NEW YORK, Sept. 09, 2022 (GLOBE NEWSWIRE) — ABM (NYSE: ABM), a leading provider of facility solutions, today announced financial results for the third quarter of fiscal 2022.
Scott Salmirs, ABM’s President and Chief Executive Officer commented, “ABM delivered solid third quarter results highlighted by double-digit growth of both revenue and adjusted EBITDA. This performance reflected the benefit of recent acquisitions, healthy demand for our core janitorial and engineering services, as well as continued strong growth in eMobility. Our teams executed well throughout the quarter, generating an adjusted EBITDA margin of 6.6% despite inflationary pressures, limited labor availability in certain markets, and the expected easing of demand for disinfection-related work orders and EnhancedClean™ services. Our team did a great job in implementing price escalations as necessary and managing operating expenses to partially offset these headwinds.”
Mr. Salmirs continued, “Looking forward, we expect the demand environment will remain constructive, supported by the fundamental need for facility cleaning and maintenance and continued client demand for services that promote healthy buildings, sustainability and energy efficiency. We also expect inflationary pressures will continue into next year. We recently closed our acquisition of RavenVolt, a leader in the rapidly expanding microgrid industry, and we expect strong demand for their comprehensive solutions. We believe RavenVolt is a great addition to our energy solutions business, enabling ABM to more broadly meet our customers’ ever-growing needs for energy efficiency and reliability.”