ABM Industries Q4 Profit Declines; Issues FY14 Earnings Outlook

(RTTNews) - ABM Industries Inc. (ABM) reported fourth-quarter net income of $24.2 million or $0.43 per share, compared to $27.7 million or $0.50 per share for the year-ago quarter.

Excluding items, adjusted earnings for the latest fourth quarter were $27.0 million or $0.48 per share, compared to $27.7 million or $0.50 per share in the prior year quarter.

Revenues for the fourth quarter rose 13.5% to $1.24 billion from $1.09 billion a year earlier, due to $110.8 million in contributions from recent acquisitions and $36.0 million, or 3.3% in organic growth.

Analysts polled by Thomson Reuters expected the company to earn $0.45 per share on revenue of $1.23 billion for the fourth quarter. Analysts' estimates typically exclude special items.

The company also declared a fourth quarter cash dividend of $0.155 per common share - which is an increase of 3% - payable on February 3, 2014 to stockholders of record on January 2, 2014.

For the fiscal year 2014, the company expects income from continuing operations of $1.38 to $1.48 per share and adjusted income from continuing operations of $1.58 to $1.68 per share. Analysts currently expect the company to earn $1.48 per share for the fiscal year 2014.