FX.co ★ ABM Industries Q3 Results Top Estimates; Boosts FY24 Outlook

ABM Industries, Inc. (ABM), a facility management company, announced on Friday a significant drop in net income for the third quarter, registering $4.7 million or $0.07 per share, compared to $98.1 million or $1.47 per share in the same period last year.

When excluding special items, the company's adjusted earnings for the quarter were $0.94 per share, a rise from $0.79 per share in the prior-year quarter.

The company's total revenue for the quarter increased by 3.3% to $2.09 billion, up from $2.03 billion in the previous year. Organic revenue saw a growth of 2.8%.

Based on a survey by Thomson Reuters, eight analysts anticipated the company's earnings would be $0.86 per share on net sales of $2.04 billion for the quarter. These analyst estimates generally exclude special items.

Looking ahead to fiscal year 2024, ABM Industries now expects adjusted earnings in the range of $3.48 to $3.55 per share, an upward revision from the prior guidance of $3.40 to $3.50 per share.

Market analysts project earnings of $3.47 per share for the year.