ABM Increases Dividend 18%

Rhea-AI Summary

ABM announced an 18% increase in its quarterly cash dividend to $0.265 per common share, up from $0.225. The dividend will be payable on February 3, 2025, to shareholders of record on January 2, 2025. This marks the company's 235th consecutive quarterly dividend and 57th consecutive year of dividend increases. The Board's decision reflects confidence in ABM's growth trajectory and strategic vision. The company aims to achieve a long-term dividend payout ratio of approximately 30% of adjusted net income while maintaining its ability to invest in business growth.

Positive

• 18% increase in quarterly dividend to $0.265 per share
• 57 consecutive years of dividend increases demonstrates financial stability
• 235th consecutive quarterly dividend payment shows consistent shareholder returns
• Strong cash generation ability supporting both dividends and business investment

Negative

• None.

Quarterly dividend increased to $0.265 from $0.225 per common share

NEW YORK, Dec. 05, 2024 (GLOBE NEWSWIRE) -- ABM (NYSE: ABM), a leading provider of facility solutions, today announced that its Board of Directors has approved a quarterly cash dividend of $0.265 per common share, which is a 18% increase from the prior quarterly cash dividend of $0.225 per common share. The increased dividend is payable on February 3, 2025, to shareholders of record on January 2, 2025. This will be the Company’s 235^th consecutive quarterly cash dividend and represents the 57^th consecutive year of ABM raising its dividend.

Sudhakar Kesavan, Chairman of the Board of Directors of ABM, commented, “This dividend increase reflects the Board’s continued confidence in ABM’s growth trajectory, strategic vision, and philosophy of balanced capital allocation.”

“I am pleased the Board of Directors has approved our dividend increase,” said Scott Salmirs, ABM’s President & Chief Executive Officer. “This puts us on a solid path to achieve our long-term dividend payout ratio target of around 30% of adjusted net income. It is also an affirmation of the resilience of our business model, market positioning, and our ability to generate cash, which affords us the opportunity to consistently return capital to shareholders while still continuously investing in our business.”

ABOUT ABM

ABM (NYSE: ABM) is one of the world’s largest providers of integrated facility services. A driving force for a cleaner, healthier, and more sustainable world, ABM provides essential services that improve the spaces and places that matter most. From curbside to rooftop, ABM offers a comprehensive array of facility services that include janitorial, engineering, parking, electrical & lighting, energy solutions, HVAC & mechanical, landscape & turf, and mission critical solutions. ABM delivers these custom facility solutions to properties across a wide range of industries – from commercial office buildings to schools, airports, hospitals, data centers, manufacturing plants and distribution centers, entertainment venues and more. Founded in 1909, ABM today has annualized revenue exceeding $8 billion and more than 100,000 team members in 350+ offices throughout the United States, United Kingdom and other international locations. For more information, visit www.abm.com.

Contact:
Investor Relations:
Paul Goldberg
212-297-9721
ir@abm.com

FAQ

What is ABM's new quarterly dividend amount for 2025?

ABM's new quarterly dividend is $0.265 per common share, an 18% increase from the previous $0.225 per share.

When will ABM's increased dividend be payable?

The increased dividend will be payable on February 3, 2025, to shareholders of record on January 2, 2025.

How many consecutive years has ABM increased its dividend?

ABM has increased its dividend for 57 consecutive years, with this being its 235th consecutive quarterly dividend payment.

What is ABM's target dividend payout ratio?

ABM aims to achieve a long-term dividend payout ratio of approximately 30% of adjusted net income.