ABM Industries Q1 Adj. EPS Tops Estimates, But Revenues Miss; Backs FY23 Outlook

(RTTNews) - Facility management company ABM Industries, Inc. (ABM) reported on Wednesday first-quarter net income of $38.5 million or $0.58 per share, sharply lower than $76.0 million or $1.01 per share in the prior-year quarter.

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

Total revenue for the quarter grew 3 percent to $1.99 billion from $1.94 billion in the same quarter last year. Organic revenue growth was 1 percent.

On average, seven analysts polled by Thomson Reuters expect the company to report earnings of $0.77 per share on net sales of $2.02 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2023, the company continues to project earnings in the range of $2.43 to $2.63 per share and adjusted earnings in the range of $3.40 to $3.60 per share.

The Street is looking for earnings of $3.52 per share for the year.

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