APi Group Reports First Quarter 2020 Financial Results

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NEW BRIGHTON, Minn., June 2, 2020 /PRNewswire/ — APi Group Corporation (NYSE: APG) (“APG”, “APi” or the “Company”), today reported its financial results for the three months ended March 31, 2020.First Quarter 2020 Highlights:Reported net revenues were $858 million, compared to $922 million in the prior year periodAdjusted net revenues declined by 2.5% or $21 million to $820 million, compared to $841 million in the prior year period, primarily driven by improved project selection in Industrial Services which declined $33 millionReported gross margin was 18.9%, representing a 120 basis point increase compared to prior year gross margin of 17.7%Adjusted gross margin was 22.4%, representing a 341 basis point increase compared to prior year gross margin of 19.0%, driven by improved project selection and execution in our Industrial Services segmentReported operating loss was $234 million, a $260 million decline from prior year operating income of $26 million, largely driven by a $208 million goodwill impairment chargeAdjusted EBITDA was $61 million or 7.4%, a 42 basis point increase over prior year periodReported net loss was $194 million, a $215 million decline from prior year net income of $21 million, primarily driven by a $208 million goodwill impairment charge and reported net loss was $1.14 per diluted shareAdjusted net income was $23 million and adjusted diluted EPS was $0.13, consistent with prior yearRuss Becker, APi’s President and Chief Executive Officer said, “We …

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