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ABM Industries Incorporated (ABM-0.60%) has submitted its 10-K filing for the fiscal year ended October 31, 2024.
The filing reports total revenues of $8,359.4 million, a 3.2% increase from the previous year. This growth was driven by organic growth of 2.9% and acquisition growth of 0.3%.
Operating profit decreased by 48.2% to $212.0 million, attributed to increased fair value of contingent consideration related to the RavenVolt acquisition, higher corporate expenses, and unfavorable self-insurance reserve adjustments.
The effective tax rate for the year was 39.1%, impacted by a $95.7 million non-taxable expense related to the RavenVolt acquisition.
Net income for the year was $81.4 million, down from $251.3 million in the previous year.
ABM's Business & Industry segment reported revenues of $4,059.1 million, a decrease of 0.7% from the previous year, primarily due to attrition of certain engineering clients and soft commercial office market conditions.
The Manufacturing & Distribution segment saw a revenue increase of 1.8% to $1,554.3 million, driven by expansion with existing customers.
Aviation segment revenues increased by 11.5% to $1,032.6 million, attributed to new business and scope expansions.
Education segment revenues were $904.0 million, a 2.7% increase from the previous year, driven by net new business wins.
Technical Solutions segment revenues increased by 20.0% to $809.3 million, due to higher project revenues and acquisition growth from the Quality Uptime acquisition.
ABM's total outstanding borrowings under its Amended Credit Facility were $1,335.3 million, with borrowing capacity of up to $423.6 million.
The company repurchased 1.17 million shares for $55.8 million during the fiscal year.
ABM continues to focus on strategic growth through its ELEVATE strategy, which aims to enhance client and team member experiences and leverage technology and data.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ABM Industries Incorporated annual 10-K report dated December 19, 2024. To report an error, please email earnings@qz.com.