JBT Marel Q3 Adjusted EPS Rises 12.9% to $2.19; Trims Revenue Outlook, Expands Buyback to $700 Million

JBT Marel lifted the midpoint of its 2026 earnings-per-share guidance and added $500 million to its share buyback program, even as it trimmed its revenue outlook after weaker book-and-ship sales to consumer packaged goods customers. Third-quarter adjusted EPS rose 12.9% to $2.19.

Revenue slipped 0.7% to $994 million from $1.00 billion a year earlier, according to the earnings release the food-processing equipment maker filed with an 8-K on Tuesday. The company said revenue came in below its expectations because of lower CPG-related book-and-ship business in its Prepared Food and Beverage Solutions segment.

Profitability moved the other way. Net income rose 6.1% to $70 million, or $1.34 per diluted share, from $66 million, or $1.26. Adjusted EBITDA grew 4.7% to $179 million, and the adjusted EBITDA margin widened 90 basis points to 18.0%. Both the net income margin of 7.0% and the adjusted EBITDA margin were record quarterly levels, the company said.

"Our strong quarterly and year-to-date margins reflect the meaningful benefits from our cost synergy initiatives, including labor productivity, supply chain savings, and footprint optimization," CEO Brian Deck said in the release.

Protein up, prepared foods down

Protein Solutions revenue rose 6% to $469 million, driven by volume growth in poultry, and its adjusted EBITDA margin improved 110 basis points to 22.4%.

Prepared Food and Beverage Solutions revenue fell 6% to $525 million on softer volume in the Diversified Food and Health business. Its adjusted EBITDA margin still improved 90 basis points to 19.2%.

Orders totaled $976 million, and backlog ended the quarter at $1.52 billion.

Guidance reset

JBT Marel now expects 2026 revenue of $3.95 billion to $4.00 billion, reflecting the lower third-quarter book-and-ship revenue and reduced fourth-quarter expectations for Diversified Food and Health. It raised the midpoints of its margin and EPS guidance, citing operational execution, cost management, and lower interest expense, taxes and share count.

The new ranges call for an adjusted EBITDA margin of 17.25% to 17.50%, GAAP diluted EPS of $4.30 to $4.60 and adjusted EPS of $8.10 to $8.40.

Buyback expands to $700 million

On Oct. 30, the board authorized a $500 million increase to the existing repurchase program, bringing the total authorization to $700 million. The company bought back $94 million of stock in the third quarter and said future repurchases would be balanced to keep leverage within its 2.0 to 2.5 times target range. Net debt stood at 2.45 times trailing adjusted EBITDA at Sept. 30.

Year-to-date operating cash flow was $320 million, and free cash flow was $252 million.

By the numbers

• Revenue: $994 million, down 0.7%
• Adjusted EPS: $2.19, up 12.9%
• Diluted EPS: $1.34, up 6.3%
• Adjusted EBITDA margin: 18.0%, up 90 basis points
• 2026 adjusted EPS outlook: $8.10 to $8.40
• Total buyback authorization: $700 million

Sources

1. JBT Marel Form 8-K with third-quarter 2026 earnings release, filed Nov. 3, 2026 (accession 0001628280-26-069128)

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