2023-09-07 11:25:09 ET
Investors dumped shares of ABM Industries ( NYSE: ABM ) on Thursday after the company narrowed its forecast for full-year adjusted profit and posted third-quarter Earnings Per Share (EPS) below analysts’ estimate.
The stock fell nearly 14%, wiping off nearly $400 million from its present market valuation of $2.96 billion, as of last close.
The company now expects full year 2023 adjusted EPS between $3.40 and $3.50, as compared to its prior forecast of $3.40 to $3.60. Analysts on average expects EPS to be $3.52 per share.
The company posted adjusted profit of $0.79 per share during the third quarter, compared to estimate of $0.89 per share. Revenue for the quarter was $2.03 billion.
Seeking Alpha analysts and Wall Street rate the stock a “buy”, while Seeking Alpha’s Quant rating considers it a “hold”. The stock has lost more than 14% so far this year.
A recent Seeking Alpha analysts pointed out that ABM’s main business & industry segment is struggling with slow recovery of office occupancy and lower work orders.
Over the last three months, ABM has seen 3 upward revisions for EPS estimates, compared to one downward revision. Revenue estimate has seen two upward revisions versus six downward moves.
More on ABM Industries
- Seeking Alpha’s Quant Rating on ABM Industries
- Historical earnings data for ABM Industries
- Dividend scorecard for ABM Industries
- Financial information for ABM Industries
- ABM Industries: A Cheaply Valued Dividend King
- ABM Industries: Not Attractive Enough To Buy
- ABM Industries Non-GAAP EPS of $0.79 misses by $0.10, revenue of $2.03B beats by $20M
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ABM Industries sinks after narrowing annual profit forecast