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ABM Industries Inc. (NYSE: ABM) is a leading provider of integrated facility solutions, headquartered in New York. Founded in 1909 by Morris Rosenberg in San Francisco as a window-washing business, it has grown into a multinational corporation with over 100,000 employees and annualized revenue exceeding $8 billion. ABM operates through five segments: Business & Industry, Manufacturing & Distribution, Education, Aviation, and Technical Solutions, with a strong focus on janitorial, engineering, and parking services. The company collaborates with a vast array of industries, including commercial real estate, airports, schools, hospitals, and entertainment venues.
ABM is renowned for its innovation and commitment to sustainability. Recent achievements include a partnership with LaGuardia Gateway Partners to enhance operations at LaGuardia Terminal B, a new energy performance contract in Clarke County, and janitorial services for Phoenix's three major airports. ABM also focuses on eMobility solutions, supporting EV infrastructure and fleet electrification. The company is dedicated to diversity and inclusion, with CEO Scott Salmirs recognized on the Empower Advocates Role Model list for leadership in promoting workplace inclusivity.
Financially, ABM has shown resilience and growth, with a reported revenue increase to $2.1 billion in Q1 2024 and an adjusted EPS forecast raised to $3.40 to $3.50 for fiscal 2024. The company continues to leverage its ELEVATE strategy to drive operational efficiency and client satisfaction.
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.
ABM, a leading facility solutions provider, will release its earnings for fiscal Q4 2022 on December 13, 2022, after market close. A conference call is scheduled for the same day at 5:00 PM (ET), accessible via audio webcast on the company’s website or by phone. Founded in 1909, ABM generates over $7 billion in annual revenue with more than 100,000 employees in over 350 offices globally. The company offers essential services across various industries, enhancing clean and sustainable environments.
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.