ABM Industries Q3 Results Top Estimates; Boosts FY24 Outlook

(RTTNews) - Facility management company ABM Industries, Inc. (ABM) reported on Friday that net income for the third quarter plunged to $4.7 million or $0.07 per share from $98.1 million or $1.47 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $0.94 per share, compared to $0.79 per share in the year-ago quarter.

Total revenue for the quarter grew 3.3 percent to $2.09 billion from $2.03 billion in the same quarter last year. Organic revenue growth was 2.8 percent.

On average, eight analysts polled by Thomson Reuters expect the company to report earnings of $0.86 per share on net sales of $2.04 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2024, the company now projects adjusted earnings in a range of $3.48 to $3.55 per share, up from the prior guidance range of $3.40 to $3.50 per share.

The Street is looking for earnings of $3.47 per share for the year.

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