ABM agrees to $140M settlement of California overtime class action; $110M reserve in Q3

ABM INDUSTRIES INC /DE/

Settlement of consolidated Bucio case for $140M, covering meal period, travel expense, and split shift claims from 2002-2013.
Company to record $110M additional reserve in fiscal Q3 2021, supplementing $30M previously reserved.
No admission of wrongdoing; settlement subject to court approval; final payments after approval.
Full-year adjusted income guidance unchanged; GAAP guidance to be updated with Q3 results.
Trial scheduled for July 12 avoided; legacy timekeeping system not in use since 2013.

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