EarningsUpgrading JBT Marel to Outperform, from Market Perform, following the company’s strong second-quarter results.
Financial PerformanceThe company reported a record quarter of aftermarket parts, which drove a favorable mix, resulting in adjusted EBITDA margins exceeding expectations.
Order MomentumOrder momentum continued in first quarter 2025 (+12% year-over-year), with record bookings at Marel led by poultry, implying year-over-year growth starting at 19% to roughly $510 million.