$ABM reports Q1 2023 results; adjusted EPS at $0.94 per diluted share
Mar 8th 2023, 12:06 pm
Analyst Summary: ABM announced its Q1 2023 financial results, posting adjusted EPS of $0.94 per diluted share, down from $1.19 in the prior year period, primarily due to the absence of benefits related to prior year self-insurance adjustments. The company reaffirmed its prior outlook for fiscal year 2023, expecting adjusted EBITDA margin to be in the range of 6.0%-6.3%. ABM's CEO highlighted the company's financial resilience, ability to deliver on their strong ATS backlog and emphasized the essential nature of their services. While demand is expected to remain solid, albeit more moderate than the pandemic-driven recovery, the protracted timing of programs in Technical Solutions and supply chain delays remain challenges. The company's rollout of its ERP system is set to occur mid-year 2023. ABM also declared a quarterly cash dividend of $0.22 per common share payable on May 1, 2023. The press release included cautionary language concerning uncertain and potentially adverse impacts of weather conditions, catastrophic events, pandemics and terrorist attacks, legal and regulatory compliance, among other factors, as well as forward-looking statements subject to risks and uncertainties.