On Wednesday, APi Group Corporation reported a net loss of $256 million, equating to $1.08 per share in the fourth quarter. This is contrasted with the net income reported in the same quarter last year— $11 million or $0.04 per share.
When singular items from last year are disregarded, the adjusted net income for the quarter was reported as $0.44 per share. This marks an increase from the $0.36 per share reported in the same quarter last year.
Net revenues observed an increase of 3.3% this quarter, coming in at $1.76 billion. This number was up from $1.70 billion reported in the same quarter the previous year. Accounting for internal factors, net revenue increased by 1.5%.
Analysts from Thomson Reuters were, on average, predicting the company would report earnings of $0.43 per share and revenues of $1.76 billion in the quarter. These predictions generally exclude one-time costs or benefits.
Looking forward, the company is projecting net revenues to be between $1.56 billion and $1.61 billion for the first quarter. As for the entire year, it expects revenues between $7.05 billion and $7.25 billion. In contrast, the financial market anticipates revenues of $1.66 billion for the quarter and $7.22 billion for the entire year.
Furthermore, APi Group Corp's Board of Directors has approved a stock repurchase program. This program allows for the purchase of up to $1 billion of company shares. Of this amount, $600 million has been designated for the Series B Preferred Stock repurchase.
