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ABM Industries Incorporated (ABM+1.92%) has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing includes financial statements for the quarter, showing an increase in revenues to $2,114.9 million from $2,069.6 million in the same quarter the previous year. The increase is attributed to organic growth and acquisition growth.
Operating expenses for the quarter were $1,855.1 million, compared to $1,826.3 million in the same quarter of the previous year. Gross margin increased to 12.3% from 11.8% in the prior year period.
The company reported an operating profit of $77.6 million for the quarter, compared to $74.1 million in the previous year. The increase was attributed to revenue increases and operational efficiencies.
Net income for the quarter was $43.6 million, down from $44.7 million in the previous year. The decrease was partially due to higher interest expenses and income tax provisions.
Cash used in operating activities was $106.2 million, while cash used in investing and financing activities was $14.4 million and $116.9 million, respectively.
ABM had a total outstanding borrowing of $1.5 billion under its Amended Credit Facility as of January 31, 2025. The company was in compliance with all covenants under the facility.
The filing also details the company's segment performance, with Business & Industry and Technical Solutions segments showing notable revenue changes.
ABM continues to focus on its ELEVATE strategy, aiming to enhance client and employee experiences through technology and data initiatives.
The company does not anticipate significant impacts from recent changes in global tax policies, including the OECD Pillar Two Model Rules.
ABM plans to reinvest its foreign earnings to fund future non-U.S. growth and expansion, without remitting such earnings to the United States.
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 quarterly 10-Q report dated March 12, 2025. To report an error, please email earnings@qz.com.