ABM Industries Inc. posted its second quarter earnings that exceeded the Zacks Consensus Estimate, even as revenues missed expectations.
The facility management provider’s adjusted earnings from continuing operations came in at 89 cents per share, beating the Zacks consensus estimates by 6%. The figure is + 8.5% higher year over year.
Revenues surged +26.7% from the year-ago quarter to $1.89 billion. However, they fell short of the consensus estimate by 1%. The company experienced +7.5% organic growth, and +19.2% increase from acquisitions.
The company’s revenue from Business & Industry segment climbed +48.9% from the year-ago quarter to $1.00 billion. Manufacturing & Distribution business experienced a +4.9% year over year jump in revenue to $356.9 million. Aviation revenues rose +27.4% year over year to $185.9 million, while Technical Solutions revenues increased +18.1% to $147 million. Revenues from Education , however, fell -3.9% from the prior-year quarter to $204.4 million.
For fiscal 2022, ABM Industries reaffirmed its outlook for adjusted income from continuing operations in the range of $3.50-$3.70 per share. The Zacks Consensus Estimate for the same is $3.61 per share.