ABM Industries Incorporated - ABM STOCK NEWS

ABM Industries has acquired Quality Uptime Services, a key player in the critical power services industry, for an all-cash price of $119 million. Quality Uptime, based in Bethel, CT, specializes in UPS maintenance and emergency services for data centers and other facilities. Its 130 employees will join ABM’s Mission Critical Solutions group within the Technical Solutions segment.

The acquisition aims to double ABM’s mission-critical revenue in the first year, driven by increased investments in AI and data center infrastructure. Quality Uptime will maintain its brand identity while leveraging ABM's resources in electrification and microgrids. The integration will enhance ABM’s service offerings, including electrical testing, UPS and battery maintenance, and critical cooling solutions.

ABM’s CEO Scott Salmirs highlighted the acquisition's alignment with the company's ELEVATE strategy, focusing on innovation and comprehensive solutions for the growing data center market.

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.

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.

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.

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.

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.

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.

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.

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.