ABM reports Q1 adjusted EPS 79c, consensus 77c

Reports Q1 revenue $1.991B, consensus $2.02B. "Our teams executed well to help mitigate labor and other inflationary pressures, as well as the anticipated reduction in disinfection-related work orders, to deliver a solid first quarter", said Scott Salmirs, ABM‘s President & Chief Executive Officer. "Our performance also reflected favorable demand for our core janitorial, engineering, and parking services, most notably in Manufacturing & Distribution, Aviation and Education, offset by higher interest expense and the protracted timing of programs in Technical Solutions as we manage through supply chain delays." Salmirs continued, "Through varied economic cycles, ABM’s financial resilience remains a hallmark. We continue to expect demand to remain solid, but more modest than the pandemic-driven recovery we experienced last year. I am confident in our team’s ability to deliver on our strong ATS backlog, and achieve our 2023 commitments through continued implementation of price increases, strong execution in the field, deployment of our ELEVATE initiatives and effective cost management actions."