ABM Industries Stock Price, News & Analysis

ABM Completes Acquisition of Momentum Support

On April 7, 2022, ABM (NYSE: ABM) announced the acquisition of Momentum Support, a leading provider of facility services in Ireland, for an undisclosed cash amount. Momentum generated approximately $70 million in revenue in 2021 and employs 2,300 staff. This acquisition expands ABM’s footprint in key markets and enhances its service offerings in technology and life sciences. ABM's CEO, Scott Salmirs, highlighted the strategic benefits of the acquisition, including access to Momentum's blue-chip clients and the potential for cross-selling services.

ABM Industries has joined the International WELL Building Institute (IWBI) as a cornerstone member, aiming to promote healthier building environments. This partnership is critical as organizations seek to create safer spaces in light of the ongoing COVID-19 pandemic. With a workforce exceeding 100,000, ABM intends to leverage IWBI's resources to enhance their wellness initiatives and combat viral transmission. The WELL Building Standard will guide ABM's strategies to deliver healthier facilities, aligning with industry best practices and advancing public health.

ABM reported a strong first quarter for fiscal 2022, achieving $1.9 billion in revenue, marking a 29.7% year-over-year increase. This included 9.1% organic growth, primarily driven by a 42% revenue gain in the Aviation sector. The company posted a net income of $76.0 million and a GAAP EPS of $1.11. ABM initiated a share repurchase program and raised its full year guidance for GAAP EPS to between $2.65 and $2.85.

Despite challenges in the labor market and a decrease in high-margin disinfection services, ABM maintains a favorable outlook.

ABM, a leading facility solutions provider, will release its fiscal first quarter 2022 earnings on March 8, 2022, after market close. A conference call is scheduled for the same day at 5:00 PM (ET) to discuss the results. Interested parties can access the call via an audio webcast or by phone. ABM operates in over 350 offices globally, providing comprehensive services, including janitorial, engineering, and more, with an annual revenue exceeding $6 billion.

On December 15, 2021, ABM hosted a virtual Investor Day, detailing its strategic growth plan known as ELEVATE. The initiative focuses on enhancing the client and team member experiences and leveraging industry-leading technology and data. Key components include forming a new Manufacturing & Distribution group and enhancing existing industry structures to better support clients. CEO Scott Salmirs emphasized that these changes are designed to unlock long-term value and improve operational performance, particularly in light of evolving market trends and the impacts of COVID-19.

ABM reported Q4 revenue of $1.7 billion, a 14.2% increase year-over-year, driven by a 7.4% organic growth. Continuing EPS was $0.50, with adjusted EPS at $0.85. The full-year GAAP EPS reached $1.86, while adjusted EPS was $3.58, exceeding guidance. The acquisition of Able Services enhanced capabilities and growth potential. The company announced a 2.6% dividend increase, marking its 223rd consecutive dividend. For FY 2022, GAAP EPS guidance is $2.05 to $2.30, with adjusted EPS of $3.30 to $3.55.

ABM (NYSE: ABM) will announce its fiscal fourth quarter and full year 2021 financial results on December 15, 2021, at 7:30 AM ET. A Virtual Investor Day will follow from 8:30 AM to 11:30 AM ET, led by CEO Scott Salmirs and the senior leadership team. They will present the company’s strategic plans and financial targets, along with the fourth quarter results. The presentation can be accessed via webcast on the company's website and will be archived for 90 days. ABM, with revenues of approximately $6 billion, provides diverse facility solutions.

ABM Industries (NYSE: ABM) has appointed Paul Goldberg as Senior Vice President of Investor Relations, effective immediately. Goldberg, with over 25 years of investor relations experience, previously held leadership roles at Atotech and Dover Corporation. His expertise will enhance ABM's investor communications as the company implements its long-term growth strategy. ABM currently generates approximately $6 billion in revenue and employs over 100,000 individuals across more than 350 locations. This strategic hire aims to strengthen ABM's engagement with the investor community.

ABM Industries (NYSE: ABM) has finalized its acquisition of Able Services, enhancing its facilities services portfolio. This strategic move is expected to generate nearly $2 billion in combined annual revenue. The acquisition strengthens ABM's engineering and technical capabilities while expanding its sustainability offerings. ABM, with approximately $6 billion in revenue and a workforce exceeding 100,000, aims to leverage this acquisition to better address client needs and innovate solutions within the facility management sector.