ABM (NYSE: ABM), a leading provider of facility solutions, today announced financial results for the second quarter of fiscal 2020.
The New York-based company revealed Thursday revenue was $1,496.0 million during the quarter, a decrease of 6.2% versus last year, reflecting ongoing impact of COVID-19 operating environment.
New bookings amounted to approximately $541 million in annualized revenue for the first half of fiscal 2020.
GAAP income from continuing operations includes a pre-tax, non-cash impairment charge related to goodwill and intangible assets of $172.8 million, or $2.55 per diluted share, which led to a loss of $136.8 million, or $2.05 per diluted share for the second quarter of fiscal 2020.
Adjusted income from continuing operations was $40.4 million, or $0.60 per diluted share, versus $31.5 million, or $0.47 per diluted share last year.
Adjusted EBITDA was $91.0 million compared to $84.7 million last year, resulting in an adjusted EBITDA margin of 6.1%. ABM also reported net cash provided by continuing operating activities of $162.3 million and free cash flow of $154.6 million, reflecting one of the strongest quarterly performances by the company, driven by the preservation of cash and increase in liquidity through collections and strategic management of expenses and payables.
CEO Scott Salmirs commented, "Very shortly following the announcement of our first quarter results, the COVID-19 pandemic spread rapidly throughout the country and the world. We immediately mobilized to respond to the critical needs of our clients while focusing on protecting our team members.
"As an essential service provider, we have been called on to keep customers’ facilities safe and sanitized and the response has been overwhelming."
ABM shares roared ahead $4.11, or 12.6%, to $36.64.
