ABM Industries Incorporated (NYSE:ABM) Q1 2024 Earnings Conference Call March 7, 2024 8:30 AM ET

Company Participants

Paul Goldberg - Senior Vice President, Investor Relations

Scott Salmirs - President and Chief Executive Officer

Earl Ellis - Executive Vice President and Chief Financial Officer

Conference Call Participants

Tim Mulrooney - William Blair

Andrew Wittmann - Baird

Faiza Alwy - Deutsche Bank

Joshua Chan - UBS

Jasper Bibb - Truist Securities

David Silver - CL King

Operator

Greetings and welcome to the ABM Industries Inc. First Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Paul Goldberg, Senior with Investor Relations. Thank you, Mr. Goldberg. You may begin.

Paul Goldberg

Good morning, everyone, and welcome to ABM's First Quarter 2024 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 first quarter 2024 financial results. A copy of that release and 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 certain predictions, estimates, and other forward-looking statements. Our use of the words, estimates, expects, 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 in 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 Investor tab.

And with that, I would like to now turn the call over to Scott.

Scott Salmirs

Thanks Paul. Good morning. And thank you all for joining us today to discuss our first quarter results. We're off to an excellent start in 2024. First quarter revenue increased 3.9% to $2.1 billion, all of which was organic growth. Our Aviation team is doing a great job of leveraging ABM's leading position in a robust travel market, winning significant new business with both airports and major airlines, which I'll speak more about later. Manufacturing and Distribution and Education also both generated solid revenue growth in the quarter with M&D capitalizing on positive demand trends and an effective sales strategy. Despite some project delays and winter weather interruptions, Technical Solutions grew revenue double digits, driven by the closeout of several battery energy storage system projects in Q1.