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SP Plus Corporation - SP STOCK NEWS

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

SP Plus Corporation (Nasdaq: SP) is a leading provider of professional parking, ground transportation, facility maintenance, security, and event logistics services across North America and Europe. Operating under recognized brands like SP+ Parking, Standard Parking, and Central Parking, the company manages thousands of parking facilities encompassing over two million parking spaces in hundreds of cities across the United States and Canada.

SP+ integrates industry-leading technology with top-notch operations management to deliver comprehensive mobility solutions. Their services cater to a diverse clientele, including aviation, commercial, hospitality, and institutional markets. The company's innovative technology suite, branded as Sphere, provides efficient and time-sensitive solutions for the movement of people, vehicles, and personal travel belongings. With over 20,000 team members, SP+ is dedicated to enhancing the customer experience through technological advancements and superior service delivery.

Recently, SP+ secured a 35-year agreement to manage the University of Akron’s parking system, generating a significant up-front payment of $55 million and ongoing revenue of approximately $75 million over the term. This partnership entails substantial upgrades to the campus parking facilities, aimed at improving the overall customer experience. Additionally, the company’s collaboration with the high-speed rail service Brightline enhances passenger convenience through streamlined baggage handling services.

SP+ has also been recognized for its commitment to diversity, being named one of America’s Greatest Workplaces for Diversity by Newsweek and Plant-A Insights Group in 2024. Financially, the company reported strong growth in 2023, with a 15% increase in gross profit and a 10% rise in adjusted EBITDA, underscoring the successful execution of its growth strategy.

Looking ahead, SP+ is focused on completing its merger with Metropolis Technologies, Inc., expected to close in 2024, which will further strengthen its market position. The company continues to prioritize innovation and customer satisfaction, making every moment matter for a world on the go.

News

SP Plus Corporation Upgrades Parking Services on the University of Akron Campus

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SP+ Corporation (SP) has announced an agreement to operate, manage, and maintain the University of Akron’s parking system at the main campus in Akron, Ohio. The 35-year parking monetization agreement, structured as a tax-exempt bond transaction, has generated an up-front payment of $55 million for the University, with ongoing revenue of approximately $75 million over the term. The investment in campus parking facilities, operations, and technology will provide an improved overall customer experience.
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SP Plus Corporation Awarded Five-Year Contract at San Francisco International Airport

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SP+ Corporation (SP) has secured a five-year contract for ground transportation management, parking, and concierge/ambassador services at San Francisco International Airport (SFO) in California. SFO, the second-busiest airport in California, is estimated to welcome 46 million passengers in 2023. SP+ will provide a range of services at SFO, including parking management, reservations, and revenue management through its AeroParker branded e-commerce platform. The company operates under a Joint Venture agreement with a local firm, SF Parking, LLC, and has a strong presence in the aviation industry, with dedicated services at more than 70 U.S. airports. SP+ has been recognized for its diversity and inclusion efforts within its corporate procurement and employment structure.
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SP Plus Corporation Announces Third Quarter 2023 Results

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SP Plus Corporation announces record gross profit in Q3 2023, with double-digit growth in both Commercial and Aviation segments. They added 108 net new locations and maintained a high location retention rate of 94%. The acquisition by Metropolis Technologies, Inc. is expected to close in 2024. Technology solutions continue to gain traction with clients.
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SP Plus Corporation to Release Third Quarter 2023 Results on November 1, 2023

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SP Plus Corporation expects to release Q3 2023 earnings on November 1, 2023, after the market close. The company will not host an earnings conference call due to the pending acquisition by Metropolis Technologies, Inc.
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SP Plus Corporation Launches its AeroParker Online Booking Reservation System at Airports in Illinois, Kentucky, South Dakota, and Texas

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SP+ Corporation announces the expansion of its online reservation system technology, AeroParker, to three additional airports and a valet parking operation in Texas.
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Lifshitz Law PLLC Announces Investigations of SLGC, ORTX, SP

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Lifshitz Law PLLC announces investigations of SLGC, ORTX, SP
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Metropolis Technologies, Inc. to Acquire SP Plus Corporation for $1.5 Billion

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Metropolis Technologies to acquire SP Plus Corporation for $54.00 per share in cash, representing a 52% premium to the closing stock price on October 4, 2023 and a 28% premium to the 52-week high.
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SP Plus Corporation Announces Five-Year Parking and Shuttle Operations Contract at Eppley Airport in Omaha

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SP+ Corporation announces five-year contract for management of parking facilities and shuttle service at Eppley Airport
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SP Plus Corporation Launches its Bags® Branded Remote Airline Check-in at Charleston International Airport

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SP+ Corporation announces remote airline check-in now available at Charleston International Airport through its subsidiary Bags. Bags' technology streamlines the departure process by allowing passengers to check-in, receive their boarding pass, and check their luggage at the curb without standing in line at the ticket counters. The service has exceeded projections by more than two times.
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SP Plus Corporation Deploys its Sphere® Suite of Technology at Baltimore Peninsula

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SP+ Corporation announces a five-year contract for its Sphere technology at Baltimore Peninsula, a redevelopment project in Baltimore. The project includes a 1,200-space garage equipped with SP+ proprietary Sphere Commerce On Demand Platform and license plate recognition technology. SP+ has initiated paid parking and enforcement for street spaces and plans to add 750 parking spaces later this fall. The partnership aims to solidify SP+ as a market leader in technology and management services.
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FAQ

What is the current stock price of SP Plus Corporation (SP)?

The current stock price of SP Plus Corporation (SP) is $53.99 as of May 15, 2024.

What is the market cap of SP Plus Corporation (SP)?

The market cap of SP Plus Corporation (SP) is approximately 1.1B.

What services does SP Plus Corporation provide?

SP Plus Corporation offers professional parking, ground transportation, facility maintenance, security, and event logistics services.

Where does SP Plus operate?

SP Plus operates in hundreds of cities across the United States and Canada, managing thousands of parking facilities with over two million parking spaces.

What recent achievements has SP Plus Corporation made?

Recently, SP+ secured a 35-year agreement to manage the University of Akron’s parking system and partnered with Brightline for enhanced baggage handling services.

What is SP Plus Corporation's financial performance for 2023?

In 2023, SP Plus reported a 15% increase in gross profit and a 10% rise in adjusted EBITDA, reflecting strong financial growth.

What is the significance of the merger with Metropolis Technologies?

The merger with Metropolis Technologies, expected to close in 2024, is set to enhance SP Plus Corporation's market position and operational capabilities.

How does SP Plus Corporation integrate technology into its services?

SP+ uses its Sphere technology suite to deliver efficient and time-sensitive mobility solutions, enhancing the movement of people, vehicles, and personal travel belongings.

What recognition has SP Plus Corporation received?

SP+ was named one of America’s Greatest Workplaces for Diversity by Newsweek in 2024 and recognized by Forbes for its success as a Small-Cap company.

How does SP Plus Corporation support its clients in different markets?

SP+ provides tailored services to aviation, commercial, hospitality, and institutional clients across North America and Europe, ensuring top-notch customer experience and operational efficiency.

What are SP Plus Corporation's expansion strategies?

SP+ aims to expand its market through strategic acquisitions, partnerships, and continuous investment in innovative technology solutions.

How does SP Plus Corporation enhance the customer experience?

Through significant investments in technology and customer service, SP+ aims to elevate customer satisfaction and streamline service delivery in all its operations.

Stock SP logo
SP Plus Corporation

Nasdaq:SP

SP Rankings

#2482 Ranked by Market Cap
N/A Ranked by Dividends

SP Stock Data

1.07B
19.02M
3.08%
98.36%
5.57%
Specialty Business Services
Services-auto Rental & Leasing (no Drivers)
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United States of America
CHICAGO