ABM Industries Stock Price, News & Analysis

ABM Increases Quarterly Dividend

ABM (NYSE: ABM) announced a quarterly cash dividend increase from $0.195 to $0.22 per common share, effective February 6, 2023, for shareholders on record by January 5, 2023. This 12.8% increase reflects the company’s growth and the Board’s confidence in its cash flow. ABM aims to elevate its dividend payout ratio to 30%-35% of adjusted net income. ABM has now issued 227 consecutive quarterly cash dividends, showcasing its commitment to returning value to shareholders.

ABM, a leading facility solutions provider, will release its earnings for fiscal Q4 2022 on December 13, 2022, after market close. A conference call is scheduled for the same day at 5:00 PM (ET), accessible via audio webcast on the company’s website or by phone. Founded in 1909, ABM generates over $7 billion in annual revenue with more than 100,000 employees in over 350 offices globally. The company offers essential services across various industries, enhancing clean and sustainable environments.

ABM (NYSE: ABM), a leader in integrated facility services, will have its President and CEO, Scott Salmirs, and CFO, Earl Ellis, present at the RW Baird Global Industrial Conference in Chicago, IL, on November 8, 2022, at 11:50 AM ET. The presentation will be available via a live video webcast on the company’s website, ABM.com, with a replay accessible for 90 days post-event. Founded in 1909, ABM provides a range of essential services across various industries, generating over $7 billion in annual revenue and employing more than 100,000 team members worldwide.

ABM Initiates Energy Performance Contracting

On October 13, 2022, ABM announced the launch of an Energy Performance Contracting program for the Abbeville County School District in South Carolina. The project is expected to yield $4.9 million in energy and operational savings over the next 15 years. The initiative includes upgrades to lighting, HVAC, and water conservation systems across all eight schools, aimed at enhancing air quality and operational efficiency while allowing funds to be redirected to educational initiatives.

ABM reported a 27.1% year-over-year revenue increase to $2.0 billion, with 7.4% organic growth and significant contributions from acquisitions. Net income surged to $56.8 million or $0.85 per share, reversing a prior loss. Adjusted EBITDA rose 11% year-over-year to $125.5 million, reflecting a 6.6% margin. The outlook for 2022 adjusted EPS is now cautiously optimistic at $3.60 to $3.70. The acquisition of RavenVolt aims to enhance energy solutions. However, inflation and labor costs remain challenges.

ABM (NYSE: ABM) has appointed James “Jim” DeVries, former President and CEO of ADT, to its Board of Directors. With extensive experience in corporate leadership and operational excellence, DeVries is expected to bring valuable insights to ABM's ELEVATE strategy. Sudhakar Kesavan, Chairman of the Board, emphasized DeVries’ transformative leadership at ADT, while ABM's CEO Scott Salmirs anticipates his counsel will further the company’s sustainable growth. ABM operates as a leading provider of integrated facility services, boasting over $7 billion in annual revenue.

ABM has successfully completed the acquisition of RavenVolt, a prominent provider of advanced turn-key microgrid systems. This acquisition enhances ABM's Technical Solutions industry group and targets diverse customers, including national retailers and utilities. With this move, ABM aims to strengthen its position in the integrated facility services market by incorporating innovative energy solutions. The deal underscores ABM's commitment to sustainable practices, with annual revenue exceeding $7 billion and a workforce of over 100,000 across more than 350 offices worldwide.