New Brighton-based APi Group reached a milestone, with third quarter revenue increasing 9.3% to top $1 billion.
The company also said Thursday its $3.1 billion acquisition of Chubb Fire & Security business is on track to close by the end of the year and will double the size of the company.
As a result, APi will become the global leader in life safety services, Martin Franklin, the company's co-chair, said during the earnings call.
"The Chubb acquisition will open another new chapter for APi," Franklin said.
In July, August and September, APi made $19 million, down 30% from the same quarter a year a go. Earnings per share were down 43% to 8 cents. Adjusted for one-time expenses, earnings were up 11% to $72 million, or 35 cents a share.
Shares outstanding increased during the quarter from a new equity offering that raised $400 million.
"I am pleased with our continued ability to execute during the third quarter amidst ongoing supply chain disruptions and inflationary pressures and continued COVID-19 impacts," Russell Becker, APi's president and chief executive, said on the earnings call.
Strongest results were in APi's Safety Services segment, with revenue increasing 32% to $533 million. The Specialty Services unit had revenue of $436 million, up 9%. Backlogs in both segments increased during the quarter.
