ABM Industries hikes dividend by 12.8%

 ABM (NYSE: ABM), a leading provider of integrated facility services and solutions, today announced that its Board of Directors has approved a quarterly cash dividend of $0.22 per common share, which is a 12.8% increase from the prior quarterly cash dividend of $0.195 per common share, payable on February 6, 2023, to shareholders of record on January 5, 2023. This will be the Company’s 227th consecutive quarterly cash dividend.  

Sudhakar Kesavan, Chairman of the Board of Directors of ABM, commented, “This dividend increase reflects ABM’s growth and the Board’s confidence in the company’s ability to continue to deliver solid results and cash flows. The increase also represents a jumpstart of ABM’s plan to grow its dividend payout ratio to a range of 30% to 35% of adjusted net income over the long term.”

“I am pleased the Board of Directors has approved our dividend increase,” said Scott Salmirs, ABM’s President & Chief Executive Officer. “The dividend is an important component of our balanced approach to capital allocation, along with strategic M&A activity and share repurchases, to drive total shareholder return. Our strong cash flows provide the fuel and flexibility to fund all three, while still continuously investing in organic growth.”