FX.co ★ APi Group Q3 Adj. EPS Meets Estimates, But Net Sales Miss; Trims FY24 Revenue Outlook

APi Group Corp. (APG) announced on Thursday a significant increase in net income attributable to common shareholders for the third quarter, reaching $69 million or $0.23 per share. This represents a notable rise from $43 million or $0.15 per share during the same period last year.

When excluding certain items, the adjusted net income for the quarter stood at $0.51 per share, compared to $0.48 per share in the previous year.

The company’s net revenues for the quarter experienced a 2.4% increase, totaling $1.83 billion, up from $1.78 billion in the corresponding quarter of the previous year. However, net revenue witnessed a slight decline of 0.2% on an organic basis.

Analysts surveyed by Thomson Reuters had anticipated earnings of $0.51 per share on revenues of $1.87 billion for the quarter, noting that these estimates usually exclude special items.

Looking forward to fiscal year 2024, APi Group Corp. has revised its projected net revenues to approximately $7.0 billion, down from its earlier estimate of between $7.15 billion and $7.35 billion. Meanwhile, market expectations are for revenues around $7.12 billion for the year.