Why ABM Industries Stock Popped 20% on Thursday
On a modestly down day for the stock market, shares of janitorial services company ABM Industries (NYSE: ABM) broke from the pack and climbed 20% on Thursday on the back of a much better-than-expected earnings report.
Analysts had predicted that ABM's second-quarter earnings, released after close of trading on Wednesday, would show earnings per share of $0.29 on a pro forma basis, on sales of $1.49 billion. That sales estimate was pretty much on the mark (Q2 sales rounded up closer to $1.5 billion), but ABM said its pro forma profit for the quarter was about twice what Wall Street had expected, at $0.60 per share.
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Source Fool.com
