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 reports developments in integrated facility, engineering and infrastructure services across commercial real estate, aviation, education, mission critical, manufacturing and distribution markets. Company news commonly covers operating and financial results, dividends, share repurchases, client partnerships, and service programs such as ABM Performance Solutions for facility operations, maintenance, cleaning and performance management.
ABM updates also describe technology-enabled facility platforms, including ABM Connect, and infrastructure work tied to energy systems and EV charging. Recent company developments include expanded technical capabilities in semiconductor fabrication environments following the completed WGNSTAR acquisition.
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.