ABM Industries Inc. shares
ABM,
fell 3% after the close on Tuesday, after the janitorial and valet services company forecast full-year earnings below Wall Street expectations and said it will “continue to face work-related pressures in the near term.” Executives said they expected fiscal 2023 adjusted earnings per share to be between $3.40 and $3.60, compared to FactSet guidance of $3.66. For the fourth quarter, ABM reported net income of $48.9 million, or 73 cents a share, compared to $34.3 million, or 50 cents a share, in the same quarter last year. Revenue rose 19% to $2 billion, supported by acquisitions and new customers in schools and colleges, compared to $1.7 billion in the year-ago quarter. Adjusted for acquisition-related and other costs, ABM earned 89 cents per share compared to 85 cents per share in the same quarter last year. Analysts polled by FactSet were expecting adjusted earnings of 88 cents a share on sales of $1.96 billion.
