(RTTNews) - APi Group Corporation (APG), a safety and specialty services provider, on Wednesday reported a wider loss for the fourth quarter despite revenue growth, mainly because of accrued stock dividend of $590 million on its Series A Preferred Stock.
Net loss attributable to common shareholders was $493 million or $1.19 per share, up from $28 million or $0.07 per share loss a year ago. Excluding one-time items, earnings were $185 million or $0.44 per share.
Operating income increased to $164 million from $116 million last year.
Adjusted EBITDA increased 22% year-on-year to $295 million.
Revenue for the quarter grew 13.8% to $2.117 billion from $1.861 billion in the previous year. On an organic basis, revenue grew 11.1%.
Looking ahead, for the first quarter, the company expects revenue of $1.875 billion to $1.975 billion and adjusted EBITDA of $225 million to $235 million.
For the full year, revenue is projected at $8.4 billion to $8.6 billion, with adjusted EBITDA of $1.140 billion to $1.200 billion.
APi shares closed at $44.99 on Tuesday, up 2%.
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