ABM Industries, Inc. - ABM STOCK NEWS

ABM (NYSE: ABM), a leader in integrated facility services, will have its President and CEO, Scott Salmirs, and CFO, Earl Ellis, present at the RW Baird Global Industrial Conference in Chicago, IL, on November 8, 2022, at 11:50 AM ET. The presentation will be available via a live video webcast on the company’s website, ABM.com, with a replay accessible for 90 days post-event. Founded in 1909, ABM provides a range of essential services across various industries, generating over $7 billion in annual revenue and employing more than 100,000 team members worldwide.

ABM Initiates Energy Performance Contracting

On October 13, 2022, ABM announced the launch of an Energy Performance Contracting program for the Abbeville County School District in South Carolina. The project is expected to yield $4.9 million in energy and operational savings over the next 15 years. The initiative includes upgrades to lighting, HVAC, and water conservation systems across all eight schools, aimed at enhancing air quality and operational efficiency while allowing funds to be redirected to educational initiatives.

ABM reported a 27.1% year-over-year revenue increase to $2.0 billion, with 7.4% organic growth and significant contributions from acquisitions. Net income surged to $56.8 million or $0.85 per share, reversing a prior loss. Adjusted EBITDA rose 11% year-over-year to $125.5 million, reflecting a 6.6% margin. The outlook for 2022 adjusted EPS is now cautiously optimistic at $3.60 to $3.70. The acquisition of RavenVolt aims to enhance energy solutions. However, inflation and labor costs remain challenges.

ABM (NYSE: ABM) has appointed James “Jim” DeVries, former President and CEO of ADT, to its Board of Directors. With extensive experience in corporate leadership and operational excellence, DeVries is expected to bring valuable insights to ABM's ELEVATE strategy. Sudhakar Kesavan, Chairman of the Board, emphasized DeVries’ transformative leadership at ADT, while ABM's CEO Scott Salmirs anticipates his counsel will further the company’s sustainable growth. ABM operates as a leading provider of integrated facility services, boasting over $7 billion in annual revenue.

ABM has successfully completed the acquisition of RavenVolt, a prominent provider of advanced turn-key microgrid systems. This acquisition enhances ABM's Technical Solutions industry group and targets diverse customers, including national retailers and utilities. With this move, ABM aims to strengthen its position in the integrated facility services market by incorporating innovative energy solutions. The deal underscores ABM's commitment to sustainable practices, with annual revenue exceeding $7 billion and a workforce of over 100,000 across more than 350 offices worldwide.

ABM, a leading provider of facility solutions, announced it will release its fiscal third quarter 2022 earnings results on September 9, 2022, before market open. The company will host a conference call at 8:30 AM (ET) on the same day, accessible via audio webcast on the company’s website. Founded in 1909, ABM has annualized revenue exceeding $7 billion and employs over 100,000 team members across more than 350 offices worldwide. The company provides integrated facility services across various sectors, including commercial, educational, and healthcare.

ABM has announced an acquisition of RavenVolt for $170 million in cash, with a potential earn-out of up to $280 million based on performance. RavenVolt, a provider of turn-key microgrid systems, is expected to generate $70 million to $80 million in revenue and $17 million to $19 million in EBITDA in 2022. This acquisition is part of ABM's ELEVATE strategy aimed at expanding its capabilities in the growing microgrid market. The deal is anticipated to close in ABM's fourth fiscal quarter of 2022, pending regulatory approvals.