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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.
SP Plus Corporation (NASDAQ: SP) has announced its plan to release first quarter 2023 earnings on May 3, 2023, after market close. The company will host a conference call that day at 4:00 PM Central Time, which can be accessed via a webcast. Participants are advised to log in at least 15 minutes early for setup. For those unable to listen live, a replay will be available for 30 days post-call.
SP+ specializes in mobility solutions, combining advanced technology with operational excellence to enhance consumer experiences. The company serves diverse clients across North America and Europe, striving to efficiently facilitate the movement of people and vehicles.
SP Plus Corporation (Nasdaq:SP) reported strong fourth quarter and full-year 2022 results, finishing the year with a 7% increase in gross profit and a 16% rise in adjusted gross profit. The company's aviation segment saw a remarkable 25% growth in Q4, driven by new contracts and increased travel activity. Despite a net income decrease in Q4 to $4.8 million, adjusted EPS rose to $0.56. SP+ anticipates continued growth in 2023, projecting double-digit increases in gross profit and adjusted EBITDA while investing $15 million more in expenses for technology and personnel. A new $60 million share repurchase program reflects confidence in future growth.
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