What Happened?
Shares of food processing and aviation equipment manufacturer John Bean (NYSE:JBT) jumped 15.5% in the afternoon session after the company reported third-quarter earnings results that exceeded analysts' revenue and EPS estimates. The top line benefitted from improved demand from global poultry customers. Backlog (orders placed but not processed) was also strong, exceeding Wall Street's expectations. Overall, this was a strong quarter.
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What The Market Is Telling Us
John Bean’s shares are not very volatile and have only had 3 moves greater than 5% over the last year. Moves this big are rare for John Bean and indicate this news significantly impacted the market’s perception of the business.
John Bean is up 13.6% since the beginning of the year, and at $109.71 per share, has set a new 52-week high. Investors who bought $1,000 worth of John Bean’s shares 5 years ago would now be looking at an investment worth $1,022.
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