APi Group Q4 Adj. EPS Tops Estimates, But Net Sales Meet
(RTTNews) - APi Group Corp. (APG) on Wednesday reported a net loss attributable to common shareholders for the fourth quarter of $256 million or $1.08 per share, compared to net income of $11 million or $0.04 per share in the prior-year quarter.
Excluding items, adjusted net income for the quarter were $0.44 per share, compared to $0.36 per share in the year-ago quarter.
Net revenues for the quarter grew 3.3 percent to $1.76 billion from $1.70 billion in the same quarter last year. Organic net revenue growth was 1.5 percent.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.43 per share on revenues of $1.76 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead, the company now projects net revenues between $1.56 billion and $1.61 billion for the first quarter and between $7.05 billion and $7.25 billion for the full-year 2024. The Street is looking for revenues of $1.66 billion for the quarter and $7.22 billion for the year.
The Company also announced that its Board of Directors has authorized a stock repurchase program to purchase up to an aggregate of $1 billion of shares of the Company's common stock, of which $600 million will be utilized in the Series B Preferred Stock repurchase.
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