UL Solutions - ULS STOCK NEWS

UL Solutions has unveiled new features and content for its UL 360 software, aimed at aiding companies in adhering to the EU's Corporate Sustainability Reporting Directive (CSRD). These updates form part of the ULTRUS™ brand, designed to enhance global safety and sustainability initiatives. The new CSRD features and the ESG Disclosure module help businesses manage extensive and costly data analysis, saving time and money in preparation for mandatory verifications. CSRD, applicable to both EU and significant non-EU businesses, expands previous regulations to increase detailed sustainability reporting. By 2028, over 50,000 companies are expected to comply with CSRD requirements.

Governor J.B. Pritzker has declared June 3 as UL Solutions Day in Illinois, recognizing the company's extensive contributions to safety science since its founding in Chicago in 1894. UL Solutions, listed on the NYSE under the symbol ULS, provides testing, inspection, certification services, and software products across over 35 industries, impacting sectors such as sustainable energy, consumer technology, and automotive. The company's global presence is marked by its iconic UL Mark on billions of products. CEO Jennifer Scanlon expressed excitement about the recognition, highlighting UL's mission of working for a safer world.

UL Solutions, a global leader in applied safety science, announced its participation in the 44th Annual William Blair Growth Stock Conference. The event is scheduled for Tuesday, June 4. Senior management from UL Solutions will present, and the investor presentation will be available on the company's Investor Relations section of its website on the same day.

UL Solutions (NYSE: ULS) has opened a new battery enclosure material screening (BEMS) laboratory in Ise, Mie, Japan, aimed at enhancing electric vehicle (EV) battery safety. This facility will allow automotive manufacturers to test and compare various materials for battery enclosures, important for preventing battery fires and thermal runaway events. The lab will employ advanced methods like the Battery Enclosure Thermal Runaway (BETR) evaluations and Torch and Grit (TaG) test method. This marks UL Solutions' second BEMS lab, furthering its commitment to advancing EV safety and supporting the automotive industry in developing lighter and safer batteries.

UL Solutions, listed on the NYSE under the ticker symbol ULS, has declared a quarterly dividend of $0.125 per share. This dividend will be distributed on June 18, 2024, to shareholders who are recorded in the company's books as of June 3, 2024. The announcement underscores UL Solutions' commitment to delivering shareholder value, highlighting its ongoing efforts in applied safety science.

UL Solutions, a global leader in applied safety science (NYSE:ULS), has acquired BatterieIngenieure, a German company specializing in battery performance testing. This acquisition enhances UL Solutions' battery testing capabilities, adding a lab in Europe and expanding their global EV battery testing footprint.

BatterieIngenieure provides comprehensive testing, simulation, and failure analysis, employing over 50 battery researchers. The acquisition supports UL Solutions' mission of advancing battery innovation and safety, leveraging BatterieIngenieure's strong relationships with European automotive manufacturers and their ongoing expansion of testing facilities.

The transaction was finalized on May 22, 2024, though financial terms were undisclosed.

UL Solutions has announced a collaboration with Efectis Era Avrasya to enhance fire door testing in Southeast Europe and the Middle East. The initiative aims to support regional fire door manufacturers by providing a local testing lab in Dilovasi, Turkey, through the UL Solutions Witnessed Test Data Program (WTDP). This partnership will help manufacturers meet increasing demand and comply with stricter building codes, facilitating quicker and cost-effective product certification. The Middle East construction materials market is expected to grow at an 8% CAGR between 2024-2030, and the Turkish construction sector grew by 5.1% in 2023 due to post-earthquake reconstruction efforts.

UL Solutions Inc. (NYSE: ULS) reported strong results for Q1 2024 ending March 31st. Revenue grew by 6.5% to $670 million, with 7.5% organic growth. Net income rose to $60 million, translating to $0.28 per diluted share. Adjusted net income increased by 13% to $61 million, and adjusted EBITDA grew by 18% to $131 million, expanding the margin to 19.6%. The company completed an upsized IPO on April 12th, 2024. Despite a decrease in operating cash flow to $141 million and free cash flow to $84 million, UL Solutions maintained strong cash generation and ended the quarter with $344 million in cash and equivalents. Each business segment, especially Industrial and Consumer, showed robust growth, with significant gains in revenue and EBITDA. However, the Software and Advisory segment reported a small operating loss. The company forecasts mid-single-digit organic revenue growth for 2024, driven by trends like electrification and digitalization.

UL Solutions (NYSE: ULS) awarded Nan Shan Life Insurance Co. the first UL Verified Healthy Building Mark in Taiwan for its headquarters in Taipei City. The certification acknowledges the company's commitment to indoor environmental quality (IEQ) across indoor air, water, hygiene, lighting, and acoustics.

The UL Verified Healthy Building Mark helps address the evolving demands for healthy building environments in the commercial real estate sector. Nan Shan Life underwent rigorous performance testing and visual inspections to achieve this designation, which includes an annual assessment and mid-year surveillance.

Sean McCrady and Jonathan T.H. Chen of UL Solutions presented the award at a ceremony on May 13, highlighting the milestone's significance for enhancing tenant, employee, and visitor well-being.