- ABM Industries, Inc. (NYSE:ABM) reported second-quarter revenue growth of 26.7% year-over-year to $1.9 billion, comprised of 7.5% organic growth and 19.2% from acquisitions, beating the consensus of $1.88 billion.
- Adjusted EPS improved to $0.89 from $0.82 in 2Q21, beating the consensus of $0.84.
- The operating profit improved 49.1% Y/Y to $75 million, and the margin expanded by 60 bps to 3.9%.
- ABM Industries used cash from operating activities YTD of $(137.5) million, compared to cash generated of $171.2 million a year ago.
- Adjusted EBITDA increased by 11.5% to $118.9 million, and margin contracted by 85 bps to 6.3%.
- ABM Industries ended the quarter with available liquidity of ~$781 million, inclusive of cash and cash equivalents of $48.9 million.
- ABM repurchased 0.7 million shares during the quarter at an average share price of $43.50, for $30 million.
- Dividend: The Company declared a cash dividend of $0.195 per common share payable on August 1, 2022, to shareholders of record on July 7, 2022.
- FY22 Outlook: ABM expects GAAP EPS of $2.91 to $3.11 (prior expectation was of $2.65 to $2.85).
- It reaffirmed its prior guidance for adjusted EPS of $3.50 to $3.70 vs. a consensus of $3.62 and for an adjusted EBITDA margin of 6.4% - 6.8%.
- Price Action: ABM shares are trading higher by 0.53% at $49.50 during the post-market session on Wednesday.
