APi Group ups FY24 revenue view to greater than $7B from $7B, consensus $6.99

Backs FY24 adjusted EBITDA view $890M-$900M. Russ Becker, APi’s president and CEO stated: “I want to thank all our leaders for their contributions to APi. In 2024, we continued executing our strategy and achieved record financial results highlighted by continued adjusted EBITDA margin expansion and improved adjusted free cash flow conversion. We expect net revenues for 2024 will be above our October 31, 2024 guide of approximately $7,000 million. We also expect 2024 adjusted EBITDA will be in-line with the midpoint of our guided range of $890 to $900 million, prior to the unfavorable impact of a strengthened U.S. dollar since our October 31, 2024 guide. Additionally, we expect to end the year with a net leverage ratio below our target of 2.5x. We believe that the strength of our balance sheet provides continued opportunity to pursue value enhancing capital allocation alternatives in 2025.”