Abm Industries Inc (ABM) SEC Filing 10-Q Quarterly Report for the period ending Monday, January 31, 2022

Exhibit 99.1

ABM REPORTS FIRST QUARTER FISCAL 2022 RESULTS AND RAISES FULL YEAR GUIDANCE

NEW YORK, NY - March 8, 2022 - ABM (NYSE: ABM), a leading provider of facility solutions, today announced financial results for the first quarter of fiscal 2022.

Scott Salmirs, ABM’s President and Chief Executive Officer commented, “ABM is off to a great start in 2022 as demonstrated by our solid first quarter results. I am particularly pleased with our organic revenue growth of 9.1%, which reflects improved demand across almost all of our Industry Groups driven by the emerging pandemic recovery and secular trends such as healthy buildings, sustainability and energy efficiency. We have strong service offerings that closely link to these trends and we are having success winning new business.”

“Revenue growth was driven by Able, as well as by strong demand for our core janitorial and engineering services and a continued recovery in the Aviation industry. Disinfection-related work orders and EnhancedClean™ were higher than anticipated, but still significantly lower than last year as expected. The combination of higher revenue and continued labor productivity led to first quarter performance above our expectations.”

Mr. Salmirs continued, “Given this first quarter performance and our favorable outlook for the remainder of the year, we are raising our full fiscal year guidance for EPS. This guidance assumes that office occupancy rates will gradually improve as we move through the year and that labor markets will remain challenging, but manageable.”

“Our team is excited about ABM’s prospects in 2022 and beyond. We remain focused on continuing to integrate Able onto our common platforms and executing on our ELEVATE strategic initiative at the highest level to strengthen ABM’s leadership position.”

First Quarter Financial and Business Results

For the first quarter of fiscal 2022, the Company reported revenue of $1.9 billion, up 29.7% over the prior year period, comprised of 9.1% organic growth and 20.6% from the Able acquisition. Organic revenue growth was led by a 42% year-over-year gain in Aviation, driven by a strong holiday travel season, and by a 26% gain in Technical Solutions due to continued growth in the Company's e-mobility business. Manufacturing & Distribution and Business & Industry both posted broad-based organic growth of 5%, with B&I’s total revenue growth of 49% also including a full quarter of Able revenue. Education organic revenue decreased 1%. As anticipated, the Company’s revenue mix reflected a decrease in disinfection-related work orders and EnhancedClean™ business versus the prior year period.