ABM Industries Inc · Q2 2023 earnings

Briefing

ABM reported second quarter fiscal 2023 results with revenue up 4.5% and GAAP EPS up 8.3%.

ABM reported a 4.5% increase in revenue to $2.0 billion, driven by organic growth and acquisitions. Net income increased by 6.5% to $51.9 million, with GAAP EPS rising by 8.3% to $0.78. Adjusted EBITDA increased by 15.2% to $137.0 million.

• Grew revenue 4.5% to $2.0 billion, including 2.3% organic growth
• Net income of $51.9 million and GAAP EPS of $0.78, a year-over-year increase of 6.5% and 8.3%, respectively
• Adjusted EBITDA of $137.0 million, up 15.2%, year-over-year
• Adjusted EPS of $0.90, up 1% year-over-year

Headline financials

Revenue & EPS history

For full fiscal year 2023, the Company now expects GAAP EPS to be in the range of $2.52 to $2.72, compared to $2.43 to $2.63 previously. Excluding items, the Company is reaffirming its prior outlook for adjusted EPS of $3.40 to $3.60. Adjusted EBITDA margin is now expected to be in the range of 6.5% to 6.8%, and interest expense is now expected to be approximately $80 million.