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NEW YORK - ABM Industries Incorporated (NYSE:ABM) reported mixed first quarter results, with earnings beating expectations but revenue falling short on Wednesday.
The company’s shares were down -6.82% in premarket trading following the result.
The facility solutions provider posted adjusted earnings per share of $0.87 for Q1, surpassing the analyst consensus of $0.76. However, revenue of $2.1 billion missed estimates of $2.07 billion, despite rising 2.2% YoY.
"ABM’s first quarter performance reflects a continuation of the key trends we saw in 2024, including strong momentum in Technical Solutions and Aviation, as well as stable conditions in the Education sector," said Scott Salmirs, President & Chief Executive Officer.
The company’s Technical Solutions segment led growth with a 22% revenue increase, while Aviation revenue rose 8%. However, the Business & Industry and Manufacturing & Distribution segments saw slight declines.
Net income for the quarter fell to $43.6 million, or $0.69 per diluted share, compared to $44.7 million, or $0.70 per share, in the prior year period. Adjusted EBITDA increased to $120.6 million from $116.7 million a year ago.
Looking ahead, ABM raised the lower end of its fiscal 2025 adjusted EPS guidance to a range of $3.65 to $3.80, compared to the previous outlook of $3.60 to $3.80. The company maintained its full year adjusted EBITDA margin forecast of 6.3% to 6.5%.
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