ABM Industries Inc. (NYSE:ABM) reported fiscal first-quarter results Tuesday that topped revenue expectations but missed profit estimates.
Revenue totaled $2.244 billion, up 6.1% year over year and above the $2.193 billion analyst estimate. Adjusted EPS was 83 cents, missing the 87 cents consensus estimate.
Net income was $38.8 million, or 64 cents per diluted share, compared with $43.6 million. Adjusted EBITDA totaled $117.8 million, compared with $120.6 million last year.
Segment Performance
Revenue growth was broad-based across the portfolio. Technical Solutions revenue rose 13.6% to $229.7 million, supported by demand for mission-critical and datacenter-related services.
Aviation revenue increased 10.2% to $297.7 million, reflecting healthy air travel trends and new contract ramps.
Business & Industry revenue grew 4.1% to $1.065 billion, supported by growth in the U.K. and stable U.S. prime office markets.
Manufacturing & Distribution revenue increased 7.1% to $422.3 million, driven by client wins and contract expansions.
Education revenue rose 1.5% to $228.7 million, benefiting from strong client retention.
Segment …