ABM Industries Tops Q3 Backed By Acquisitions, Robust Demand For Core Janitorial, Engineering Services, eMobility

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  • ABM Industries, Inc ABM reported third-quarter revenue growth of 27.1% year-over-year to $1.96 billion, comprised of 7.4% organic growth and 19.7% from acquisitions, beating the consensus of $1.91 billion.
  • Adjusted EPS of $0.94 beat the consensus of $0.90.
  • The operating profit was $88.7 million against a loss of $(9.4) million a year ago.
  • ABM generated $40.7 million in operating cash flow.
  • Adjusted EBITDA margin contracted 110 bps to 6.6%, primarily reflecting service mix changes and cost increases.
  • ABM held $63.9 million in cash and equivalents.
  • Dividend: The Company declared a cash dividend of $0.195 per common share.
  • Scott Salmirs, the CEO, commented, "ABM delivered solid third-quarter results highlighted by double-digit growth of both revenue and adjusted EBITDA. This performance reflected the benefit of recent acquisitions, healthy demand for our core janitorial and engineering services, as well as continued strong growth in eMobility."
  • FY22 Outlook: ABM narrowed guidance for adjusted EPS to $3.60 - $3.70 from $3.50 to $3.70 versus a consensus of $3.64.
  • Price Action: ABM shares are trading higher by 2.02% at $46.99 during the pre-market session on Friday.
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