ABM Industries reported fourth-quarter fiscal 2024 revenue of $2.2 billion, a 4.0% increase over the prior year period, including 3.2% organic growth. Adjusted earnings per diluted share for the quarter were $0.90, an 11% decrease from $1.01 in the prior year period.
The company posted a net loss of $11.7 million, or $0.19 loss per share, primarily due to a $59.7 million adjustment to contingent consideration related to the RavenVolt acquisition. This adjustment was driven by RavenVolt’s very strong 2024 performance and outlook.
For the full fiscal year 2024, ABM reported revenue of $8.4 billion, an increase of 3.2% over the prior year, with adjusted earnings per diluted share of $3.57, compared to $3.50 in fiscal 2023. Net cash provided by operating activities for the year was $226.7 million, and free cash flow was $167.3 million.
Technical Solutions (ATS) and Aviation segments led revenue growth in Q4, increasing 35% and 11% respectively. Business & Industry (B&I) and Manufacturing & Distribution (M&D) revenues declined less than 1% each, as ongoing softness in the broader commercial real estate market was largely mitigated by B&I's diversification.
ABM's Board of Directors approved an 18% increase in the quarterly cash dividend to $0.265 per common share, marking the 57th consecutive year of raising its annual dividend. The company also repurchased 0.6 million shares for $32.0 million in Q4, with $154 million remaining under its share repurchase program.
For fiscal 2025, ABM provided an initial outlook of adjusted EPS between $3.60 and $3.80, and an adjusted EBITDA margin in the range of 6.3% to 6.5%. This guidance is underpinned by the expectation of continued revenue, margin, and earnings growth.
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