Why ABM Industries Stock Just Popped 15%
Shares of facility services (janitorial, maintenance, and parking) provider ABM Industries (NYSE: ABM) are off to the races on Wednesday, rising 14.8% through 12:55 p.m. ET after beating expectations for Q4 earnings this morning.
Heading into its fiscal Q4 2023, analysts had forecast ABM would earn $0.92 per share (adjusted for one-time items) on sales of just over $2 billion. In fact, ABM earned $1.01 per share, adjusted, and on sales of $2.1 billion -- and beat on guidance as well.
Now, not all the news was as exciting as the fact the company beat expectations. Actual sales growth in Q4 was only a modest 4%. Q4 earnings calculated according to generally accepted accounting principles (GAAP), while up an impressive 32% year over year, were only $0.96 per share, a nickel less than adjusted earnings.
Source Fool.com
