by specific JEM and RCI initiatives
$84
$99
$119
$154
$199
2013 2014 2015 2016 2017
8.9%
10.1%
10.7%
11.4%
12.2%
2013 2014 2015 2016 2017
13
Sustained EBITDA Growth
CAGR
24%
Increasing Profitability Before Effects of Acquisition-Related Amortization Costs
…EBITDA better reflects cash earnings of the business and has
outpaced revenue growth due to strong operating leverage
Adjusted EBITDA Margin (%) (1) Adjusted EBITDA ($M) (1)
~ 80
bps/yr
(1) See Appendix for Adjusted EBITDA reconciliation.
Delivering Sustainable Growth Through
Organic Initiatives & Disciplined Acquisitions
14
• Accelerate new product & service
development
• Grow recurring revenue
• Build Asia-Pacific business
• Execute JBT Excellence ModelTotal
CAGR
15%
• Strategic capital allocation focused on
FoodTech
• Disciplined and standardized always-on
acquisition program
Attractive Revenue Growth Profile Focus on Core Organic Growth Initiative
Along with Disciplined Acquisition Growth
Organic Growth Inorganic Growth
1.8%
4.5%
10.8%
9.0% 8.0%0.9%
1.7%
13.0%
13.0%
2013 2014 2015 2016 2017
1.8%
5.4%
12.5%
22.0%
21.0%
A Leader in the Consolidation of Our Large,
Highly Fragmented Food Equipment Industry
15
Repeatable,
disciplined,
metrics-driven
approach
Protein:
$18bn+
Liquid Foods:
$8bn+
Opportunity1
Technology strength
Lack access to global entrants
and customers
Require additional R&D and
consistent capital
Opportunity to augment
aftermarket capabilities
Generational ownership
transition
Plus 3 acquisitions in 2014
Total Capital Deployed across 10
acquisitions: ~$600M
…using a disciplined, focused, strategic approach to consolidate pipeline of high quality, attractive targets
1 JBT management estimates
Target Business Purchase Price
Schröder Protein Undisclosed
PLF
International Liquid Foods ~$37M
Avure Protein & Liquid Foods $57M
Tipper Tie Protein $160M
C.A.T. Protein $90M
Novus X-Ray Protein &
Liquid Foods $3M
A&B Process
Systems Liquid Foods $102M
Stork Food &
Dairy Systems Liquid Foods ~$61M
Leading food equipment
& service provider Food ~72% of JBT sales
$1.7-1.8B in sales by 2019 $1.6B+ in sales; Grew business by 75% since 2013
50-75 basis point segment
margin growth annually
72 basis point adjusted
organic segment operating
margin growth
Annualized:
Organic sales growth of 3-5%
Inorganic sales growth of 6-7%
EPS growth of 15%
8% organic growth
13% inorganic growth
21% adjusted EPS growth
Clear capital allocation priorities,
effective deployment;
demonstrated capability to grow
organically & through
acquisitions
Continued allocation to
FoodTech; Completed 6
acquisitions in 2016 and 2017,
with collective performance
meeting expectations
Experienced Management Team with Track
Record of Delivering on Commitments
16
Tom Giacomini
Chairman, President & CEO25+ Yrs
Jim Marvin
EVP, General Counsel & Secretary
25+ Yrs
Brian Deck
EVP & CFO25+ Yrs
Dave Burdakin
EVP, President - AeroTech25+ Yrs
Paul Sternlieb
EVP, President - Protein20+ Yrs
Jason Clayton
EVP, Human Resources
15+ Yrs
Management Progress in 2017 on
Elevate Commitments
Seasoned Team Each With
15+ Years Experience
Progress in 2017What We Committed To for 2019
Carlos Fernandez
EVP, President - Liquid Foods
20+ Yrs
Appendix
Non-GAAP Adjusted EBITDA
18
Twelve Months Ended December 31,
($M) 2017 2016 2015 2014 2013
Revenue 1,635.1$ 1,350.5$ 1,107.3$ 984.2$ 934.2$
Net income 80.5$ 67.6$ 55.9$ 30.8$ 33.1$
Loss from discontinued operations, net of tax 1.6 0.4 0.1 - 0.9
Income from continuing operations as reported 82.1$ 68.0$ 56.0$ 30.8$ 34.0$
Provision for income tax 50.1 26.0 26.2 13.9 13.8
Net interest expense 13.6 9.4 6.8 6.0 5.4
Depreciation and amortization 51.7 38.5 29.6 25.3 25.0
EBITDA 197.5$ 141.9$ 118.6$ 76.0$ 78.2$
EBITDA Margin % 12.1% 10.5% 10.7% 7.7% 8.4%
Restructuring expense 1.7 12.3 - 14.5 1.6
Other non-recurring expense - - - 8.8 3.7
Adjusted EBITDA 199.2$ 154.2$ 118.6$ 99.3$ 83.5$
Adjusted EBITDA Margin % 12.2% 11.4% 10.7% 10.1% 8.9%
Non-GAAP Segment Operating Profit
19
Twelve months
ended
December 31,
($M) 2017
Total revenue 1,635.1$
Total segment operating profit 189.8$
Segment operating profit margin 11.6%
Total Revenue 1,635.1$
Incremental revenue from acquisitions (175.2)
Adjusted organic total revenue 1,459.9$
Total segment operating profit 189.8$
Incremental segment operating profit from acquisitions (8.2)
Adjusted organic total segment operating profit 181.6$
Adjusted 2017 organic segment operating profit margin 12.4%
Full-year 2016 segment operating profit margin 11.7%
Margin Growth 72 bps
Non-GAAP Adjusted Earnings per Share
20
Twelve Months Ended
December 31,
($M, except per share data) 2017 2016
Income from continuing operations as reported 82.1$ 68.0$
Non-GAAP adjustments:
Restructuring expense 1.7 12.3
Impact on tax provision from restructuring expense (0.5) (3.9)
Impact on tax provision from mandatory repatriation tax 7.7 -
Impact on tax provision from rate change on deferred tax position 7.8 -
Adjusted income from continuing operations 98.8$ 76.4$
Income from continuing operations as reported 82.1$ 68.0$
Total shares and dilutive securities 31.9 29.8
Diluted earnings per share from continuing operations 2.58$ 2.28$
Adjusted income from continuing operations 98.8$ 76.4$
Total shares and dilutive securities 31.9 29.8
Adjusted diluted earnings per share from continuing operations 3.10$ 2.56$
JBT Investor Presentation
March 2018