ABM Industries Q2 Profit Down, But Above Estimates; Lifts Annual Earnings Outlook - Update

(RTTNews) - (Adds Outlook, dividend, stock movement)

Citing strong second-quarter performance, ABM Industries Incorporated (ABM) revised up its annual earnings guidance.

The company now expects full-year adjusted income per share of $3.40 to $3.50 against its previous outlook of $3.30 to $3.45. Analysts, on average, expect the firm to earn $3.40 per share, for the year.

The Board will also pay a quarterly cash dividend of $0.225 per share on August 5, to shareholders of record on July 5.  

ABM was trading up by 2.55 percent at $48.98 in the pre-market trade on the New York Stock Exchange.

Q2 Results:

ABM Industries reported earnings for second quarter that decreased from last year but beat the Street estimates.

The company's bottom line came in at $43.8 million, or $0.69 per share. This compares with $51.9 million, or $0.78 per share, in last year's second quarter.

Excluding items, ABM Industries Inc reported adjusted earnings of $55.5 million or $0.87 per share for the period.

Analysts on average had expected the company to earn $0.79 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 1.7% to $2.018 billion from $1.984 billion last year.

ABM Industries Inc earnings at a glance (GAAP) :

-Earnings (Q2): $43.8 Mln. vs. $51.9 Mln. last year. -EPS (Q2): $0.69 vs. $0.78 last year. -Revenue (Q2): $2.018 Bln vs. $1.984 Bln last year.