ABM reports Q1 adjusted EPS 86c, consensus 71c

Reports Q1 revenue $2.1B, consensus $2.01B. “ABM is off to an excellent start in 2024, generating revenue growth of 3.9%,” said CEO Scott Salmirs. “We are particularly pleased with the double-digit revenue growth we posted in our Aviation and Technical Solutions segments, while Manufacturing & Distribution and Education were solid as well…We were pleased to book several new programs in the first quarter, including a $180M multi-year microgrid project with a major retailer…We are raising the outlook for full year adjusted EPS based on our overall Q1 results, which included the recognition of certain discrete tax benefits, further supported by the resilience of B&I and solid revenue growth across the rest of our segments. As such, we now expect full year adjusted EPS to be in the range of $3.30 to $3.45, up from the previous range of $3.20 to $3.40.”