ABM, a leading provider of facility solutions, has reported its fourth-quarter and full fiscal 2024 results and provided an outlook for fiscal 2025. In the fourth quarter, the company saw revenue of $2.2 billion, which included 3.2% organic growth. However, there was a net loss of $11.7 million and a GAAP loss per share of $0.19 largely due to a $59.7 million adjustment to the ravenvolt acquisition cash earn-out. Adjusted EBITDA for the quarter was $128.0 million, and adjusted EPS was $0.90.
For the full fiscal year 2024, ABM reported revenue of $8.4 billion, representing an increase of 3.2% over the prior year, with organic growth largely driven by double-digit growth in technical solutions and aviation. The company reported a net income of $81.4 million, or $1.28 per diluted share, down from $251.3 million, or $3.79 per diluted share in the prior year. Adjusted net income was $227.3 million, or $3.57 per diluted share, compared to $231.9 million, or $3.50 per diluted share in fiscal 2023.
In terms of liquidity, the company ended the quarter with total indebtedness of $1,412.6 million and available liquidity of $488.2 million, including cash and cash equivalents of $64.6 million. ABM repurchased $32.0 million of common stock in the fourth quarter and $55.8 million for the full fiscal 2024, with $154 million remaining availability under its share repurchase program.
ABM also announced an 18% increase in its quarterly dividend, with an outlook for fiscal 2025 adjusted earnings per share expected to be in the range of $3.60 to $3.80 and adjusted EBITDA margin in the range of 6.3% to 6.5%.
The company's CEO, Scott Salmirs, highlighted the continued resilience of the business and industry segment, double-digit revenue growth in technical solutions and aviation, and the strategic vision that led to proactive stock repurchases. He also expressed confidence in ABM’s long-term growth trajectory and strategic vision, positioning the company for fiscal 2025.
ABM's diversification strategy was supported by the significant growth of its microgrid service line and market gains in aviation. The company expects revenue, margin, and earnings growth in 2025, including adjusted EPS of $3.60 to $3.80 and adjusted EBITDA margin in the range of 6.3% to 6.5%.
With a focus on providing essential services and forward-looking solutions that improve the spaces and places that matter most, ABM's annualized revenue exceeds $8 billion and it has more than 100,000 team members in 350+ offices throughout the United States, the United Kingdom, and other international locations. Today the company's shares have moved -8.9% to a price of $50.04. If you want to know more, read the company's complete 8-K report here.
