APi Group sees FY24 revenue $7.05B-$7.25B, consensus $7.21B

“As we look ahead to 2024, we expect that our momentum in the services business will continue and that our projects business in Specialty and HVAC will continue to have its organic growth moderated in the first half of 2024, driven by disciplined customer and project selection as well as deflation in certain material costs. Our backlog remains strong and we believe that net revenues for 2024 will range between $7,050 to $7,250 million, representing mid-single-digit organic growth (adjusted for certain acquisitions and divestitures) in net revenues, led by expected double-digit core inspection organic growth. For 2024 adjusted EBITDA, we expect to deliver between $855 to $905 million as margins are expected to continue to expand this year. We remain confident in achieving our goal of 13%+ adjusted EBITDA margin in 2025 through an improved mix of inspection, service and monitoring revenue, procurement savings, value capture opportunities from recent acquisitions and leveraging our global scale. We look forward to providing more detail on our 2023 performance as well as our outlook for 2024 on our earnings call on February 28, 2024.”