ABM Industries Q3 Profit Tops Estimate; Raises Low End Of FY13 EPS Outlook

(RTTNews) - ABM Industries Inc. (ABM) reported net income for the third quarter of $16.1 million or $0.29 per share, compared to $12.6 million or $0.23 per share for the year-ago quarter.

Excluding items, adjusted earnings for the third quarter were $23.2 million or $0.41 per share, compared to $20.4 million or $0.37 per share in the prior year quarter.

Revenues for the third quarter rose 13% to $1.22 billion from $1.08 billion a year earlier, due to $105.7 million in contributions from recent acquisitions and $31.9 million in organic growth or 3.0%.

Analysts polled by Thomson Reuters expected the company to earn $0.39 per share on revenue of $1.20 billion for the third quarter. Analysts' estimates typically exclude special items.

The company also declared a fourth quarter cash dividend of $0.15 per share, payable on November 4 stockholders of record on October 3.

For the fiscal year 2013, the company now expects income from continuing operations of $1.26 to $1.31 per diluted share and adjusted income from continuing operations of $1.45 to $1.50 per diluted share. Previously, the company expected income from continuing operations of $1.21 to $1.31 per share and adjusted income from continuing operations of $1.40 to $1.50 per share.

Analysts currently expect the company to earn $1.45 per share for the fiscal year 2013.