ABM Industries Incorporated (NYSE:ABM) Q4 2023 Earnings Call Transcript December 13, 2023 8:30 AM ET

Company Participants

Paul Goldberg - Head of IR

Scott Salmirs - President and CEO

Earl Ellis - EVP and CFO

Conference Call Participants

Jasper Bibb - Truist

Faiza Alwy - Deutsche Bank

Andy Wittmann - Baird

Josh Chan - UBS

Sam Kusswurm - William Blair

David Silver - CL King

Marc Riddick - Sidoti

Operator

Greetings and welcome to the ABM Industries Fourth Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. Please note this conference is being recorded. I will now turn the conference over to your host, Paul Goldberg, Head of Investor Relations for ABM. Thank you. You may begin.

Paul Goldberg

Good morning everyone and welcome to ABM's fourth quarter 2023 earnings call. My name is Paul Goldberg, and I'm the Senior Vice President of Investor Relations at ABM. With me today are Scott Salmirs, our President and Chief Executive Officer, and Earl Ellis, our Executive Vice President and Chief Financial Officer. Please note that earlier this morning, we issued our press release announcing our fourth quarter and full year 2023 financial results. A copy of that release and an accompanying slide presentation can be found on our website abm.com. After Scott and Earl's prepared remarks, we will host the Q&A session.

But before we begin, I would like to remind you that our call and presentation today contain predictions, estimates and other forward-looking statements. Our use of the words estimate, expect, and similar expressions are intended to identify these statements, and they represent our current judgment of what the future holds. While we believe them to be reasonable, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially. These factors are described in the slide that accompanies our presentation, as well as our filings with the SEC.

During the course of this call, certain non-GAAP financial information will be presented. A reconciliation of historical non-GAAP numbers to GAAP financial measures is available at the end of the presentation and on the company's website under the Investors tab.

And with that, I'd like to turn the call over to Scott.

Scott Salmirs

Thanks, Paul. Good morning and thank you all for joining us today to discuss our fourth quarter results. Fourth quarter revenue grew 4.1% to $2.1 billion, including 3.8% organic growth. All segments grew organically in the quarter, led by double-digit growth in our Aviation segment, driven by healthy airport activity and the addition of new clients. Our Technical Solutions, Education, and Manufacturing and Distribution segments also posted solid growth, reflecting several project closeouts in Technical Solutions, new Education clients, and our strong positioning in M&D. We also recorded modest organic growth in B&I, where robust sports and entertainment, and special event activity helped to offset continued softness in the commercial real estate market. Additionally, our team set another sales record in 2023 with new sales bookings of $1.6 billion, which is a great accomplishment.