Shares of ABM Industries(ABM Quote) were among the NYSE's winners Tuesday, rising 4% after the facility services company posted better-than-expected first-quarter earnings.
The company earned $8.7 million, or 18 cents a share, on revenue of $703.5 million. The results included a 1-cent gain related to a reversal of the company's self-insurance reserves. That was partially offset by stock-based compensation costs and a litigation-related contingent loss provision. Analysts polled by Thomson First Call expected earnings of 15 cents a share. A year earlier, ABM earned $4 million, or 8 cents a share, on revenue of $666.6 million.
Looking ahead, ABM forecast second-quarter earnings of 28 cents to 32 cents a share. The guidance includes a pretax gain of about $5 million and a charge of $1.9 million. Analysts, on average, project earnings of 24 cents a share. The stock was up $1.07 to $26.99. ...
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