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

(RTTNews) - APi Group Corp. (APG) on Thursday reported that net income attributable to common shareholders for the third quarter surged to $69 million or $0.23 per share from $43 million or $0.15 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter were $0.51 per share, compared to $0.48 per share in the year-ago quarter.

Net revenues for the quarter grew 2.4 percent to $1.83 billion from $1.78 billion in the same quarter last year. Net revenue edged down 0.2 percent organically.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.51 per share on revenues of $1.87 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2024, the company now projects net revenues of about $7.0 billion, down from the prior forecast between $7.15 billion and $7.35 billion. The Street is looking for revenues of $7.12 billion for the year.

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