Api Group Corporation ( (APG) ) has released its Q3 earnings. Here is a breakdown of the information Api Group Corporation presented to its investors.
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APi Group Corporation is a global leader in business services, providing fire and life safety, security, elevator and escalator services, and specialty services across over 500 locations worldwide. The company boasts a strong recurring revenue model and has established a reputation for delivering innovative solutions through its entrepreneurial leadership culture.
In its third-quarter financial report for 2024, APi Group Corporation announced record-breaking results, with net revenues reaching $1.8 billion, marking a 2.4% growth compared to the previous year. The company also reported a record net income of $69 million, representing a 28% increase year-over-year, and an adjusted EBITDA of $245 million, up by 9%.
APi Group’s performance was driven by its Safety Services segment, which saw a 9.7% increase in net revenues and a 24.3% rise in adjusted EBITDA, thanks to recent acquisitions and strong growth in inspection, service, and monitoring activities. However, the Specialty Services segment experienced a 13.4% decline in net revenues, mainly due to divestitures and project delays. The company also achieved a notable improvement in its gross and operating margins across segments.
Looking forward, APi Group aims to sustain its growth trajectory, with plans to achieve a 13%+ adjusted EBITDA margin target in 2025 and set higher targets in the following years. The company’s management expressed confidence in its robust business foundation, strategic backlog, and the potential for accelerated growth and expanded margins, positioning itself well for future success.
