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Jul 31, 2021
ABM Q3 2021 Earnings Report
ABM reported strong financial results driven by continued broad-based demand and efficient execution, with double-digit revenue growth across all business segments.
Key Takeaways
ABM Industries reported a revenue of $1.54 billion, up 10.7% year-over-year. The company reported a GAAP loss from continuing operations of $13.7 million, or $0.20 per diluted share, which included a $1.24 per share reserve to resolve outstanding litigation. Adjusted income from continuing operations was $61.3 million, or $0.90 per diluted share, an increase of 22% and 20%, respectively. The company is increasing its guidance for full year 2021 adjusted income from continuing operations to $3.45 to $3.55 per share.
Revenue increased at a double-digit rate, with each business segment achieving year-over-year growth.
Aviation revenue grew more than 50% with segment operating margin higher than pre-pandemic levels.
Technical Solutions' revenues and operating income increased at double-digit rates.
Client demand for disinfection-related services remained elevated, driving revenue growth and enhancing operating profitability.
ABM
ABM
Forward Guidance
The Company is increasing its guidance for full year 2021 adjusted income from continuing operations to $3.45 to $3.55 per share.
Positive Outlook
- Excellent execution on the part of ABM’s team members.
- Accommodated heightened demand for specialized services.
- Managed labor scarcity in an evolving business environment.
- Outlook for the fourth quarter is positive.
- Supported by current business trends.