ABM Industries Q3 Profit Rises

(RTTNews) - Facility services provider ABM Industries Inc. (ABM), Wednesday reported a 21 percent increase in profit for the third quarter driven by revenue growth.

New York-based ABM Industries' third-quarter profit rose to $19.4 million or $0.34 per share from $16.0 million or $0.29 per share last year.

Adjusted earnings for the quarter were $0.47 per share, up from $0.41 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.46 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter grew 4.9 percent to $1.28 billion from $1.22 billion last year. Analysts had a consensus revenue estimate of $1.27 billion for the quarter.

Revenue growth reflected organic growth of 3.8 percent and contributions from acquisitions.

Looking forward, the company lifted its fiscal year 2014 guidance earnings of $1.42 to $1.46 per share and adjusted earnings of $1.65 to $1.69 per share. Analysts currently estimate earnings of $1.60 per share for the year.

Earlier, the company estimate earnings of $1.38 to $1.48 per share and adjusted earnings of $1.58 to $1.68 per share for the year.