abm industries inc (ABM) Key Developments
ABM Extends Global Partnership with Sports and Entertainment Leader AEG
Jul 30 15
ABM announced that it has renewed its global partnership with AEG. To date, ABM has partnered with AEG to provide day-to-day, pre-event and post-event cleaning services for a number of its most notable venues including: STAPLES Center in Los Angeles; The O2 arena in London, England, and Barclaycard Arena in Hamburg, Germany; The Los Angeles Convention Center; L.A. Live sports and entertainment district and the Grammy® Museum; StubHub Center in Carson, CA; BBVA Compass Stadium in Houston, TX; Citizens Business Bank Arena in Ontario, CA; and Valley View Casino Center in San Diego, CA.
ABM Industries Incorporated Appoints Tom Gallo as the Company's New Vice President and Treasurer
Jun 29 15
ABM Industries Incorporated announced the appointment of Tom Gallo as the company's new vice president and treasurer. In this capacity, Gallo will be responsible for the company's cash and liquidity management, capital structure, and will lead all
banking relationships associated with the company's syndicated credit facility.
ABM Industries Seeks Acquisitions
Jun 3 15
Anthony Scaglione, Executive Vice President and Chief Financial Officer of ABM Industries Incorporated (NYSE:ABM) said, "Sure, so if you look at our capital structure, as I mentioned in my prepared remarks, we ended the quarter with roughly 2 times leverage. We feel the capital structure we have in place today gives us enough flexibility to ensure that we have the growth opportunities be it either investing in our business, M&A, dividends, share buyback, we have enough flexibility to look at all those areas along with the Board to ensure that we're deploying that capital in the most efficient way."
ABM Industries Incorporated Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended April 30, 2015; Provides Earnings Guidance for the Year 2015; Declares Third Quarter Cash Dividend, Payable on August 3, 2015
Jun 2 15
ABM Industries Incorporated reported unaudited consolidated earnings results for the second quarter and six months ended April 30, 2015. For the quarter, the company reported revenues were $1,270.1 million against $1,231.3 million a year ago. The increase in revenue was due to contributions from acquisitions and organic growth. Operating profit was $30.8 million against $27.9 million a year ago. Adjusted operating profit was $35.9 million against $34.2 million a year ago. Net income was $18.3 million against $15.2 million a year ago. Net income per diluted share was $0.32 against $0.27 a year ago. Adjusted net income was $21.3 million against $18.8 million a year ago. Adjusted net income per diluted share was $0.37 against $0.33 a year ago. Net cash provided by operating activities was $71.4 million against $76.6 million a year ago. Adjusted EBITDA was $52.5 million against $49.4 million a year ago. Income before income taxes was $30.5 million against $26.4 million a year ago.
For the six months, the company reported revenues were $2,559.5 million against $2,457.8 million a year ago. Operating profit was $50.0 million against $51.8 million a year ago. Adjusted operating profit was $61.7 million against $59.8 million a year ago. Net income was $36.0 million against $28.3 million a year ago. Net income per diluted share was $0.63 against $0.50 a year ago. Adjusted net income was $42.8 million against $32.9 million a year ago. Adjusted net income per diluted share was $0.75 against $0.58 a year ago. Net cash provided by operating activities was $39.0 million against $37.7 million a year ago. Adjusted EBITDA was $93.8 million against $90.9 million a year ago. Income before income taxes was $48.5 million against $49.1 million a year ago.
For the year 2015, the company expects guidance for adjusted net income of $1.75 to $1.85 per diluted share and net income of $1.55 to $1.65 per diluted share. This guidance excludes potential benefits associated with an extension of the Work Opportunity Tax Credit (WOTC) for calendar 2015. If Congress were to extend the WOTC for calendar 2015 prior to October 31, 2015, the company could have a further benefit of $0.08 per diluted share.
The company announced that the board of directors has declared a third quarter cash dividend of $0.160 per common share payable on August 3, 2015 to stockholders of record on July 2, 2015.
ABM to Provide Integrated Facility Solutions for Kuehne + Nagel Inc
Jun 1 15
ABM announced that it has signed a national contract to provide a full array of building and facilities management services for Kuehne + Nagel Inc. Under the terms of the multi-year agreement, ABM will self-perform a full array of building and facilities management services in Kuehne + Nagel's branches and distribution centers across the United States. Several hundred ABM employees will bring facility solutions expertise to Kuehne + Nagel's various facilities including office space, warehouses and distribution centers for pharmaceutical and healthcare, retail and automotive companies. ABM will self-perform a turnkey package of integrated facility solutions customized to meet Kuehne + Nagel's requirements, ensuring consistent and reliable service nationally - services include facilities engineering, janitorial and security services.