ABM Industries, Inc. - ABM STOCK NEWS

ABM has secured a multi-year agreement to provide housekeeping and staffing solutions for Tropicana Field and Al Lang Stadium in St. Petersburg, Florida. This partnership enhances ABM's portfolio, now servicing over 100 venues across the U.S., including six MLB stadiums. The agreement emphasizes local hiring, aiming for 38% participation from minority, women, and disadvantaged enterprises. ABM also commits to sustainability initiatives, targeting zero waste and a 90% landfill diversion rate at the stadiums. With over 1,100 LEED-certified sites, ABM aims to improve the environmental standards of these venues.

ABM reported fiscal Q1 2023 revenue of $2.0 billion, up 3% year-over-year with 1% organic growth. Net income was $38.5 million, translating to GAAP EPS of $0.58. The adjusted EBITDA for the quarter was $122.7 million, with a margin of 6.4%. Despite a decline in high-margin virus protection services, growth was driven by Manufacturing & Distribution and Aviation. The company reaffirmed its fiscal 2023 adjusted EPS outlook between $3.40 and $3.60. ABM maintains a strong liquidity position with approximately $651.2 million available, and declared a cash dividend of $0.22 per share.

Xylem (NYSE: XYL) has appointed Earl Ellis to its Board of Directors, effective March 9, 2023. Mr. Ellis, currently the CFO of ABM Industries (NYSE: ABM), brings over 25 years of financial expertise from his roles at major public companies like Best Buy and Campbell Soup. Xylem's leadership expressed excitement about his ability to enhance financial strategies and support growth while promoting diversity and sustainability initiatives. The company, a global leader in water technology, reported $5.5 billion in revenue for 2022 and aims to strengthen its solutions globally.

ABM (NYSE: ABM) has announced its fiscal first quarter 2023 earnings results will be released on March 8, 2023, before market open. A conference call will follow at 8:30 AM (ET), accessible via audio webcast or by phone. The company, a leading provider of integrated facility services, aims to enhance sustainability and health through its diverse offerings. With annualized revenue nearing $8 billion and over 100,000 employees, ABM serves various industries, including healthcare, education, and entertainment. A replay of the call will be available post-event until March 22, 2023.

ABM (NYSE: ABM) has initiated an Energy Performance Contracting program for the Dooly County School System in Georgia, projected to generate $3.7 million in energy and operational cost savings over 20 years. The project addresses critical upgrades, including improvements to HVAC, lighting, and athletic facilities, without requiring new capital from the community. ABM aims to enhance educational facilities while ensuring ongoing maintenance and custodial services.

Knightscope has partnered with ABM to deploy three Autonomous Robots at a US airport parking facility, enhancing monitoring and operational efficiency. The robots gather actionable intelligence with 360-degree visibility and advanced analytics capabilities. ABM also implemented over 1,200 EV charging stations and various smart parking solutions, aiming to improve the parking experience and reduce operational costs. This initiative is expected to elevate airport operations and enhance passenger loyalty.

ABM announced strong financial results for Q4 2022, reporting a revenue of $2.0 billion, marking a 19% year-over-year increase, with 6% organic growth. Net income rose to $48.9 million, leading to a GAAP EPS of $0.73, up 46% from the previous year. Adjusted EBITDA reached $130.7 million, an 18% increase year-over-year. The Board approved a $150 million expansion of share repurchase authorization. For 2023, ABM anticipates GAAP EPS between $2.43 and $2.63 and adjusted EPS of $3.40 to $3.60.

ABM Increases Quarterly Dividend

ABM (NYSE: ABM) announced a quarterly cash dividend increase from $0.195 to $0.22 per common share, effective February 6, 2023, for shareholders on record by January 5, 2023. This 12.8% increase reflects the company’s growth and the Board’s confidence in its cash flow. ABM aims to elevate its dividend payout ratio to 30%-35% of adjusted net income. ABM has now issued 227 consecutive quarterly cash dividends, showcasing its commitment to returning value to shareholders.