John Bean Technologies Corporation

Good morning and welcome to JBT Corporation's fourth quarter and full year 2022 earnings conference call. My name is Chris and I'll be your conference operator today. As a reminder, today's call is being recorded. At this time, all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star, then the number one on your telephone keypad. I'll now turn the call over to JBT's Vice President of Corporate Development and Investor Relations, Kedrick Meredith, to begin today's conference.

Thank you, Chris. Good morning, everyone, and welcome to our fourth quarter in year-end 2022 conference call. With me on the call is our Chief Executive Officer, Brian Deck, and Chief Financial Officer, Matt Meister. In today's call, we will use forward-looking statements that are subject to the Safe Harbor language in today's press release and 8K filing. JBT's periodic SEC filings also contain information regarding risk factors that may have an impact on our results. These documents are available in the investor relations section of our website. Also, our discussion today includes references to certain non-GAAP measures. A reconciliation of these measures to the most comparable GAAP measure can be found in the investor relations section of our website. Now, I'll turn the call over to Brian.

Thanks, Kendrick. Good morning, everyone. JBT captured double-digit growth on the top and bottom lines for 2022, notwithstanding the much-discussed challenges associated with rapid inflation and supply chain disruptions. In each quarter, we realized sequential margin improvement at both FoodTech and Aerotech, and we ended the year on a strong note, especially as it relates to profitability and orders at FoodTech. While there remains a level of caution among our food customers, it is clear they need to invest in capacity, automation, optimization of yield and uptime, and sustainability. During 2022, we completed two strategic acquisitions. As I'll talk about later, they are highly complementary to our food tech solutions and are quickly adding value. At Aerotech, margin improvement continued to progress, albeit at a slower pace than originally planned. At the same time, the demand side remains robust, positioning the business for a great 2023. As demonstrated by our 2022 performance, JVT enjoys a highly resilient model. Nearly half of food tech represents recurring revenue from parts and aftermarket services. The food and beverage end markets enjoy a higher level of stability throughout the business cycle, and moreover, JBT's highly diverse product line and broad participation across end markets enhances the stability of our business. With that, I'll turn the call over to Matt to provide details about the year. He'll also present our initial guidance for 2023, another year in which we expect further growth and margin expansion.