JBTM — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-05

• We achieved another strong quarter of inbound orders, demonstrating the value of our comprehensive solutions and cross-selling capabilities. Demand remained strong in the poultry end market, with meaningful investment in further processing technology. Additionally, we saw healthy demand in meat and …

• Gross profit margin increased 80 bps to 36.6% compared to 35.8% in 2025. The increase primarily reflected a favorable net tariff impact, including tariff recoveries recognized during the second quarter of 2026, higher sales volumes and improved leverage of fixed costs, partially offset by higher inf…

• Selling, general and administrative expense increased $26 million and as a percentage of revenue increased 120 bps to 31.9% compared to 30.7% for the same period in the prior year. The increase was primarily driven by a one-time $33 million intangible asset impairment charge recorded during the seco…

• Interest expense, net, decreased by $16 million compared to the prior-year period, primarily due to benefits realized from the Company’s net investment hedges executed during the second and third quarters of 2025, as well as lower average debt balances during the period.

• The effective tax rate on net income (loss) for the three months ended June 30, 2026 was 18.6%, compared to 68.1% for the same period in 2025. The 2026 tax rate reflected a favorable discrete tax benefit of $3 million resulting from the completion of the annual calculation of U.S. tax inclusions ass…

Text removed vs the prior filing · source: 10-Q · 2026-05-06

• For the first quarter 2026, we delivered year-over-year growth in revenue, margins, and earnings per share. Our bottom-line performance was driven primarily by lower non-recurring and transaction related costs as well as margin enhancement efforts and lower interest expense. Orders remained strong, …

• Gross profit margin increased 90 bps to 35.1% compared to 34.2% in 2025. The increase was primarily attributable to an increase in revenue and benefits from synergies, partially offset by higher tariff costs compared to the prior year.

• Selling, general and administrative expense decreased $64 million compared to the same period in the prior year. Selling, general and administrative expense as a percentage of revenue decreased 1,020 bps to 27.9% compared to 38.1% in the same period last year. This decrease is primarily driven by be…

• Pension expense, other than service cost decreased $147 million compared to the same period in the prior year. This decrease was primarily due to the settlement charge of $147 million recognized in the first quarter of 2025 upon the termination of the U.S. qualified defined benefit pension plan.

• Interest expense, net decreased $31 million compared to the prior‑year period, primarily due to the release of capitalized debt issuance costs associated with the termination of the Company’s bridge credit agreement in the first quarter of 2025 and the benefit from the Company’s net investment hedge…

Text removed vs the prior filing · source: 10-Q · 2026-05-06

• On April 29, 2026, the Board of Directors appointed Andrew Moller as the Company’s Vice President and Chief Accounting Officer, effective as of June 1, 2026. Mr. Moller, age 51, will serve as the Company’s principal accounting officer. Mr. Moller has served as Vice President and Corporate Controller…

• As Vice President and Chief Accounting Officer, Mr. Moller will receive an annual salary of $410,000. Mr. Moller will be eligible to participate in the Company’s short-term incentive compensation program, with a target annual incentive award of 45% of his base salary. Mr. Moller will also be eligibl…

• There are no arrangements or understandings between Mr. Moller and any other persons pursuant to which he was selected as an officer of the Company. Mr. Moller has no family relationships with any of the Company’s directors or executive officers or any persons nominated or chosen by the Company to b…