ABM Industries Stock Price, News & Analysis

ABM has announced an acquisition of RavenVolt for $170 million in cash, with a potential earn-out of up to $280 million based on performance. RavenVolt, a provider of turn-key microgrid systems, is expected to generate $70 million to $80 million in revenue and $17 million to $19 million in EBITDA in 2022. This acquisition is part of ABM's ELEVATE strategy aimed at expanding its capabilities in the growing microgrid market. The deal is anticipated to close in ABM's fourth fiscal quarter of 2022, pending regulatory approvals.

ABM has secured a new five-year, $125 million custodial contract with the City of Chicago for operations at O’Hare International Airport. This contract expands ABM’s services, which already include contributions to the Terminal 5 renovation since March 2019. The contract covers comprehensive custodial, window cleaning, and hygiene services across Terminals 1, 2, and 3. Additionally, ABM emphasizes its commitment to diversity by partnering with local minority and women-owned businesses, aiming for a workforce that reflects the community.

ABM, a leading parking service provider, unveiled its innovative data-driven platform, ABMVantage, at the International Parking & Mobility Institute Conference in New Orleans. This Smart Parking solution aims to enhance driver experience and increase profitability for parking operators by integrating various technologies for efficient revenue management.

ABMVantage, supporting over 2,000 client locations, is designed to optimize operational efficiencies and revenue potential while reducing costs. With cutting-edge data insights and technology, ABM positions itself as a leader in the evolving parking industry.

ABM, a leader in parking and facility services, will present its innovative smart parking and EV solutions at the 2022 IPMI Parking & Mobility Conference from July 24-27 in New Orleans. The company will highlight its partnership with Los Angeles World Airport (LAX) to enhance parking efficiency and customer experience. The new $294.1 million economy parking facility includes advanced smart parking integration and 1,200 EV chargers. ABM aims to drive revenue growth through technology-driven solutions in the parking sector.

ABM, a leading facility solutions provider, launched an Energy Performance Contracting program for Greene County, Pennsylvania, aiming for $2.9 million in projected savings over 20 years. This initiative enhances indoor air quality and provides upgrades across eight county facilities, including lighting, HVAC, and water conservation improvements. The program emphasizes reduced energy usage and operational costs while ensuring healthier environments. ABM's efforts reflect a commitment to sustainability and efficient resource management, benefiting both the county and the taxpayers.

ABM reported a revenue of $1.9 billion for Q2 2022, representing a 26.7% increase year-over-year, with 7.5% organic growth. Net income rose to $48.8 million or $0.72 per diluted share, up 57% from the previous year. Adjusted EBITDA reached $118.9 million, a 12% increase, with an adjusted EPS of $0.89. The company reaffirmed its full-year adjusted EPS guidance of $3.50 to $3.70. ABM secured $795 million in new sales bookings in the first half of 2022, signifying an 11% uptick over last year.

ABM Ventures Launches to Drive Innovation

NEW YORK, May 31, 2022 - ABM has introduced ABM Ventures, a new initiative aimed at investing in sustainable technologies within the facility services sector. This program aligns with ABM's ELEVATE strategy for growth and innovation. ABM Ventures has made its first investment in Recycle Track Systems (RTS), enhancing client access to advanced waste management solutions. With annual revenue over $6 billion and more than 100,000 employees, ABM aims to strengthen its market leadership while promoting sustainability through innovative partnerships.

ABM, a leading provider of facility solutions, will release its fiscal second quarter 2022 financial results on June 8, 2022, after market close. A conference call will be held on the same day at 5:00 PM (ET), accessible via the company's website or by phone. A supplemental presentation will accompany the call, with a replay available shortly after. Founded in 1909, ABM operates with over 100,000 team members and generates annual revenues exceeding $6 billion, providing essential services across various industries worldwide.