Welcome to our dedicated page for ABM Industries news (Ticker: ABM), a resource for investors and traders seeking the latest updates and insights on ABM Industries stock.
ABM Industries, Inc. (NYSE: ABM) generates a steady stream of news as one of the world’s largest providers of integrated facility, engineering, and infrastructure solutions. Company announcements highlight its role in making spaces cleaner, safer, and more efficient for clients across commercial real estate, aviation, education, mission critical environments, and manufacturing and distribution.
On this page, readers can follow ABM’s updates on financial performance, strategic initiatives, and sector-specific projects. Recent releases include quarterly and full-year earnings reports that discuss segment trends in Business and Industry, Aviation, Education, Manufacturing and Distribution, and Technical Solutions, as well as commentary on organic growth, cash flow, and capital allocation through share repurchases and dividends.
ABM’s news also covers infrastructure and technical projects, such as its work with the Alexandria, Virginia, Transit Company (DASH) to install an in-route pantograph charger, power cabinets, and supporting electrical infrastructure for electric bus charging. Announcements related to the definitive agreement to acquire WGNSTAR provide insight into ABM’s expansion into semiconductor and high-technology manufacturing services through managed workforce and equipment support solutions.
Governance and leadership developments feature prominently, with updates on board appointments, committee assignments, and executive promotions in areas like information technology and corporate strategy. Recognition items, such as ABM’s inclusion on Selling Power’s list of 60 Best Companies to Sell For, offer additional context on the company’s culture and sales organization.
Investors and observers can use this news feed to monitor ABM’s earnings releases, acquisition activity, infrastructure projects, and leadership changes in one place, returning regularly to see how the company’s integrated facility, engineering, and infrastructure solutions evolve across its key end markets.
ABM reported Q3 2020 revenues of $1.394 billion, a decrease of 15.4% compared to last year, largely due to COVID-19 disruptions. However, GAAP income from continuing operations rose 53.4% to $56 million, or $0.83 per diluted share, supported by favorable prior year adjustments. Adjusted income increased 24.6% to $50.1 million, or $0.75 per diluted share. Free cash flow reached $121 million, reflecting strong operational management. Notably, the company declared its 218th consecutive quarterly dividend of $0.185. Guidance for fiscal 2020 remains uncertain due to ongoing pandemic impacts.
ABM (NYSE: ABM) has launched its EnhancedClean™ program nationwide, aimed at providing safe and effective disinfection services to clients and the public. This three-step approach includes certified disinfection processes, utilizing EPA-approved disinfectants and advanced technologies like electrostatic sprayers. EnhancedClean is designed to mitigate the spread of COVID-19 and other pathogens in various facilities, ensuring health and safety. The program reflects ABM's commitment to upholding the highest standards in cleaning protocols, facilitated by ongoing training and expert advisory support.
ABM has appointed Melanie Kirkwood Ruiz as its new Chief Information Officer. Previously at Cushman & Wakefield, she brings 20 years of experience in technology and various industries. Ruiz will oversee ABM's IT optimization, enhance client-facing technologies, and lead the company's technology strategy. ABM, a leading facility solutions provider with approximately $6.5 billion in revenue and 140,000 employees, aims to better align its digital capabilities with strategic priorities under Ruiz's leadership.
ABM (NYSE: ABM), a facility solutions provider, has launched an Expert Advisory Council comprising leading experts in infectious disease and industrial hygiene. This council will enhance ABM's EnhancedClean™ program, which is aimed at ensuring safe environments through certified disinfection processes. The initiative is in response to increasing demand for expertise in facility safety amid the COVID-19 pandemic. The advisory council includes renowned professionals like Dr. Ruth Carrico and Nancy M. McClellan, who bring valuable experience from their respective fields.
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ABM reported a 6.2% revenue decline to $1.496 billion in Q2 2020, largely due to COVID-19 impacts. The net loss was $136.8 million or $2.05 per diluted share, attributed to a $172.8 million goodwill impairment. However, adjusted income from continuing operations rose by 28.3% to $40.4 million, with an adjusted EBITDA increase to $91 million and a margin of 6.1%. ABM's liquidity was strengthened through a $300 million credit draw, maintaining compliance with debt covenants. The company declared its 217th consecutive quarterly dividend of $0.185 per share, reflecting ongoing cash generation despite challenges.
ABM (NYSE: ABM) announces the resignation of CFO D. Anthony Scaglione, effective July 1, 2020. Scaglione, who has served in the role since 2015, will assist in the transition. Dean Chin, current Senior VP and Chief Accounting Officer, will take over as interim CFO. Scott Salmirs, CEO, praised Scaglione's contributions to ABM’s financial strategy and growth. ABM, with revenues around $6.5 billion and 140,000 employees, offers facility solutions including janitorial, energy solutions, and HVAC services, across various sectors.
ABM (NYSE: ABM) announced that it will release its earnings results for the fiscal second quarter 2020 on June 17, 2020, after market close. A conference call will be held on June 18, 2020, at 8:30 AM (ET) accessible via audio webcast on their website. ABM is a leading provider of facility solutions with revenues of approximately $6.5 billion and about 140,000 employees worldwide. The company offers integrated services including janitorial, electrical, energy solutions, and more, catering to diverse clients from schools to airports.
ABM has amended its senior secured credit agreement, enhancing financial flexibility during the COVID-19 pandemic. The credit facility includes an $800 million revolving line of credit and an $800 million amortizing term loan, both maturing on September 1, 2022. As of April 30, 2020, ABM reported over $500 million on its balance sheet after drawing $300 million from its revolving credit. The amendment modifies existing covenants, allowing for a maximum total net leverage ratio, while also preserving dividend considerations. The changes are effective as of May 28, 2020.