NEW YORK (AP) — Retail building maintenance company ABM Industries Inc. said Tuesday its fiscal fourth-quarter net income fell 17 percent due to higher taxes and labor costs.
ABM Industries set its 2012 earnings outlook toward the low end of analyst expectations.
Its net income for the quarter ended Oct. 31 was $18 million, or 33 cents per share, compared to $21.8 million, or 41 cents per share, during the same period last year. Income was weighed by higher labor costs because of an additional work day in this year's quarter as well as higher taxes due to the reduced availability of employment-based tax credits, the company said.
ABM Industries said its net income adjusted for one-time items, was 37 cents a share, down from 43 cents a share a year earlier. Analysts had been expecting 36 cents a share in the latest quarter, according to a FactSet survey.
Revenue during the quarter was $1.08 billion, up 20 percent from $901.4 million during the prior year period. The increase was driven primarily by acquisitions, the company said.
ABM Industries provides janitorial, parking, security and other services for retail outlets.
The company said revenue at its janitorial division was up 1.4 percent during the quarter compared to last year. But operating profit in the division fell by 8.4 percent.
For the full fiscal year, the company said its net income was $68.5 million, or $1.27 per share, compared to $64.1 million, or $1.21 per share, during the same period last year. ABM Industries reported adjusted net income for the year, excluding one-time items, of $1.39 per share, up from an adjusted $1.34 per share the year before.
Revenue for the year was $4.25 billion, compared to $3.5 billion the year before.
ABM Industries said it expects to earn adjusted net income between $1.40 and $1.50 for the full 2012 fiscal year. The midpoint of that range falls below the average analyst forecast of $1.49 per share compiled by FactSet.
Shares of the company were unchanged in after-market trading following the release of the earnings report. They ended the regular session up a penny at $20.47.