APi Group Initiates 2024 Revenue Outlook In Line With Estimates

(RTTNews) - APi Group Corp. (APG), a provider of safety and specialty services, on Tuesday, revised its annual revenue outlook and initiated guidance for full-year 2024.

For the full year, the company now expects revenue and adjusted EBITDA to be above the midpoint of the previously provided outlook of $6.925 billion and $780 million, respectively.

On average, eight analysts polled by Thomson Reuters expect the Group to register revenue of $6.93 billion, for the year. Analysts' estimates typically exclude special items.

Excluding items, for the full year, the company expects EBITDA of $855 million to $905 million.

For full year 2024, the Group expects revenue of $7.050 billion to $7.250 billion, reflecting a mid-single-digit organic growth, led by expected double-digit core inspection organic growth.

Analysts, on average, expect the company to register revenue of $7.21 billion, for the year.

Russ Becker, CEO of APi Group, said: "We remain confident in achieving our goal of 13%+ adjusted EBITDA margin in 2025 through an improved mix of inspection, service and monitoring revenue, procurement savings, value capture opportunities from recent acquisitions, and leveraging our global scale."

The company is scheduled to provide more detail on its annual performance as well as 2024 outlook on February 28.