Exhibit 99.1

 

ABM INDUSTRIES ANNOUNCES

 

FOURTH QUARTER AND FULL YEAR 2019 FINANCIAL RESULTS

Record Full Year Revenues of $6.5 billion

Full Year GAAP Continuing EPS of $1.91; Adjusted Continuing EPS of $2.05

Fiscal 2020 Guidance Outlook Issued

Company Increases Dividend By 2.8%

 

NEW YORK, NY - December 18, 2019 - ABM (NYSE: ABM), a leading provider of facility solutions, today announced financial results for the fourth quarter and full year that ended October 31, 2019.

 

Scott Salmirs, President and Chief Executive Officer of ABM Industries, commented, "Our focus in 2019 was dedicated to advancing key operational and technological initiatives for ABM's future. We leveraged our scale and investments to generate record new revenue bookings of $1.0 billion which offset the loss of lower margin contracts. Profitability also increased as we accelerated our standardized processes to manage labor more productively."

 

   Three Months Ended October 31,         Years Ended
October 31,
     
($ in millions, except per share amounts)
(unaudited)
  2019   2018   Increase     2019   2018   Increase/
(Decrease)
 
                           
Revenues  $1,648.0   $1,648.8         $6,498.6   $6,442.2    0.9%
                                 
Operating profit  $66.2   $25.7    NM*    $208.3   $138.6    50.3%
                                 
Income from continuing operations  $48.1   $8.9    NM*    $127.5   $95.9    32.9%
Income from continuing operations per diluted share  $0.71   $0.13    NM*    $1.91   $1.45    31.7%
                                 
Adjusted income from continuing operations  $44.7   $38.8    15.2%    $137.2   $125.3    9.5%
Adjusted income from continuing operations per diluted share  $0.66   $0.58    13.8%    $2.05   $1.89    8.5%
                                 
Net income  $47.9   $9.7    NM*    $127.4   $97.8    30.3%
Net income per diluted share  $0.71   $0.15    NM*    $1.90   $1.47    29.3%
                                 
Net cash provided by operating activities of continuing operations  $148.8   $93.3    59.5%    $262.8   $299.7    (12.3)%
                                 
Adjusted EBITDA  $93.0   $89.9    3.5%    $339.5   $326.4    4.0%
Adjusted EBITDA margin   5.6%   5.5%   10bps     5.2%   5.1%   10bps

   

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

 

This release refers to certain non-GAAP financial measures described as “Adjusted EBITDA”, defined as earnings before income from discontinued operations, net of taxes, interest, taxes, depreciation and amortization and excluding items impacting comparability, "Adjusted EBITDA margin", defined as adjusted EBITDA divided by revenue, “Adjusted income from continuing operations,” "Adjusted income from continuing operations per diluted share”, and "organic revenue". Organic revenue is defined as revenue adjusted for the impact of acquisitions and divestitures, as well as the impact of the adoption of ASC 853 and ASC 606. These adjustments have been made with the intent of providing financial measures that give management and investors a more representative understanding of underlying operational results and trends as well as the Company’s operational performance. Management also uses Adjusted EBITDA as a basis for planning and forecasting future periods. Please refer to the accompanying financial schedules for supplemental financial data and corresponding reconciliation of these non-GAAP financial measures to certain GAAP financial measures. We round amounts in these schedules to millions and calculate all percentages and per-share data from the underlying whole-dollar amounts. As a result, certain amounts may not foot, crossfoot, or recalculate based on reported numbers due to rounding. Unless otherwise noted, all references to years are to our fiscal year, which ends on October 31.

 


The following information was filed by Abm Industries Inc (ABM) on Wednesday, December 18, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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