ABM Industries, the facility-management company, has announced an increase in revenue for its fiscal fourth quarter. The growth can be attributed to strong demand from airports, which helped offset weakness from corporate offices.
Financial Performance
For the three months ended Oct. 31, ABM Industries reported a profit of $62.8 million, or 96 cents a share. This is up from $48.9 million, or 73 cents a share, in the same period last year. When excluding one-time items, adjusted earnings were $1.01 a share, surpassing analysts’ expectations of 92 cents a share.
Revenue Growth
ABM Industries saw a revenue increase of approximately 4%, reaching $2.09 billion for the quarter. This exceeded the $2.03 billion that analysts had predicted. Revenue growth was driven by a nearly 16% jump in aviation revenue, as well as roughly 6% increases in both technical-solutions and education. Additionally, manufacturing and distribution revenue rose by more than 5%.
Business-and-Industry Segment
Within ABM Industries’ business-and-industry unit, which represents its largest segment, revenue rose 0.4%. This unit offers various services, including janitorial and parking services, to commercial real estate properties, including corporate offices.
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