Why ABM Industries Stock Declined This Week
Shares in facility solution provider ABM Industries (NYSE: ABM) fell by 13.9% in the week to Friday morning. The decline follows a disappointing fiscal first-quarter earnings report on Wednesday.
From its origins in window washing, ABM has become a leading provider of facility solutions (including commercial janitorial services, lighting, and mechanical and electrical solutions) to customers spanning business and industry through to manufacturing, aviation, and education. Business and industry is by far its largest end market, comprising 48% of sales in the first quarter, and here the company has run up against challenges relating to the impact the pandemic had on work habits, with workers reluctant to go back to the office.
Its first-quarter earnings for the period ended Jan. 31 were satisfactory, and with confidence, management raised the low end of its full-year earnings-per-share (EPS) guidance range from $3.60 to $3.80 to a new range of $3.65 to $3.80.
Source Fool.com
