ABM Industries Q2 Results Beat Street View

(RTTNews) - Shares of ABM Industries Inc. (ABM) jumped 9% on Wednesday extended trading session after the company's second-quarter results trumped Wall Street estimates.

Net loss for the second quarter was $136.8 million or $2.05 per share, compared to net income of $29.7 million or $0.45 per share. On an adjusted basis, earnings were $0.60 per share, up from $0.47 per share last year.

Revenues dropped 6.2% to $1.496 billion from $1.594 billion last year, "reflecting ongoing impact of COVID-19 operating environment."

Analysts polled by Thomson Reuters estimated earnings of $0.29 per share on revenues of $1.49 billion.

On March 26, 2020, the company withdrew its previously issued fiscal 2020 guidance outlook due to the extraordinary and evolving nature of the COVID-19 pandemic.

Separately, ABM (ABM), announced the resignation of Chief Financial Officer Anthony Scaglione. The company has appointed Dean Chin, ABM's current Senior Vice President, Chief Accounting Officer and Corporate Controller, as interim Chief Financial Officer, effective July 1, 2020.

Scaglione has held this role since 2015 after serving in various senior executive positions at the company from 2009. Scaglione, who is leaving the company to pursue another career opportunity, will remain for a period of time to ensure a smooth transition.