NEW BRIGHTON, Minn. - APi Group Corporation (NYSE: APG), a leading provider of commercial life safety and industrial services, reported a modest beat in fourth-quarter earnings while projecting first-quarter revenue that falls short of Wall Street expectations. The stock was up 0.81% premarket.
For the fourth quarter ended December 31, 2023, APi Group posted adjusted earnings per share (EPS) of $0.44, narrowly surpassing the analyst consensus of $0.43. Quarterly revenue reached $1.76 billion, aligning with the consensus estimate.
Looking ahead, APi Group anticipates first-quarter 2024 revenue to be between $1.56 billion and $1.61 billion, which is below the consensus forecast of $1.66 billion. For the full year 2024, the company expects revenue to range from $7.05 billion to $7.25 billion, compared to the consensus estimate of $7.19 billion.
APi Group's stock saw a marginal increase of 0.81% following the earnings announcement, indicating a slightly positive investor response to the earnings beat.
Russ Becker, APi's President and CEO, commented on the results, stating, "Our global team delivered solid performance this quarter, reflecting our strategic focus on service growth and disciplined project selection. We are confident in our ability to drive organic growth and margin expansion moving forward."
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