APi Group Provides Update on Full Year Guidance for 2021
15 Décembre 2021 - 10:01PM
Business Wire
-Net revenues for 2021 now expected to be at
least $3.8 billion, up from prior guidance of $3.65 to $3.75
billion-
-Acquisition of Chubb fire and security
business on track to close in early January-
-Company to provide initial guidance for 2022
in February 2022-
APi Group Corporation (NYSE: APG) (“APG”, “APi” or the
“Company”) today provided an update on its full year guidance for
2021. The Company also provided an update on its planned
acquisition of the Chubb fire and security business (“Chubb”) and
timing for providing initial guidance for 2022.
Russ Becker, APi’s President and Chief Executive Officer stated:
“As we discussed on our third quarter earnings call on November 10,
2021, our expectation of the revenue momentum in the third quarter
continuing into the fourth quarter has materialized and is
positioning us well for continued growth in 2022. Demand in the
fourth quarter is tracking ahead of prior expectations in our core
business segments of Safety and Specialty Services. With this
demand, we now expect 2021 net revenues to be at least $3.8
billion, up from prior guidance of $3.65 to $3.75 billion. We
remain confident in our previously communicated adjusted EBITDA
guidance for 2021 of $405 million despite ongoing temporary supply
chain disruptions and inflationary cost pressure we have seen in
the industry and expect to continue into next year.
As discussed on our last earnings call, while our business is
not immune to what is occurring in the marketplace, fortunately we
have more tools to mitigate these issues than some businesses that
have longer contract durations than ours and have more exposure to
inflation. The short-term nature and small average size of less
than $100,000 of our projects are competitive advantages which
allow us to stay focused on real-time pricing and operational
efficiency to ensure true costs are reflected in projects we take
on. Chubb has a similar business profile, and we believe it will
enhance our overall position rather than detract from it.
I am excited about the opportunities in front of us. Our record
backlog continues to build and provides us with a solid foundation
heading into next year. We look forward to reporting on our
progress as we move towards closing on the acquisition of Chubb,
which we expect to close in early January, and expect to provide
initial guidance for 2022 in February.”
About APi:
APi is a market-leading business services provider of safety,
specialty and industrial services in over 200 locations in North
America and Europe. APi provides statutorily mandated and other
contracted services to a strong base of long-standing customers
across industries. We have a winning leadership culture driven by
entrepreneurial business leaders to deliver innovative solutions
for our customers. More information can be found at
www.apigroupcorp.com.
Forward-Looking Statements and
Disclaimers
Certain statements in this announcement are forward-looking
statements which are based on the Company’s expectations,
intentions and projections regarding the Company’s future
performance, anticipated events or trends and other matters that
are not historical facts, including expectations regarding: (i) the
Company’s updated full-year guidance for 2021, including adjusted
net revenues and adjusted EBITDA, and the assumptions it made and
the drivers contributing to its updated guidance; (ii) the timing
for the Company’s release of its initial 2022 guidance; (iii) the
Company’s continued growth in 2022 and the drivers of that growth;
(iv) the impact of the Company’s backlog and continued demand on
future results; (v) the expected benefits of the acquisition of the
Chubb fire and security business and the anticipated timing for
closing of the acquisition; and (vi) the Company’s ability to
successfully manage supply chain disruptions and inflationary cost
pressures, including through the Company’s strategies, competitive
advantages and business model, and the expected continuation of
such disruptions and pressures into 2022. These statements are not
guarantees of future performance and are subject to known and
unknown risks, uncertainties and other factors that could cause
actual results to differ materially from those expressed or implied
by such forward-looking statements, including: (i) economic
conditions, competition and other risks that may affect the
Company’s future performance, including the impacts of the COVID-19
pandemic on the Company’s business, markets, supply chain,
customers and workforce, on the credit and financial markets, on
the alignment of expenses and revenues and on the global economy
generally; (ii) the inability of the Company to successfully or
timely consummate the acquisition of the Chubb fire and security
business; (iii) failure to realize the anticipated benefits of the
acquisition of the Chubb fire and security business; (iv) changes
in applicable laws or regulations; (v) the possibility that the
Company may be adversely affected by other economic, business,
and/or competitive factors; and (vi) other risks and uncertainties.
Given these risks and uncertainties, prospective investors are
cautioned not to place undue reliance on forward-looking
statements. Forward-looking statements speak only as of the date of
such statements and, except as required by applicable law, the
Company does not undertake any obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20211215006043/en/
Investor Relations Inquiries: Olivia Walton Vice
President of Investor Relations Tel: +1 651-604-2773 Email:
investorrelations@apigroupinc.us Media Contact: Liz Cohen
Kekst CNC Tel: +1 212-521-4845 Email: Liz.Cohen@kekstcnc.com
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