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Jan 31, 2022
ABM Q1 2022 Earnings Report
Reported solid first quarter results driven by organic revenue growth and the Able acquisition.
Key Takeaways
ABM reported a strong start to fiscal year 2022, with revenue of $1.9 billion, a 29.7% increase over the prior year, driven by 9.1% organic growth and the Able acquisition. The company is raising its full fiscal year guidance for EPS due to this strong performance and a favorable outlook.
Revenue increased by 29.7% year-over-year to $1.9 billion, including 9.1% organic growth and 20.6% from the Able acquisition.
Organic revenue growth was led by Aviation (42%) and Technical Solutions (26%).
GAAP net income was $76.0 million, or $1.11 per diluted share, compared to $74.6 million, or $1.10 per diluted share last year.
The company is raising its full fiscal year guidance for EPS.
Forward Guidance
The Company is raising full fiscal year guidance for earnings per diluted share on both a GAAP and adjusted basis. For full year 2022, the Company now expects GAAP EPS of $2.65 to $2.85, compared to $2.05 to $2.30 previously. The Company also expects adjusted EPS of $3.50 to $3.70, up from $3.30 to $3.55 previously, representing a 5% increase at the mid-point of the range. Adjusted EBITDA margin is now expected to be in the range of 6.4% - 6.8%, compared to its prior guidance of 6.2% - 6.6%.
Historical Earnings Impact
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