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ABM Industries, Inc. - ABM STOCK NEWS

Welcome to our dedicated page for ABM Industries news (Ticker: ABM), a resource for investors and traders seeking the latest updates and insights on ABM Industries stock.

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.

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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.

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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.

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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.

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ABM has secured a new five-year, $125 million custodial contract with the City of Chicago for operations at O’Hare International Airport. This contract expands ABM’s services, which already include contributions to the Terminal 5 renovation since March 2019. The contract covers comprehensive custodial, window cleaning, and hygiene services across Terminals 1, 2, and 3. Additionally, ABM emphasizes its commitment to diversity by partnering with local minority and women-owned businesses, aiming for a workforce that reflects the community.

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ABM, a leading parking service provider, unveiled its innovative data-driven platform, ABMVantage, at the International Parking & Mobility Institute Conference in New Orleans. This Smart Parking solution aims to enhance driver experience and increase profitability for parking operators by integrating various technologies for efficient revenue management.

ABMVantage, supporting over 2,000 client locations, is designed to optimize operational efficiencies and revenue potential while reducing costs. With cutting-edge data insights and technology, ABM positions itself as a leader in the evolving parking industry.

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ABM, a leader in parking and facility services, will present its innovative smart parking and EV solutions at the 2022 IPMI Parking & Mobility Conference from July 24-27 in New Orleans. The company will highlight its partnership with Los Angeles World Airport (LAX) to enhance parking efficiency and customer experience. The new $294.1 million economy parking facility includes advanced smart parking integration and 1,200 EV chargers. ABM aims to drive revenue growth through technology-driven solutions in the parking sector.

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ABM, a leading facility solutions provider, launched an Energy Performance Contracting program for Greene County, Pennsylvania, aiming for $2.9 million in projected savings over 20 years. This initiative enhances indoor air quality and provides upgrades across eight county facilities, including lighting, HVAC, and water conservation improvements. The program emphasizes reduced energy usage and operational costs while ensuring healthier environments. ABM's efforts reflect a commitment to sustainability and efficient resource management, benefiting both the county and the taxpayers.

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ABM reported a revenue of $1.9 billion for Q2 2022, representing a 26.7% increase year-over-year, with 7.5% organic growth. Net income rose to $48.8 million or $0.72 per diluted share, up 57% from the previous year. Adjusted EBITDA reached $118.9 million, a 12% increase, with an adjusted EPS of $0.89. The company reaffirmed its full-year adjusted EPS guidance of $3.50 to $3.70. ABM secured $795 million in new sales bookings in the first half of 2022, signifying an 11% uptick over last year.

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ABM Ventures Launches to Drive Innovation

NEW YORK, May 31, 2022 - ABM has introduced ABM Ventures, a new initiative aimed at investing in sustainable technologies within the facility services sector. This program aligns with ABM's ELEVATE strategy for growth and innovation. ABM Ventures has made its first investment in Recycle Track Systems (RTS), enhancing client access to advanced waste management solutions. With annual revenue over $6 billion and more than 100,000 employees, ABM aims to strengthen its market leadership while promoting sustainability through innovative partnerships.

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FAQ

What is the current stock price of ABM Industries (ABM)?

The current stock price of ABM Industries (ABM) is $52.95 as of January 15, 2025.

What is the market cap of ABM Industries (ABM)?

The market cap of ABM Industries (ABM) is approximately 3.3B.

What does ABM Industries Inc. do?

ABM provides integrated facility solutions, including janitorial, engineering, parking, electrical and lighting, HVAC, and energy solutions.

What are ABM's core business segments?

ABM operates through five segments: Business & Industry, Manufacturing & Distribution, Education, Aviation, and Technical Solutions.

Who founded ABM Industries Inc.?

ABM was founded in 1909 by Morris Rosenberg in San Francisco, California.

What recent projects has ABM undertaken?

Recent projects include expanding operations at LaGuardia Terminal B, a new energy performance contract for Clarke County, and janitorial services for Phoenix airports.

How many employees does ABM have?

ABM employs over 100,000 people worldwide.

What is ABM's annual revenue?

ABM's annualized revenue exceeds $8 billion.

What is the ELEVATE strategy?

The ELEVATE strategy focuses on operational efficiency, client satisfaction, and technological advancements.

How does ABM support sustainability?

ABM supports sustainability through various initiatives, including energy performance contracts, green cleaning processes, and EV infrastructure solutions.

Who is the CEO of ABM?

Scott Salmirs is the President and CEO of ABM Industries Inc.

What are ABM’s financial projections for fiscal 2024?

ABM raised its adjusted EPS forecast to $3.40 to $3.50 for fiscal 2024.
ABM Industries, Inc.

NYSE:ABM

ABM Rankings

ABM Stock Data

3.29B
61.12M
1.39%
94.39%
1.63%
Specialty Business Services
Services-to Dwellings & Other Buildings
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United States of America
NEW YORK