ABM Industries Posts Record $2.3 Billion Quarter, Raises Guidance as Analysts Lift Targets but Hold Ratings

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3▲1 ▼0Impact / 5
Summary · why it matters

ABM Industries reported record fiscal third-quarter revenue of $2.3 billion, up 4.2% from a year earlier, with adjusted earnings per diluted share rising 27% to $1.04, and raised the midpoint of its full-year adjusted earnings guidance to a range of $3.95 to $4.10 per share. Nine-month free cash flow reached $199.6 million versus $42.4 million a year earlier, and the company lifted its full-year free cash flow forecast to approximately $210 million. Revenue tied to semiconductor facilities, microgrids, and data centers totaled close to $775 million over the first nine months of the fiscal year, now topping 11% of total revenue, with organic growth in the semiconductor business alone running at 65%. Deutsche Bank, Baird, and Truist each raised their price targets on the stock, to $54, $53, and $49 respectively, but all three maintained Hold or Neutral ratings, with Truist citing a light catalyst path. Weighing on results, Business and Industry revenue declined 2.6% amid the departure of a large United Kingdom client and weakness in Northern California commercial real estate, aviation operating margin fell to 5.6% from 6.8%, and Technical Solutions revenue grew just 4% after roughly $15 million in project delays.

Impact on assets 4

Financials▲ · 3 stocks
Truist Financial Corp
TFC
± MixedCapitalrelevance

Truist raised its ABM price target to $49 but maintained a Neutral rating, citing a light catalyst path.

Industrials▲ · 1 stocks
ABM Industries Incorporated
ABM
▲ PositiveCapitalDemandrelevance

ABM posted record $2.3B quarterly revenue, 27% EPS growth, raised full-year guidance and free cash flow forecast.

Off-coverage companies 1

Robert W. Baird & Co. IncorporatedPrivate± Mixed
Capitalrelevance

Baird raised its ABM price target to $53 while maintaining a Hold rating.

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