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ABM Industries ((ABM - Analyst Report)) is slated to report its third-quarter fiscal 2012 results after the closing bell on September 5. The Zacks Consensus Estimate for the quarter is 42 cents per share, representing an estimated year-over-year decline of 17.25%. Revenues, as per the Zacks Consensus Estimate, are $1.09 billion.
Second Quarter Synopsis
The company, in second-quarter fiscal 2012, reported adjusted earnings of 30 cents per share, in line with the Zacks Consensus Estimate and above the year-ago earnings of 28 cents.
Total revenues were flat year over year at $1.06 billion, missing the Zacks Consensus Estimate of $1.09 billion. Top-line growth was negatively affected by delayed start of new contracts along with a declining contribution from government business.
Estimate Revision Trend
Agreement
Out of the 5 analysts covering the stock, none have revised their estimates for the third quarter in either direction over the last 7 and 30 days. A similar trend applies for fiscal 2012.
Magnitude
The Zacks Consensus Estimates remained the same for both the third quarter and fiscal 2012 over the last 7 and 30 days.
Earnings Surprise History
With respect to earnings surprises, ABM Industries' has topped the Zacks Consensus Estimate in two of the trailing four quarters while it met the forecast in other two quarters. The company delivered an average positive earnings surprise of 5.65% over the preceding four quarters, implying that it has beaten the Zacks Consensus Estimate by that measure.
Our Take
ABM Industries' has been experiencing a positive momentum in its Facility Solutions division, especially in the energy sector. The company is now focusing on expanding its efficiency and depth of operations in the Building and Energy Services Unit, driven by soaring client demand and new businesses.
However, accounts receivable make up approximately one-third of ABM Industries' balance sheet. Deterioration in economic conditions could have an adverse impact on ABM Industries’ ability to collect accounts due from its customers, which may weigh on the company’s financial results.
ABM Industries' retains a short-term Zacks #3 Rank (Hold). We have a long-term Neutral recommendation on the stock.
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