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Oct 31, 2022
ABM Q4 2022 Earnings Report
ABM generated solid results driven by revenue growth and adjusted EBITDA growth.
Key Takeaways
ABM reported a 19% increase in revenue to $2.0 billion, with 6% organic growth. GAAP net income increased by 43% to $48.9 million, or $0.73 per diluted share. Adjusted EBITDA grew 18% to $130.7 million.
Total revenue growth of 19%, including broad-based organic revenue growth of 6%.
Adjusted EBITDA growth of double-digits.
Strong organic growth in Technical Solutions, Aviation and Manufacturing & Distribution segments.
Benefit from the addition of new clients in Education and solid organic growth in Business & Industry.
Forward Guidance
For fiscal 2023, ABM expects GAAP earnings per diluted share of $2.43 to $2.63, and adjusted EPS of $3.40 to $3.60. Adjusted EBITDA margin is anticipated to be in the range of 6.4% to 6.8%, consistent with recent performance. Interest expense is expected to be in the range of $71 million to $74 million for fiscal 2023.
Positive Outlook
- Leverage unmatched scale and breadth of services.
- Enhance growth and profitability through ELEVATE investments in technology, people and complementary acquisitions.
- Core janitorial and engineering solutions generate consistent earnings and cash flows.
- Reinvest in adjacent growth opportunities.
- Return cash to shareholders through a growing dividend and share repurchases.
Challenges Ahead
- Continue to face labor-related pressures in the near-term.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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