ABM Industries Stock Price, News & Analysis

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.

ABM, a leading provider of facility solutions, announced it will release its fiscal third quarter 2022 earnings results on September 9, 2022, before market open. The company will host a conference call at 8:30 AM (ET) on the same day, accessible via audio webcast on the company’s website. Founded in 1909, ABM has annualized revenue exceeding $7 billion and employs over 100,000 team members across more than 350 offices worldwide. The company provides integrated facility services across various sectors, including commercial, educational, and healthcare.

ABM has announced an acquisition of RavenVolt for $170 million in cash, with a potential earn-out of up to $280 million based on performance. RavenVolt, a provider of turn-key microgrid systems, is expected to generate $70 million to $80 million in revenue and $17 million to $19 million in EBITDA in 2022. This acquisition is part of ABM's ELEVATE strategy aimed at expanding its capabilities in the growing microgrid market. The deal is anticipated to close in ABM's fourth fiscal quarter of 2022, pending regulatory approvals.

ABM has secured a new five-year, $125 million custodial contract with the City of Chicago for operations at O’Hare International Airport. This contract expands ABM’s services, which already include contributions to the Terminal 5 renovation since March 2019. The contract covers comprehensive custodial, window cleaning, and hygiene services across Terminals 1, 2, and 3. Additionally, ABM emphasizes its commitment to diversity by partnering with local minority and women-owned businesses, aiming for a workforce that reflects the community.

ABM, a leading parking service provider, unveiled its innovative data-driven platform, ABMVantage, at the International Parking & Mobility Institute Conference in New Orleans. This Smart Parking solution aims to enhance driver experience and increase profitability for parking operators by integrating various technologies for efficient revenue management.

ABMVantage, supporting over 2,000 client locations, is designed to optimize operational efficiencies and revenue potential while reducing costs. With cutting-edge data insights and technology, ABM positions itself as a leader in the evolving parking industry.

ABM, a leader in parking and facility services, will present its innovative smart parking and EV solutions at the 2022 IPMI Parking & Mobility Conference from July 24-27 in New Orleans. The company will highlight its partnership with Los Angeles World Airport (LAX) to enhance parking efficiency and customer experience. The new $294.1 million economy parking facility includes advanced smart parking integration and 1,200 EV chargers. ABM aims to drive revenue growth through technology-driven solutions in the parking sector.

ABM, a leading facility solutions provider, launched an Energy Performance Contracting program for Greene County, Pennsylvania, aiming for $2.9 million in projected savings over 20 years. This initiative enhances indoor air quality and provides upgrades across eight county facilities, including lighting, HVAC, and water conservation improvements. The program emphasizes reduced energy usage and operational costs while ensuring healthier environments. ABM's efforts reflect a commitment to sustainability and efficient resource management, benefiting both the county and the taxpayers.