ABM Industries - ABM STOCK NEWS

ABM (NYSE: ABM) has launched an Energy Savings Performance Contract (ESPC) for the City of Emporia, projected to save $2.1 million in energy and operational costs over 20 years. The project includes upgrading city-wide water meters with Advanced Metering Infrastructure (AMI), enhancing sustainability and operational efficiency. Additional benefits are expected to exceed $5.1 million, with infrastructure improvements at municipal buildings and water conservation initiatives. The project also updates lighting systems and HVAC in key public facilities.

ABM announced the amendment of its senior secured credit agreement, increasing its credit facility to $1.95 billion, which includes a $1.3 billion revolving credit facility and a $650 million term loan, maturing on June 28, 2026. The company's borrowing capacity has risen from $622 million to $1.1 billion. With $435.7 million in cash as of April 30, 2021, the amendment improves financial flexibility, allowing greater liquidity for strategic growth, and removes certain limitations on dividends and investments.

ABM (NYSE: ABM) has launched an Energy Performance Contracting program for the Charleroi Area School District (CASD) in Pennsylvania, projected to save $4.6 million in energy and operating costs. This program will enhance indoor air quality through improvements in HVAC and lighting systems and the addition of Needlepoint Bipolar Ionization technology. It allows school districts to upgrade facilities without incurring upfront costs or relying on community capital. CASD serves around 1,500 students, and this initiative aims to address ventilation and facility issues raised during the COVID-19 pandemic.

ABM announced strong operating income growth for Q2 2021, reporting revenues of $1.497 billion, up 0.1% year-over-year, despite challenges in the Aviation segment. The GAAP EPS was $0.46, including a $0.32 reserve for ongoing litigation, while adjusted EPS rose 36.7% to $0.82. Operating profit surged to $50.3 million from a loss of $116.7 million last year, reflecting effective labor management and high demand for cleaning services. Cash flow from operations totaled $171 million. For FY 2021, ABM raised its adjusted income guidance to $3.30-$3.50 per diluted share.

ABM will release its fiscal second quarter 2021 earnings on June 8, 2021, after market close. The company, which reported revenues of approximately $6.0 billion and employs over 100,000 people, will host a conference call on June 9, 2021, at 8:30 AM (ET) for interested parties. The call can be accessed via audio webcast on the company’s website. A supplemental presentation will accompany the event, and a replay will be available for two weeks.

ABM Industries has received accreditation from the ANSI National Accreditation Board (ANAB) for its EnhancedClean™ Training Program, aligning with ANSI/ASTM E2659-18 standards. This program aims to bolster infection control amidst COVID-19, enhancing safety for organizations as they resume operations. Developed with expert input, the program includes online modules and specialized training for disinfection specialists. The ANAB accreditation, recognized globally, reinforces confidence in ABM's training efforts, underscoring its commitment to effective cleaning protocols. ABM operates with approximately $6.0 billion in revenue.

ABM reported strong Q1 results for fiscal 2021, with GAAP earnings per share of $1.10 and adjusted EPS of $1.01. Revenue stood at $1.49 billion, a 7.5% decrease year-over-year due to COVID-19 impacts, but higher demand for EnhancedClean™ services and effective labor management contributed to a significant operating profit increase of 139.5% to $109.7 million. The company also achieved over $45 million in cash flow from operations and declared a quarterly dividend, marking its 220th consecutive payout. Fiscal 2021 guidance indicates a projected adjusted income per share of $3.00 to $3.25.

ABM will release its fiscal Q1 2021 earnings results on March 9, 2021, post-market. A conference call for stakeholders is scheduled for March 10, 2021, at 8:30 AM (ET), accessible via the ABM website or by dialing in. The company reports revenues of approximately $6.0 billion and has over 100,000 employees across more than 350 offices. It provides diverse facility solutions including janitorial, energy, and HVAC services, serving various property types from schools to airports.

ABM has partnered with ASM Global to enhance the VenueShield reopening protocols aimed at ensuring safety in live venues. This initiative will aid in the reopening of over 325 ASM venues worldwide by implementing comprehensive health and safety measures based on insights from leading health experts. ABM will utilize its expertise to boost the effectiveness of these protocols, emphasizing adherence to CDC guidelines. Through these efforts, both companies aim to provide high-quality service and secure experiences for guests as facilities begin to reopen during the ongoing pandemic.