Why ABM Industries Wasn't a Winning Stock This Week
Industrial maintenance company ABM Industries (NYSE: ABM) wasn't looking too solid this week. Over that period, its share price fell by 14%, according to data compiled by S&P Global Market Intelligence, on the back of fiscal 2023 third-quarter results that didn't entirely meet expectations.
For the period, which ended July 31, ABM earned slightly under $2.03 billion in revenue, up 3% year over year. However, non-GAAP (adjusted) net income slipped to a bit under $53 million ($0.79 per share) from a profit of over $63 million in the year-ago period.
While that top-line figure was essentially in line with the average estimate, the adjusted net income number was not. Collectively, prognosticators following ABM stock were anticipating that the company would net $0.89 per share.
Source Fool.com
