ABM Industries Stock Price, News & Analysis

ABM announced advancements to its smart parking solution, ABM Vantage, specifically designed for the aviation sector. This initiative aims to enhance the overall guest parking experience at airports, aligning with growing travel demands as reported by the U.S. Travel Association, which noted that over 50% of Americans are expected to travel for leisure in the first half of 2023. The new services integrate seamlessly with existing infrastructure and provide features like electric vehicle charging and valet services. ABM operates in 27 of the top 30 U.S. airports and recently collaborated with LAWA to implement a smart parking solution at LAX, winning the Innovative Facility of the Year award. This solution supports clients in achieving ESG goals by reducing emissions and improving connectivity.

ABM Acquires Momentum Support, rebranding it across Ireland following its acquisition in April 2022. This move enhances ABM's market entry in Ireland, allowing cross-selling opportunities to both Momentum's blue-chip clients and ABM's legacy customers. The rebranding aligns with ABM's commitment to excellence and customer service. It includes updates to uniforms, signage, and other branding materials across a workforce of over 2,300 employees. ABM, a leading facility services provider, boasts annual revenues nearing $8 billion and operates in various sectors including technology and life sciences.

ABM has secured a multi-year agreement to provide housekeeping and staffing solutions for Tropicana Field and Al Lang Stadium in St. Petersburg, Florida. This partnership enhances ABM's portfolio, now servicing over 100 venues across the U.S., including six MLB stadiums. The agreement emphasizes local hiring, aiming for 38% participation from minority, women, and disadvantaged enterprises. ABM also commits to sustainability initiatives, targeting zero waste and a 90% landfill diversion rate at the stadiums. With over 1,100 LEED-certified sites, ABM aims to improve the environmental standards of these venues.

ABM reported fiscal Q1 2023 revenue of $2.0 billion, up 3% year-over-year with 1% organic growth. Net income was $38.5 million, translating to GAAP EPS of $0.58. The adjusted EBITDA for the quarter was $122.7 million, with a margin of 6.4%. Despite a decline in high-margin virus protection services, growth was driven by Manufacturing & Distribution and Aviation. The company reaffirmed its fiscal 2023 adjusted EPS outlook between $3.40 and $3.60. ABM maintains a strong liquidity position with approximately $651.2 million available, and declared a cash dividend of $0.22 per share.

Xylem (NYSE: XYL) has appointed Earl Ellis to its Board of Directors, effective March 9, 2023. Mr. Ellis, currently the CFO of ABM Industries (NYSE: ABM), brings over 25 years of financial expertise from his roles at major public companies like Best Buy and Campbell Soup. Xylem's leadership expressed excitement about his ability to enhance financial strategies and support growth while promoting diversity and sustainability initiatives. The company, a global leader in water technology, reported $5.5 billion in revenue for 2022 and aims to strengthen its solutions globally.

ABM (NYSE: ABM) has announced its fiscal first quarter 2023 earnings results will be released on March 8, 2023, before market open. A conference call will follow at 8:30 AM (ET), accessible via audio webcast or by phone. The company, a leading provider of integrated facility services, aims to enhance sustainability and health through its diverse offerings. With annualized revenue nearing $8 billion and over 100,000 employees, ABM serves various industries, including healthcare, education, and entertainment. A replay of the call will be available post-event until March 22, 2023.