ABM (NYSE: ABM), a leading provider of integrated facility
services, today hosted a virtual Investor Day where President and
CEO Scott Salmirs and other members of ABM’s senior leadership team
presented the Company’s strategic growth plan and financial
targets. ABM’s industry-leading COVID-19 response and recent
acquisition of Able Services together serve as a launchpad for the
next phase of ABM’s evolution. The Company is well-positioned to
leverage market trends, optimize the business and innovate – all
while driving profitable growth.
In the presentation shared with investors today,
ABM’s senior leaders discussed the Company’s comprehensive
strategic plan, called ELEVATE, to unlock significant long-term
value for all stakeholders and strengthen ABM’s industry leadership
position. Through end market repositioning and building on its core
services, this long-term strategic plan is designed to guide ABM’s
investments in the coming years through three strategic
pillars:
- ELEVATE the client
experience: Innovating to provide ABM’s clients with new
offerings that increase transparency, drive efficiencies, and
deliver an overall better experience tailored to clients’ evolving
and unique needs.
- ELEVATE the team member
experience: Further developing ABM’s talent management
system capabilities to create greater career-growth opportunities
for ABM team members; investing in on-demand training and
development tools that will improve the connectivity and
productivity of ABM’s workforce.
- ELEVATE ABM’s use of
technology & data: Expanding ABM’s use of data and
modernizing its digital ecosystem to power ABM’s clients and team
members with cutting-edge analytics, processes, and centralized
workforce management tools that will improve service delivery and
the overall value ABM delivers.
“We believe elevating the client and team member
experiences through the use of technology and data will further
differentiate us in the marketplace and establish a growth
trajectory that is fueled by our purpose – putting people first and
taking care of the spaces and places that matter most to them,”
said Scott Salmirs, President and CEO of ABM. “Today, we are well
positioned to invest in our future, and we are fortunate to be
launching our ELEVATE strategy from a position of strength.
Leveraging the structural changes implemented through our recently
completed “2020 Vision” strategic plan and applying key learnings
from the ongoing COVID-19 pandemic combined with our deep
understanding of emerging trends, we are excited to embark on this
next step of our journey.”New Industry Group Accelerated by
Pandemic-Driven Shifts
ABM’s senior leadership team further highlighted
ABM’s commitment to creating an environment centered on
accountability and client focus with the announcement of several
new changes to its Industry Group structure that will increase the
density and proximity of support provided to ABM’s technology,
manufacturing, and distribution clients.
- Forming a new industry
group: ABM announced the formation of a new Manufacturing
& Distribution (“M&D”) group to replace ABM’s Technology
& Manufacturing (“T&M”) group. The new M&D group will
consist of ABM’s large manufacturing and distribution/logistics
clients.
- Expanding the B&I
industry group: ABM announced it will shift its portfolio
of Technology clients, previously included in ABM’s T&M group,
into its Business & Industry (“B&I”) group. The Company
believes its Technology clients, with their expanded office
footprint, will be best served by B&I and its extensive branch
network.
“We’re evolving our Industry Group structure at
a time of unprecedented change for our clients, accelerated in part
by pandemic-driven shifts and to capitalize on secular growth
trends,” added Salmirs. “E-commerce growth has led to a boom in
U.S. distribution and warehouse space that is now reaching urban
markets. In fact, estimates now show that 1 billion square feet of
net new U.S. distribution and warehouse space is needed to support
consumer demand for e-commerce1. ABM has a strong presence in this
high growth market, and the changes to our Industry Group structure
announced today will help unleash the full potential of the
extraordinary capabilities we’ve built to serve our manufacturing,
distribution, and technology clients.”
Earl Ellis, Executive Vice President and CFO of
ABM said, “To continue to win in the future, we must build on our
positioning to capture the opportunity ahead and sustain the
resilience our shareholders depend on. We believe the investments
we’ll make over the next few years will accelerate our organic
growth, expand our profitability, and significantly enhance both
our client and team member experiences. We are confident these
investments will drive substantial and sustainable improvements to
our operational and financial performance while improving both team
member and client retention.”
A replay of ABM’s 2021 Investor Day will be
available on the Investor section of the Company’s website located
at www.abm.com/investors, and for more information on ELEVATE,
please visit www.abm.com/elevate.
1Jones Lang LaSalle, Industrial real estate
demand on the rise in the U.S., Summer 2020
Cautionary Statement under the Private Securities
Litigation Reform Act of 1995
This press release contains both historical and forward-looking
statements about ABM Industries Incorporated (“ABM”) and its
subsidiaries (collectively referred to as “ABM,” “we,” “us,” “our,”
or the “Company”). We make forward-looking statements related to
future expectations, estimates and projections that are uncertain,
and often contain words such as “anticipate,” “believe,” “could,”
“estimate,” “expect,” “forecast,” “intend,” “likely,” “may,”
“outlook,” “plan,” “predict,” “should,” “target,” or other similar
words or phrases. These statements are not guarantees of future
performance and are subject to known and unknown risks,
uncertainties, and assumptions that are difficult to predict. For
us, particular uncertainties that could cause our actual results to
be materially different from those expressed in our forward-looking
statements include: The COVID-19 pandemic has had and is expected
to continue having a negative effect on the global economy, and the
United States economy, and it has disrupted and is expected to
continue disrupting our operations and our clients’ operations,
which may adversely affect our business, results of operations,
cash flows, and financial condition; our success depends on our
ability to gain profitable business despite competitive market
pressures; our business success depends on our ability to attract
and retain qualified personnel and senior management and to manage
labor costs; investments in and changes to our businesses,
operating structure, financial reporting structure, or personnel
relating to our ELEVATE strategy, including the implementation of
strategic transformations, enhanced business processes, and
technology initiatives may not have the desired effects on our
financial condition and results of operations; our ability to
preserve long-term client relationships is essential to our
continued success; our international business involves risks
different from those we face in the United States that could have
an effect on our results of operations and financial condition; our
use of subcontractors or joint venture partners to perform work
under customer contracts exposes us to liability and financial
risk; acquisitions, divestitures, and other strategic transactions
could fail to achieve financial or strategic objectives, disrupt
our ongoing business, and adversely impact our results of
operations; we may experience difficulties integrating Able
Services and may not realize the growth opportunities and cost
synergies that are anticipated from the Able acquisition; we manage
our insurable risks through a combination of third-party purchased
policies and self-insurance, and we retain a substantial portion of
the risk associated with expected losses under these programs,
which exposes us to volatility associated with those risks,
including the possibility that changes in estimates to our ultimate
insurance loss reserves could result in material charges against
our earnings; our risk management and safety programs may not have
the intended effect of reducing our liability for personal injury
or property loss; we may experience breaches of, or disruptions to,
our information technology systems or those of our third-party
providers or clients, or other compromises of our data that could
adversely affect our business; unfavorable developments in our
class and representative actions and other lawsuits alleging
various claims could cause us to incur substantial liabilities; a
significant number of our employees are covered by collective
bargaining agreements that could expose us to potential liabilities
in relation to our participation in multiemployer pension plans,
requirements to make contributions to other benefit plans, and the
potential for strikes, work slowdowns or similar activities, and
union organizing drives; our business may be materially affected by
changes to fiscal and tax policies; negative or unexpected tax
consequences could adversely affect our results of operations;
changes in general economic conditions, such as changes in energy
prices, government regulations, or consumer preferences, could
reduce the demand for facility services and, as a result, reduce
our earnings and adversely affect our financial condition; future
increases in the level of our borrowings or in interest rates could
affect our results of operations; impairment of goodwill and
long-lived assets could have a material adverse effect on our
financial condition and results of operations; if we fail to
maintain proper and effective internal control over financial
reporting in the future, our ability to produce accurate and timely
financial statements could be negatively impacted, which could harm
our operating results and investor perceptions of our Company and
as a result may have a material adverse effect on the value of our
common stock; our business may be negatively impacted by adverse
weather conditions; catastrophic events, disasters, and terrorist
attacks could disrupt our services; actions of activist investors
could disrupt our business. For additional information on these and
other risks and uncertainties we face, see ABM’s risk factors, as
they may be amended from time to time, set forth in our filings
with the Securities and Exchange Commission, including our most
recent Annual Report on Form 10-K and subsequent filings. We urge
readers to consider these risks and uncertainties in evaluating our
forward-looking statements. We caution readers not to place undue
reliance upon any such forward-looking statements, which speak only
as of the date made. We undertake no obligation to publicly update
any forward-looking statements, whether as a result of new
information, future events, or otherwise, except as required by
law.
ABOUT ABMABM (NYSE: ABM) is one
of the world’s largest providers of integrated facility services. A
driving force for a cleaner, healthier, and more sustainable world,
ABM provides essential services that improve the spaces and places
that matter most. From curbside to rooftop, ABM offers a
comprehensive array of facility services that includes janitorial,
engineering, parking, electrical & lighting, energy solutions,
HVAC & mechanical, landscape & turf, and mission critical
solutions. ABM delivers these custom facility solutions to
properties across a wide range of industries – from commercial
office buildings to schools, airports, hospitals, data centers,
manufacturing plants and distribution centers, entertainment venues
and more. Founded in 1909, ABM is a Fortune 500 company with annual
revenue exceeding $6 billion and more than 100,000 team members in
350+ offices throughout the United States, United Kingdom and other
international locations. For more information, visit
www.abm.com.
CONTACT:Investor Relations:Paul
Goldbergir@abm.com
Media:Michael Valentinocommunication@abm.com
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