ABM Industries (NYSE: ABM) Reports 30 Percent Rise in 4Q Profit

Rochester, New York 12/18/2009 06:15 PM GMT (TransWorldNews)

Facility services contractor ABM Industries Inc. (NYSE: ABM) said Thursday its fourth-quarter profit rose 30 percent mostly due to expense management, according to Associated Press.


However, the company's guidance for fiscal 2010 fell below analysts' forecasts and its stock took a hit.


The New York-based company, which provides janitorial services, parking security and other functions for building owners, posted net income of $15 million, or 29 cents per share, for the quarter ended Oct. 31, compared with $11.6 million, or 21 cents per share a year ago.


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Revenue fell 4.2 percent to $868 million. Expenses were down 4 percent for the quarter.


Adjusted income from continuing operations, which excluded one-time costs for new accounting and human resources systems and the corporate relocation from California, was $20.8 million, or 39 cents per share, compared with $18.9 million, or 36 cents per share a year ago.


Analysts surveyed by Thomson Reuters expected 38 cents per share.


For the year, profit rose 19 percent to $54.3 million, or $1.05 per share from $45.3 million, or 88 cents per share.


Adjusted income was $1.33 a share, up from $1.10 a share a year ago, which compares with analysts estimates of $1.32 a share.


The company said it expects adjusted income from continuing operations for fiscal 2010 to range between $1.35 and $1.45, a range that fell below analysts' forecast of $1.46 per share.


ABM's shares fell $1.00, or 5 percent, to $18.98 in afternoon trading.


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