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ABM Industries Incorporated - $ABM STOCK NEWS

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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.

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Bryan Herta Autosport (BHA) is partnering with ABM to provide fast EV charging solutions for their Hyundai IONIQ 5 N vehicles at the 102nd Pikes Peak International Hill Climb in Colorado Springs on June 20, 2024. BHA aims to set new records in the Electric Production SUV/Crossover and Electric Modified SUV/Crossover categories. ABM is supplying two Terra 184 UL DC fast chargers, ensuring optimized charging for the 12.42-mile course with 156 turns and a 4,700-ft ascent. ABM, with over 30,000 EV ports nationwide, is a leader in EV infrastructure, emphasizing reliability and resilience. Key drivers include Robin Shute, Dani Sordo, and Ron Zaras.

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ABM, a leading provider of integrated facility services, has secured a five-year, $25 million contract with the City of Phoenix to provide janitorial services at Phoenix Sky Harbor International Airport (PHX), Deer Valley Airport (DVT), and Goodyear Airport (GYR). This partnership spans 4.8 million square feet and aims to enhance traveler experience, operations, and sustainability. With close to 49 million travelers annually at PHX, ABM's proven track record at major US airports makes it a fitting partner. This contract underscores ABM's leadership in the sector, focusing on data-driven, quality service and environmental goals.

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ABM announced a partnership with Rezcomm to enhance its ABM Vantage Smart Parking platform. The collaboration will be showcased at the 2024 IPMI Parking & Mobility Expo. ABM Vantage, first launched in 2022, integrates parking data, maximizes revenue, and empowers operations with data insights. The partnership aims to enhance parking management through Rezcomm's advanced reservation systems and mobile apps, introduce powerful analytics for data-driven decisions, and improve customer engagement with personalized experiences. Additionally, the platform will integrate sustainable solutions like EV charging infrastructure, supporting ABM's commitment to eco-friendly practices.

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ABM (NYSE: ABM) announced its second quarter fiscal 2024 results, reporting a 2% revenue increase to $2.0 billion, driven entirely by organic growth. However, net income decreased by 16% to $43.8 million, and GAAP EPS fell by 12% to $0.69. Adjusted EBITDA dropped by 9% to $125.3 million, and adjusted EPS declined by 3% to $0.87. On the positive side, operating cash flow rose significantly to $117.0 million, and free cash flow increased to $101.4 million. The company also raised its fiscal year 2024 adjusted EPS outlook to a range of $3.40 to $3.50 from the prior range of $3.30 to $3.45. CEO Scott Salmirs highlighted the company's strong cash flow, successful organic revenue growth in multiple segments, and ongoing strategic initiatives as key factors contributing to their performance.

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ABM (NYSE: ABM), a top provider of integrated facility services, has been named among Barron's 100 Most Sustainable Companies for 2024. This marks the second consecutive year ABM has received this honor, highlighting its strong environmental sustainability performance among the 1,000 largest publicly traded companies in the U.S.

The recognition emphasizes ABM's commitment to innovative, environmentally sustainable practices, including on-site renewable electricity, energy-reducing infrastructure upgrades, EV fleet charging solutions, zero-waste certifications, and the use of certified green building supplies. Barron's, along with Calvert Research and Management, assessed companies based on their impact on shareholders, employees, customers, the community, and the planet, analyzing over 230 sustainability indicators.

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ABM (NYSE: ABM) has announced a 10-year partnership with Utica University to enhance campus-wide facilities management. ABM will implement its ABM Performance Solutions™ model, offering a comprehensive 'one team' approach to services such as janitorial, maintenance, landscaping, and snow removal across 900,000 square feet of the university's space. This collaboration aims to create a cleaner, healthier, and more efficient learning environment. The partnership also supports local employment and community resources. ABM’s advanced technology and data-driven solutions will ensure performance standards are met.

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ABM (NYSE: ABM), a leader in facility services, announced that Scott Salmirs, its President and CEO, has topped the Empower Advocates 2024 Role Model list for the second consecutive year. This accolade recognizes his efforts in fostering an inclusive environment for people of color in business. Salmirs attributes this honor to the team's collective work in promoting diversity and inclusion at ABM. The company prides itself on having one of the most diverse workforces among NYSE-listed firms and has implemented initiatives like the Culture & Inclusion Council, Employee Resource Groups, and a Supplier Diversity Program to support this mission. The recognition underscores the importance of inclusivity in corporate leadership and the impact of ABM's ongoing efforts.

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ABM (NYSE: ABM), a key player in facility solutions, will announce its fiscal second quarter 2024 financial results on June 6, 2024, before market open. The company will hold a conference call at 8:30 AM (ET) that day, accessible via audio webcast on the ABM website or by phone. The event will include a supplemental presentation available on the company's website. A replay of the webcast and call will be available from approximately three hours post-webcast until June 20, 2024, with the webcast replay accessible on the website for 90 days.

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ABM, a leader in integrated facility services and infrastructure solutions, is expanding its eMobility solutions to support fleet electrification across various sectors. With over 30,000 EV ports installed nationwide, ABM is a key player in energy infrastructure solutions. The company will showcase its offerings at the ACT Expo from May 20-23. ABM aims to help clients scale fleet electrification with services like design, engineering, installation, maintenance, and power resiliency. Recent expansions include acquiring RavenVolt and partnering with Noodoe to develop a proprietary EV operating system. ABM's Electrification Center in Forsyth County, GA, centralizes its eMobility operations and training.

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ABM (NYSE: ABM), a leading provider of integrated facility services, has been named one of the 2024 Best Places to Work in Healthcare by Modern Healthcare. This is the seventh time ABM has received this recognition, highlighting its commitment to a positive workplace culture. The company provides a range of services including environmental disinfection, maintenance, patient transport, and more, particularly in healthcare settings. ABM will be honored at the Best Places to Work in Healthcare Awards Gala on October 10 in Nashville, TN. Valerie Burd, President of Business & Industry, and Thomas McCullough, Vice President of Healthcare, emphasized the importance of employee satisfaction in delivering exceptional client experiences.

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FAQ

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 Incorporated

NYSE:ABM

ABM Rankings

ABM Stock Data

3.30B
61.85M
1.53%
94.99%
3.13%
Janitorial Services
Administrative and Support and Waste Management and Remediation Services
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United States of America
NEW YORK