ABM Industries Stock Price, News & Analysis

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.

ABM has launched a project in partnership with the New York Power Authority to develop overhead electric bus charging infrastructure for New York City Transit, aligning with New York’s clean energy goals. The project is in the design phase, preparing facilities for electric buses set to operate by late 2022. Significant installations will occur in bus depots in Manhattan, Brooklyn, and the Bronx. ABM aims to support the Metropolitan Transportation Authority's commitment to a fully electric bus fleet by 2040, leveraging its extensive experience with over 20,000 EV charging ports installed.

ABM reported strong financial results for Q3 2021, with revenue of $1.54 billion, up 10.7% year-over-year, driven by growth across all business segments. Adjusted EPS increased by 20% to $0.90, reflecting a favorable business trend and efficient operations. The company raised its FY 2021 adjusted EPS guidance to $3.45-$3.55, influenced by robust year-to-date performance. Notably, ABM announced plans to acquire Able Services, enhancing its capabilities and targeting $30-$40 million in operating synergies.

ABM will release its fiscal third quarter 2021 earnings on September 8, 2021, after market close. A conference call will follow on September 9, 2021, at 8:30 AM (ET). Interested parties can access the call via audio webcast on the Company's website or by dialing (877) 451-6152. A supplemental presentation will accompany the webcast, and a replay will be available two hours post-call until September 23, 2021. ABM, with revenues of approximately $6.0 billion and over 100,000 employees, provides comprehensive facility solutions globally.

ABM has announced a definitive agreement to acquire Able Services for $830 million, a transaction expected to enhance its revenue streams by adding $1.1 billion in engineering and janitorial services. The acquisition will elevate ABM's engineering revenues to nearly $2 billion and create operational synergies estimated at $30 million to $40 million. The deal is anticipated to be accretive to adjusted earnings per share immediately post-closing. With a strong focus on sustainability and energy efficiency, the merger aims to strengthen ABM's market position in facility solutions.

ABM (NYSE: ABM) has reached a $140 million settlement regarding the longstanding Bucio overtime case, which was filed in 2006. This settlement, pending court approval, addresses claims related to a legacy timekeeping system no longer in use since 2013. To facilitate this settlement, ABM will reserve $110 million in Q3 2021, in addition to a previously reserved $30 million. While the company admits no wrongdoing, it asserts the settlement alleviates ongoing litigation costs and uncertainties, allowing focus on strategic growth. Updated GAAP income guidance will follow in early September.

ABM (NYSE: ABM) has launched an Energy Savings Performance Contract (ESPC) for the City of Emporia, projected to save $2.1 million in energy and operational costs over 20 years. The project includes upgrading city-wide water meters with Advanced Metering Infrastructure (AMI), enhancing sustainability and operational efficiency. Additional benefits are expected to exceed $5.1 million, with infrastructure improvements at municipal buildings and water conservation initiatives. The project also updates lighting systems and HVAC in key public facilities.