ABM Industries’ Q4 Revenues Dip, But Beat the Streets

(RTTNews) – ABM Industries (ABM) on Wednesday reported lower fourth-quarter profits, penalized by higher expenses, despite revenue growth. Adjusted earnings as well as the company’s revenue, however, exceeded consensus estimates.

The company posted fourth quarter net income of $ 34.3 million or $ 0.50 per share, down from $ 53.1 million or $ 0.78 per share in the same quarter a year ago.

Excluding one-off items, earnings were $ 58.2 million or $ 0.85 per share, beating the average estimate of analysts polled by Thomson Reuters at $ 0.80 per share. Analysts’ estimates generally exclude special items.

Revenue for the quarter increased 14.2% to $ 1.696 billion from $ 1.485 billion last year. The consensus estimate was $ 1.64 billion.

Looking forward to the full year 2022, the company expects adjusted earnings to be between $ 3.30 and $ 3.55. Street’s expectation is $ 3.47 per share.

In addition, the board of directors of the company increased the quarterly dividend by 2.6% to $ 0.195 per share, payable on February 7, 2022 to shareholders of record on January 6, 2022.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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