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- ABM Industries, Inc ABM reported first-quarter FY23 revenue growth of 3% year-over-year to $1.99 billion, comprised of 1% organic growth and 2% from acquisitions, missing the consensus of $2.02 billion.
- Adjusted EPS of $0.79 beat the consensus of $0.77.
- Operating profit was $71.4 million, down from $106 million a year ago.
- Adjusted EBITDA margin was 6.4% versus 6.6% last year, primarily reflecting service mix changes and labor cost increases.
- ABM held $87.9 million in cash and equivalents. It used $(70.9) million in operating cash flow.
- CEO Scott Salmirs said, "Our performance also reflected favorable demand for our core janitorial, engineering, and parking services, most notably in Manufacturing & Distribution, Aviation and Education, offset by higher interest expense and the protracted timing of programs in Technical Solutions as we manage through supply chain delays."
- Dividend: The Company declared a cash dividend of $0.22 per common share, payable on May 1, 2023, to shareholders of record on April 6, 2023.
- FY23 Outlook: ABM reiterates guidance for adjusted EPS to $3.40 - $3.60 versus the consensus of $3.52.
- Price Action: ABM shares closed lower by 1.01% at $47.86 on Tuesday.
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