Stock Track | ABM Industries Inc. Plummets 9.43% as Contingent Consideration Adjustment and Prior Year Insurance Adjustment Weigh on Q4 Results

Stock Track12-18 22:32

ABM Industries Inc. (ABM) stock plummeted 9.43% in pre-market trading on Wednesday. The facility solutions provider reported a net loss of $11.7 million for the fourth quarter of fiscal 2024, compared to a net income of $62.8 million in the prior-year period.

The significant decline was primarily attributable to a $59.7 million fair value adjustment to increase the contingent consideration related to ABM's acquisition of RavenVolt, reflecting RavenVolt's strong performance and outlook. Additionally, a $20.3 million increase in prior year self-insurance adjustments for general liability, workers' compensation, and automobile claims further weighed on the results.

However, ABM's revenue grew 4% year-over-year to $2.2 billion in the quarter, driven by robust growth in its Technical Solutions and Aviation segments, offsetting softness in other segments impacted by commercial real estate market conditions. The company expects adjusted EPS of $3.60 to $3.80 and adjusted EBITDA margin of 6.3% to 6.5% for fiscal 2025, reflecting anticipated revenue, margin, and earnings growth.

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The facility solutions provider reported a net loss of $11.7 million for the fourth quarter of fiscal 2024, compared to a net income of $62.8 million in the prior-year period.</p>\n\n<p>The significant decline was primarily attributable to a $59.7 million fair value adjustment to increase the contingent consideration related to ABM's acquisition of RavenVolt, reflecting RavenVolt's strong performance and outlook. Additionally, a $20.3 million increase in prior year self-insurance adjustments for general liability, workers' compensation, and automobile claims further weighed on the results.</p>\n\n<p>However, ABM's revenue grew 4% year-over-year to $2.2 billion in the quarter, driven by robust growth in its Technical Solutions and Aviation segments, offsetting softness in other segments impacted by commercial real estate market conditions. 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Plummets 9.43% as Contingent Consideration Adjustment and Prior Year Insurance Adjustment Weigh on Q4 Results\n</h2>\n\n<h4 class=\"meta\">\n\n2024-12-18 22:32 北京时间&nbsp;&nbsp;&nbsp;<strong>Stock Track</strong>\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ABM Industries Inc. (ABM) stock plummeted 9.43% in pre-market trading on Wednesday. The facility solutions provider reported a net loss of $11.7 million for the fourth quarter of fiscal 2024, compared...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ABM","symbol_name":"反导工业公司","start_time":0,"source_url":"","article_id":"1110206402","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1110206402","pubTimestamp":1734532358,"columns":[],"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"ABM Industries Inc.  stock plummeted 9.43% in pre-market trading on Wednesday. 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