ABM Industries 3Q Profit Falls 25 Percent

NEW YORK (AP) — Facility services contractor ABM Industries Inc. said Wednesday its third-quarter earnings fell 25 percent due to insurance expenses and one-time costs.

The company earned 12.3 million, or 24 cents per share, compared with $16.4 million, or 32 cents per share, in the year-ago quarter.

Adjusted income from continuing operations increased to $18.7 million, or 36 cents per share, which excludes a $2.2 million after-tax insurance expense and about $3 million after-tax costs related to the corporate initiatives that began in 2007. That compares with $15.8 million, or 31 cents per share, in the third quarter of fiscal 2008.

Revenue fell 6 percent to $870.6 million from $923.7 million.

Analysts polled by Thomson Reuters forecast a profit of 35 cents per share on revenue of $896.1 million.

Shares closed down 29 cents at $21.97.