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Abm Industries Inc (ABM) SEC Filing 10-Q Quarterly report for the period ending Friday, July 31, 2020

Abm Industries Inc

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CIK: 771497 Ticker: ABM

Exhibit 99.1

ABM INDUSTRIES ANNOUNCES RESULTS FOR

THIRD QUARTER FISCAL 2020

Strong Operational and Financial Execution Through COVID-19

GAAP Continuing EPS Growth to $0.83; Adjusted Continuing EPS Growth to $0.75

Quarterly Cash Flow from Operations Exceeds $130 Million

Declaration of 218th Consecutive Quarterly Dividend

 

New York, NY - September 8, 2020 - ABM (NYSE: ABM), a leading provider of facility solutions, today announced financial results for the third quarter of fiscal 2020.

 

Scott Salmirs, President and Chief Executive Officer of ABM Industries commented, “The health and safety of our employees and clients remained our top priority during our first full quarter of the COVID-19 pandemic. I am so proud of our organization for continuing to demonstrate our fortitude as an essential service provider during these extraordinary times. Throughout the quarter, ABM continued to be a critical part of our clients’ plans to protect their people and spaces with our COVID-related services throughout their facilities.”

 

Mr. Salmirs continued, “We successfully navigated this challenging environment through higher margin work orders and by managing labor efficiently which led to our strong results. We continue to position our business for the future by marketing our EnhancedCleanTM program, which we believe is an important component of our value proposition. Additionally, we generated solid cash flow by maintaining our acute focus on liquidity through strategic working capital management."

 

  Three Months Ended July 31,   Increase/
(Decrease)		   Nine Months Ended July 31,   Increase/
(Decrease)
(in millions, except per share amounts)
(unaudited)		 2020   2019     2020   2019  
                       
Revenues $ 1,394.1      $ 1,647.9      (15.4)%   $ 4,503.0      $ 4,850.6      (7.2)%
                       
Operating profit1 $ 93.6      $ 57.3      63.5%   $ 22.8      $ 142.1      (84.0)%
                       
Income (loss) from continuing operations1 $ 56.0      $ 36.5      53.4%   $ (52.9)     $ 79.4      NM*
Income (loss) from continuing operations per diluted share1 $ 0.83      $ 0.55      50.9%   $ (0.79)     $ 1.19      NM*
                       
Adjusted income from continuing operations $ 50.1      $ 40.2      24.6%   $ 116.7      $ 92.5      26.2%
Adjusted income from continuing operations per diluted share $ 0.75      $ 0.60      25.0%   $ 1.74      $ 1.38      26.1%
                       
Net income (loss)1 $ 56.0      $ 36.8      52.4%   $ (52.8)     $ 79.4      NM*
Net income (loss) per diluted share1 $ 0.83      $ 0.55      50.9%   $ (0.79)     $ 1.19      NM*
                       
Adjusted EBITDA $ 109.7      $ 93.0      18.0%   $ 269.4      $ 246.5      9.3%
Adjusted EBITDA margin 7.9  %   5.6  %   230 bps   6.0  %   5.1  %   90 bps
                       
Net cash provided by operating activities of continuing operations $ 130.9      $ 57.4      NM*   $ 258.7      $ 114.0      NM*
Free cash flow $ 121.1      $ 40.7      NM*   $ 229.9      $ 69.6      NM*

 

1 The nine months ended July 31, 2020 includes pre-tax non-cash goodwill and intangible impairment charge of $172.8 million or $2.55 per diluted share. The goodwill portion of the impairment charge is nondeductible for tax purposes.

 

* Not meaningful (due to variance greater than or equal to +/-100%)

 

The following information was filed by Abm Industries Inc (ABM) on Tuesday, September 8, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Abm Industries Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Consolidated Statements Of Stockholder's' Equity (Unaudited) (Parenthetical)
Consolidated Statements Of Stockholders' Equity (Unaudited)
Basis Of Presentation And Significant Accounting Policies
Basis Of Presentation And Significant Accounting Policies (Policies)
Basis Of Presentation And Significant Accounting Policies (Tables)
Basis Of Presentation And Significant Accounting Policies - Impact Of Rou Assets And Lease Liabilities (Details)
Basis Of Presentation And Significant Accounting Policies - Management Reimbursement Revenue (Details)
Basis Of Presentation And Significant Accounting Policies - Narrative (Details)
Commitments And Contingencies
Commitments And Contingencies - Narrative (Details)
Common Stock
Common Stock (Tables)
Common Stock - Narrative (Details)
Common Stock - Repurchase Activity (Details)
Credit Facility
Credit Facility (Tables)
Credit Facility - Credit Facility Information (Details)
Credit Facility - Interest Rate Swaps (Details)
Credit Facility - Interest Rate Swaps Narrative (Details)
Credit Facility - Narrative (Details)
Credit Facility - Term Loan Maturities (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Discount Rate (Details)
Fair Value Of Financial Instruments - Financial Assets And Liabilities Measured At Fair Value On Recurring Basis (Details)
Fair Value Of Financial Instruments - Non-Financial Assets Measured At Fair Value On A Non-Recurring Basis (Details)
Income Taxes
Income Taxes - Narrative (Details)
Insurance
Insurance (Tables)
Insurance - Instruments Used To Collateralize Insurance Obligations (Details)
Insurance - Insurance Related Balances And Activity (Details)
Insurance - Narrative (Details)
Leases
Leases (Tables)
Leases - Lease Cost (Details)
Leases - Maturities Of Operating And Finance Lease Liabilities After Adoption Of 842 (Details)
Leases - Maturities Of Operating And Finance Lease Liabilities Before Adoption Of 842 (Details)
Leases - Narrative (Details)
Leases - Supplemental Balance Sheet Information (Details)
Leases - Supplemental Cash And Non-Cash Information (Details)
Leases - Weighted Average Remaining Lease Term And Discount Rate (Details)
Net Income (Loss) Per Common Share
Net Income (Loss) Per Common Share (Tables)
Net Income (Loss) Per Common Share - Anti-Dilutive Outstanding Stock Awards Issued Under Share-Based Compensation Plans (Details)
Net Income (Loss) Per Common Share - Calculations Of Basic And Diluted Net Income Per Common Share (Details)
Restructuring And Related Costs
Restructuring And Related Costs (Tables)
Restructuring And Related Costs - Cumulative Restructuring And Related Charges (Details)
Restructuring And Related Costs - Narrative (Details)
Restructuring And Related Costs - Restructuring And Related Liabilities (Details)
Revenues
Revenues (Tables)
Revenues - Contract With Customer, Asset And Liability (Details)
Revenues - Disaggregation Of Revenue (Details)
Revenues - Remaining Performance Obligations Narrative (Details)
Segment Information
Segment Information (Tables)
Segment Information - Financial Information By Reportable Segment (Details)
The Company And Nature Of Operations
The Company And Nature Of Operations - Narrative (Details)

Material Contracts, Statements, Certifications & more

Abm Industries Inc provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32: Section 1350 Certification
Ticker: ABM
CIK: 771497
Form Type: 10-Q Quarterly Report
Accession Number: 0000771497-20-000012
Submitted to the SEC: Wed Sep 09 2020 4:10:26 PM EST
Accepted by the SEC: Wed Sep 09 2020
Period: Friday, July 31, 2020
Industry: To Dwellings And Other Buildings

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