ABM Q1 Earnings Rise, Beat View; Stock Up In Pre-market

(RTTNews) - ABM Industries Inc. (ABM), a provider of facility solutions, Thursday reported higher earnings and revenue for the first quarter compared to the same period last year. Earnings result beat the Street view.

Further, the company raised its outlook for fiscal 2024.

Following this news, ABM shares are trading up around 8 percent in pre-market activity.

Quarterly earnings increased 16 percent to $44.7 million or $0.70 per share from $38.5 million or $0.58 per share in the last year, on lower year-over-year ELEVATE costs, certain discrete tax benefits of $4.4 million, and higher segment earnings on higher revenue.

Excluding items, earnings were $54.8 million or $0.86 per share compared with $52.7 million or $0.79 per share in the previous year.

On average, six analysts polled by Thomson Reuters expect earnings of $0.71 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues rose 3.9 percent organically to $2.1 billion from $1.99 billion in the prior year.

The Street view for revenue is $2.01 billion.

Looking forward to the full year, the company now expects adjusted earnings per share to be in the range of $3.30 to $3.45 up from the previous range of $3.20 to $3.40.

Analysts' estimate EPS of $3.3 for the full year.

Additionally, the company declared a dividend of $0.225 per share payable on May 6, to shareholders of record on April 4.

In pre-market activity, ABM shares are trading at $44, up 7.87% on the New York Stock Exchange.