Investor Relations
Dec 22, 2024 5:13 AM EST
Q2 Revenues Increase 4.9% to
Reaffirms Fiscal 2014 Guidance
Declares 193rd Consecutive Quarterly Dividend
Three Months Ended | Six Months Ended | |||||||||||||||||||
($ in millions, except per share data) |
|
Increase |
|
Increase | ||||||||||||||||
(unaudited) | 2014 | 2013 | (Decrease) | 2014 | 2013 | (Decrease) | ||||||||||||||
Revenues | $ | 1,231.3 | $ | 1,173.6 | 4.9 | % | $ | 2,457.8 | $ | 2,355.7 | 4.3 | % | ||||||||
Operating profit | $ | 27.9 | $ | 33.6 | (17.0 | )% | $ | 51.8 | $ | 52.9 | (2.1 | )% | ||||||||
Adjusted operating profit | $ | 34.2 | $ | 35.1 | (2.6 | )% | $ | 59.8 | $ | 56.5 | 5.8 | % | ||||||||
Net income | $ | 15.2 | $ | 19.3 | (21.2 | )% | $ | 28.3 | $ | 32.7 | (13.5 | )% | ||||||||
Net income per diluted share | $ | 0.27 | $ | 0.35 | (22.9 | )% | $ | 0.50 | $ | 0.59 | (15.3 | )% | ||||||||
Adjusted net income | $ | 18.8 | $ | 20.2 | (6.9 | )% | $ | 32.9 | $ | 34.9 | (5.7 | )% | ||||||||
Adjusted net income per diluted share | $ | 0.33 | $ | 0.36 | (8.3 | )% | $ | 0.58 | $ | 0.63 | (7.9 | )% | ||||||||
Net cash provided by operating activities | $ | 76.6 | $ | 49.3 | 55.4 | % | $ | 37.7 | $ | 37.8 | (0.3 | )% | ||||||||
Adjusted EBITDA | $ | 49.4 | $ | 52.0 | (5.0 | )% | $ | 90.9 | $ | 90.6 | 0.3 | % | ||||||||
(This release refers to non-GAAP financial measures described as "Adjusted EBITDA", "Adjusted net income", "Adjusted net income per diluted share" (or "Adjusted EPS") and "Adjusted operating profit". Refer to the accompanying financial schedules for supplemental financial data and corresponding reconciliation of these non-GAAP financial measures to certain GAAP financial measures.) |
Executive Summary:
Second Quarter Results and Recent Events
"We achieved record revenue for the second quarter, with organic growth
across all operating segments," said ABM's president and chief executive
officer
Slipsager continued, "Adjusted operating profit before-tax decreased
2.6% or
On a reported basis, net income after-tax decreased
Interest expense for the second quarter of fiscal 2014 was
The effective tax rate for the second quarter of fiscal 2014 was 42.4%,
compared to 39.1% in the same period last year due to the expiration of
WOTC on
Slipsager concluded, "We delivered a strong second quarter of revenue
and remain on track to meet our financial objectives for the year as we
continue to set the stage for profitable growth across all our business
segments. Our positive sales momentum in Building & Energy Solutions and
Air Serv continues and we have recently been awarded significant wins in
our stadium and entertainment and education verticals, including
Six Months Results
The Company reported revenues for the six months ended
Income from continuing operations for the first six months of fiscal
year 2014 was
Adjusted income from continuing operations for the first half of fiscal
year 2014 was
Dividend
The Company also announced that the Board of Directors has declared a
third quarter cash dividend of
Guidance
The Company reaffirms its previously issued 2014 guidance for after-tax
net income of
Earnings Webcast
On
The webcast will be accessible at: http://investor.abm.com/events.cfm.
Listeners are asked to be online at least 15 minutes early to register, as well as to download and install any complimentary audio software that might be required. Following the call, the webcast will be available at this URL for a period of 90 days.
In addition to the webcast, a limited number of toll-free telephone lines will also be available for listeners who are among the first to call (877) 664-7395 within 15 minutes before the event. Telephonic replays will be accessible during the period from two hours to seven days after the call by dialing (855) 859-2056 and then entering ID # 48835655.
Earnings Webcast Presentation
In connection with the webcast to discuss earnings (see above), a slide presentation related to earnings and operations will be available on the Company's website at www.abm.com and can be accessed through the Investor Relations section of ABM's website by clicking on the "Events and Presentations" tab.
ABOUT ABM
ABM (NYSE:
ABM) is a leading provider of end-to-end facility solutions with
fiscal year 2013 revenues of approximately
Cautionary Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements that set forth management's anticipated results based on management's current plans and assumptions. Any number of factors could cause actual results to differ materially from those anticipated. These factors include, but are not limited to the following: (1) risks relating to our acquisition strategy may adversely impact our results of operations; (2) our strategy of moving to an integrated facility solutions services provider platform, which focuses on vertical market strategy, may not generate the organic growth in revenues or profitability that we expect; (3) we are subject to intense competition that can constrain our ability to gain business as well as our profitability; (4) increases in costs that we cannot pass on to clients, including certain costs relating to electronic workforce management and client management tools, could affect our profitability;(5) federal health care reform legislation may adversely affect our business and results of operations; (6) our business success depends on retaining senior management and attracting and retaining qualified personnel;(7) we have high deductibles for certain insurable risks, and therefore we are subject to volatility associated with those risks; (8) we are defendants in class and representative actions and other lawsuits alleging various claims that could cause us to incur substantial liabilities;(9) we are at risk of losses stemming from any accident or other incident involving our airport operations; (10) our business success depends on our ability to preserve our long-term relationships with clients; (11) our restructuring initiatives may not achieve the expected cost reductions; (12) we are at risk of losses stemming from damage to our reputation; (13) negative or unexpected tax consequences could adversely affect our results of operations; (14) changes in energy prices and government regulations could adversely impact the results of operations of our Building & Energy Solutions business; (15) sequestration under the Budget Control Act of 2011 may negatively impact our business; (16) significant delays or reductions in appropriations for our government contracts may negatively affect our business and could have an adverse effect on our financial position, results of operations, and cash flows; (17) we conduct some of our operations through joint ventures, and our ability to do business may be affected by the failure of our joint venture partners to perform their obligations; (18) our services in areas of military conflict expose us to additional risks; (19) we are subject to business continuity risks associated with centralization of certain administrative functions; (20) we could incur additional costs to cover energy savings guarantees; (21) we are subject to cyber-security risks arising out of breaches of security relating to sensitive company, client, and employee information and to the technology that manages our operations and other business processes; (22) a decline in commercial office building occupancy and rental rates could affect our revenues and profitability; (23) deterioration in general economic conditions could reduce the demand for facility services and, as a result, reduce our earnings and adversely affect our financial condition; (24) financial difficulties or bankruptcy of one or more of our clients could adversely affect our results; (25) future declines in the fair value of our investments in auction rate securities could negatively impact our earnings; (26) we incur accounting and other control costs that reduce profitability; (27) any future increase in the level of our debt or in interest rates could affect our results of operations; (28) our ability to operate and pay our debt obligations depends upon our access to cash; (29) goodwill impairment charges could have a material adverse effect on our financial condition and results of operations; (30) impairment of long-lived assets may adversely affect our operating results; (31) changes in immigration laws or enforcement actions or investigations under such laws could significantly adversely affect our labor force, operations, and financial results; (32) labor disputes could lead to loss of revenues or expense variations; (33) we participate in multiemployer pension plans that under certain circumstances could result in material liabilities being incurred; and (34) natural disasters or acts of terrorism could disrupt services.
Additional information regarding these and other risks and
uncertainties the Company faces is contained in the Company's Annual
Report on Form 10-K for the year ended
Use of Non-GAAP Financial Information
To supplement ABM's consolidated financial information, the Company has
presented net income and operating profit, as adjusted for items
impacting comparability, for the second quarter and six months of fiscal
years 2014 and 2013. These adjustments have been made with the intent of
providing financial measures that give management and investors a better
understanding of the underlying operational results and trends as well
as ABM's marketplace performance. In addition, the Company has presented
earnings before interest, taxes, depreciation and amortization and
excluding items impacting comparability (adjusted EBITDA) for the second
quarter and six months of fiscal years 2014 and 2013. Adjusted EBITDA is
among the indicators management uses as a basis for planning and
forecasting future periods. The presentation of these non-GAAP financial
measures is not meant to be considered in isolation or as a substitute
for financial statements prepared in accordance with accounting
principles generally accepted in
Financial Schedules | ||||||||||
ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES | ||||||||||
CONSOLIDATED INCOME STATEMENT INFORMATION (UNAUDITED) | ||||||||||
Three Months Ended |
Increase | |||||||||
($ in millions, except per share data) | 2014 | 2013 | (Decrease) | |||||||
Revenues | $ | 1,231.3 | $ | 1,173.6 | 4.9 | % | ||||
Expenses | ||||||||||
Operating | 1,103.4 | 1,048.2 | 5.3 | % | ||||||
Selling, general and administrative | 93.3 | 84.5 | 10.4 | % | ||||||
Amortization of intangible assets | 6.7 | 7.3 | (8.2 | )% | ||||||
Total expenses | 1,203.4 | 1,140.0 | 5.6 | % | ||||||
Operating profit | 27.9 | 33.6 | (17.0 | )% | ||||||
Income from unconsolidated affiliates, net | 1.2 | 1.1 | 9.1 | % | ||||||
Interest expense | (2.7 | ) | (3.0 | ) | (10.0 | )% | ||||
Income before income taxes | 26.4 | 31.7 | (16.7 | )% | ||||||
Provision for income taxes | (11.2 | ) | (12.4 | ) | (9.7 | )% | ||||
Net income | $ | 15.2 | $ | 19.3 | (21.2 | )% | ||||
Net income per common share | ||||||||||
Basic | $ | 0.27 | $ | 0.35 | (22.9 | )% | ||||
Diluted | $ | 0.27 | $ | 0.35 | (22.9 | )% | ||||
Weighted-average common and | ||||||||||
common equivalent shares outstanding | ||||||||||
Basic | 56.1 | 54.7 | ||||||||
Diluted | 57.0 | 55.8 | ||||||||
Dividends declared per common share | $ | 0.155 | $ | 0.150 | ||||||
ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES | ||||||||||
CONSOLIDATED INCOME STATEMENT INFORMATION (UNAUDITED) | ||||||||||
Six Months Ended |
Increase | |||||||||
($ in millions, except per share data) | 2014 | 2013 | (Decrease) | |||||||
Revenues | $ | 2,457.8 | $ | 2,355.7 | 4.3 | % | ||||
Expenses | ||||||||||
Operating | 2,211.9 | 2,116.1 | 4.5 | % | ||||||
Selling, general and administrative | 180.7 | 172.2 | 4.9 | % | ||||||
Amortization of intangible assets | 13.4 | 14.5 | (7.6 | )% | ||||||
Total expenses | 2,406.0 | 2,302.8 | 4.5 | % | ||||||
Operating profit | 51.8 | 52.9 | (2.1 | )% | ||||||
Income from unconsolidated affiliates, net | 2.7 | 2.3 | 17.4 | % | ||||||
Interest expense | (5.4 | ) | (6.3 | ) | (14.3 | )% | ||||
Income before income taxes | 49.1 | 48.9 | 0.4 | % | ||||||
Provision for income taxes | (20.8 | ) | (16.2 | ) | 28.4 | % | ||||
Net income | $ | 28.3 | $ | 32.7 | (13.5 | )% | ||||
Net income per common share | ||||||||||
Basic | $ | 0.51 | $ | 0.60 | (15.0 | )% | ||||
Diluted | $ | 0.50 | $ | 0.59 | (15.3 | )% | ||||
Weighted-average common and | ||||||||||
common equivalent shares outstanding | ||||||||||
Basic | 55.9 | 54.6 | ||||||||
Diluted | 57.0 | 55.7 | ||||||||
Dividends declared per common share | $ | 0.310 | $ | 0.300 | ||||||
ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES | |||||||||
SELECTED CONSOLIDATED CASH FLOW INFORMATION (UNAUDITED) | |||||||||
Three Months Ended |
|||||||||
($ in millions) | 2014 | 2013 | |||||||
Net cash provided by operating activities | $ | 76.6 | $ | 49.3 | |||||
Purchase of businesses, net of cash acquired | $ | (12.3 | ) | $ | (4.2 | ) | |||
Other | (9.1 | ) | (0.9 | ) | |||||
Net cash used in investing activities | $ | (21.4 | ) | $ | (5.1 | ) | |||
Proceeds from exercises of stock options | $ | 2.5 | $ | 1.3 | |||||
Dividends paid | (8.7 | ) | - | ||||||
Borrowings from line of credit | 245.0 | 170.0 | |||||||
Repayments of borrowings from line of credit | (284.8 | ) | (209.0 | ) | |||||
Changes in book cash overdrafts | (4.8 | ) | (4.1 | ) | |||||
Other | (0.9 | ) | (0.9 | ) | |||||
Net cash used in financing activities | $ | (51.7 | ) | $ | (42.7 | ) | |||
Six Months Ended |
|||||||||
($ in millions) | 2014 | 2013 | |||||||
Net cash provided by operating activities | $ | 37.7 | $ | 37.8 | |||||
Purchase of businesses, net of cash acquired | $ | (12.1 | ) | $ | (192.0 | ) | |||
Other | (18.7 | ) | (4.9 | ) | |||||
Net cash used in investing activities | $ | (30.8 | ) | $ | (196.9 | ) | |||
Proceeds from exercises of stock options | $ | 4.8 | $ | 2.0 | |||||
Dividends paid | (17.3 | ) | (16.1 | ) | |||||
Deferred financing costs paid | (1.2 | ) | - | ||||||
Borrowings from line of credit | 534.1 | 595.0 | |||||||
Repayment of borrowings from line of credit | (521.8 | ) | (426.0 | ) | |||||
Changes in book cash overdrafts | 1.5 | 0.5 | |||||||
Other | (1.9 | ) | (1.9 | ) | |||||
Net cash (used in) provided by financing activities | $ | (1.8 | ) | $ | 153.5 | ||||
ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES | |||||
CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION (UNAUDITED) | |||||
|
|
||||
($ in millions) | 2014 | 2013 | |||
Assets | |||||
Cash and cash equivalents | $ | 37.7 | $ | 32.6 | |
Trade accounts receivable, net | 703.0 | 672.5 | |||
Notes receivable and other | 38.1 | 36.6 | |||
Prepaid expenses | 65.9 | 59.6 | |||
Prepaid income taxes | 8.1 | 5.1 | |||
Deferred income taxes, net | 47.9 | 47.1 | |||
Insurance recoverables | 11.1 | 11.1 | |||
Total current assets | 911.8 | 864.6 | |||
Insurance deposits | 16.0 | 28.5 | |||
Other investments and long-term receivables | 4.0 | 5.0 | |||
Investments in unconsolidated affiliates, net | 18.8 | 18.0 | |||
Investments in auction rate securities | 12.5 | 13.0 | |||
Property, plant and equipment, net | 81.3 | 77.2 | |||
Other intangible assets, net | 134.1 | 144.4 | |||
Goodwill | 879.2 | 872.4 | |||
Noncurrent insurance recoverables | 57.7 | 57.6 | |||
Other assets | 40.1 | 38.5 | |||
Total assets | $ | 2,155.5 | $ | 2,119.2 | |
Liabilities | |||||
Trade accounts payable | $ | 154.4 | $ | 157.8 | |
Accrued liabilities | |||||
Compensation | 132.9 | 138.4 | |||
Taxes - other than income | 31.7 | 25.7 | |||
Insurance claims | 85.6 | 84.6 | |||
Other | 99.5 | 101.9 | |||
Income taxes payable | 0.2 | 0.1 | |||
Total current liabilities | 504.3 | 508.5 | |||
Noncurrent income taxes payable | 56.4 | 50.4 | |||
Line of credit | 327.2 | 314.9 | |||
Retirement plans and other | 39.9 | 41.4 | |||
Deferred income tax liability, net | 15.4 | 13.1 | |||
Noncurrent insurance claims | 271.5 | 273.4 | |||
Total liabilities | 1,214.7 | 1,201.7 | |||
Stockholders' equity | 940.8 | 917.5 | |||
Total liabilities and stockholders' equity | $ | 2,155.5 | $ | 2,119.2 | |
ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES | ||||||||||
REVENUES AND OPERATING PROFIT BY SEGMENT (UNAUDITED) | ||||||||||
Three Months Ended |
Increase | |||||||||
($ in millions) | 2014 | 2013 | (Decrease) | |||||||
Revenues | ||||||||||
Janitorial | $ | 631.7 | $ | 612.9 | 3.1 | % | ||||
Facility Services | 149.5 | 147.4 | 1.4 | % | ||||||
Parking | 152.6 | 151.6 | 0.7 | % | ||||||
Security | 93.8 | 91.5 | 2.5 | % | ||||||
Building & Energy Solutions | 118.5 | 93.9 | 26.2 | % | ||||||
Other | 85.2 | 76.1 | 12.0 | % | ||||||
Corporate | - | 0.2 | (100.0 | )% | ||||||
Total revenues | $ | 1,231.3 | $ | 1,173.6 | 4.9 | % | ||||
Operating Profit | ||||||||||
Janitorial | $ | 36.2 | $ | 37.5 | (3.5 | )% | ||||
Facility Services | 5.4 | 6.2 | (12.9 | )% | ||||||
Parking | 6.4 | 6.1 | 4.9 | % | ||||||
Security | 2.2 | 2.1 | 4.8 | % | ||||||
Building & Energy Solutions | 3.5 | 1.7 | 105.9 | % | ||||||
Other | 2.4 | 2.5 | (4.0 | )% | ||||||
Corporate | (27.0 | ) | (21.3 | ) | (26.8 | )% | ||||
Adjustment for income from unconsolidated affiliates, | ||||||||||
net included in Building & Energy Solutions | (1.2 | ) | (1.2 | ) | 0.0 | % | ||||
Total operating profit | 27.9 | 33.6 | (17.0 | )% | ||||||
Income from unconsolidated affiliates, net | 1.2 | 1.1 | 9.1 | % | ||||||
Interest expense | (2.7 | ) | (3.0 | ) | (10.0 | )% | ||||
Income before income taxes | 26.4 | 31.7 | (16.7 | )% | ||||||
Provision for income taxes | (11.2 | ) | (12.4 | ) | (9.7 | )% | ||||
Net income | $ | 15.2 | $ | 19.3 | (21.2 | )% | ||||
* Not meaningful |
||||||||||
Six Months Ended |
Increase | |||||||||
($ in millions) | 2014 | 2013 | (Decrease) | |||||||
Revenues | ||||||||||
Janitorial | $ | 1,268.8 | $ | 1,222.1 | 3.8 | % | ||||
Facility Services | 301.2 | 303.8 | (0.9 | )% | ||||||
Parking | 302.9 | 302.8 | 0.0 | % | ||||||
Security | 193.5 | 188.2 | 2.8 | % | ||||||
Building & Energy Solutions | 220.6 | 181.9 | 21.3 | % | ||||||
Other | 170.8 | 156.4 | 9.2 | % | ||||||
Corporate | - | 0.5 | (100.0 | )% | ||||||
Total revenues | $ | 2,457.8 | $ | 2,355.7 | 4.3 | % | ||||
Operating Profit | ||||||||||
Janitorial | $ | 65.3 | $ | 66.9 | (2.4 | )% | ||||
Facility Services | 10.9 | 12.3 | (11.4 | )% | ||||||
Parking | 12.1 | 10.9 | 11.0 | % | ||||||
Security | 4.8 | 3.8 | 26.3 | % | ||||||
Building & Energy Solutions | 6.2 | 1.6 | *NM | |||||||
Other | 4.3 | 4.1 | 4.9 | % | ||||||
Corporate | (49.1 | ) | (44.3 | ) | (10.8 | )% | ||||
Adjustment for income from unconsolidated affiliates, | ||||||||||
net included in Building & Energy Solutions | (2.7 | ) | (2.4 | ) | 12.5 | % | ||||
Total operating profit | 51.8 | 52.9 | (2.1 | )% | ||||||
Income from unconsolidated affiliates, net | 2.7 | 2.3 | 17.4 | % | ||||||
Interest expense | (5.4 | ) | (6.3 | ) | (14.3 | )% | ||||
Income from continuing operations | ||||||||||
before income taxes | 49.1 | 48.9 | 0.4 | % | ||||||
Provision for income taxes | (20.8 | ) | (16.2 | ) | 28.4 | % | ||||
Income from continuing operations | $ | 28.3 | $ | 32.7 | (13.5 | )% | ||||
* Not meaningful |
|
|||||||||||||||||
Reconciliations of Non-GAAP Financial Measures | |||||||||||||||||
(Unaudited) | |||||||||||||||||
($ in millions) | |||||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Reconciliation of Adjusted Net Income | |||||||||||||||||
to Net Income | |||||||||||||||||
Adjusted net income | $ | 18.8 | $ | 20.2 | $ | 32.9 | $ | 34.9 | |||||||||
Items impacting comparability: | |||||||||||||||||
Rebranding (a) | (1.4 | ) | (0.4 | ) | (1.8 | ) | (0.7 | ) | |||||||||
U.S. Foreign Corrupt Practices Act investigation (b) | (0.3 | ) | (0.2 | ) | (0.9 | ) | (0.4 | ) | |||||||||
Acquisition costs | (0.2 | ) | (0.4 | ) | (0.3 | ) | (0.7 | ) | |||||||||
Litigation and other settlements | (3.4 | ) | - | (3.4 | ) | (0.1 | ) | ||||||||||
Restructuring (c) | (1.0 | ) | (0.5 | ) | (1.6 | ) | (1.7 | ) | |||||||||
Total items impacting comparability | (6.3 | ) | (1.5 | ) | (8.0 | ) | (3.6 | ) | |||||||||
Benefit from income taxes | 2.7 | 0.6 | 3.4 | 1.4 | |||||||||||||
Items impacting comparability, net of taxes | (3.6 | ) | (0.9 | ) | (4.6 | ) | (2.2 | ) | |||||||||
Net Income | $ | 15.2 | $ | 19.3 | $ | 28.3 | $ | 32.7 | |||||||||
(a) Represents costs related to the Company's branding initiative. | |||||||||||||||||
(b) Includes legal and other costs incurred in connection with an internal investigation into a foreign entity affiliated with a former joint venture partner. |
|||||||||||||||||
(c) Restructuring costs associated with realignment of our operational structure. |
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|
|
|||||||||||||||||||
Reconciliations of Non-GAAP Financial Measures | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
($ in millions, except per share data) | |||||||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Reconciliation of Adjusted Operating | |||||||||||||||||||
Profit to Operating Profit | |||||||||||||||||||
Adjusted operating profit | $ | 34.2 | $ | 35.1 | $ | 59.8 | $ | 56.5 | |||||||||||
Total items impacting comparability | (6.3 | ) | (1.5 | ) | (8.0 | ) | (3.6 | ) | |||||||||||
Operating profit | $ | 27.9 | $ | 33.6 | $ | 51.8 | $ | 52.9 | |||||||||||
Reconciliation of Adjusted EBITDA to Net Income | |||||||||||||||||||
Adjusted EBITDA | $ | 49.4 | $ | 52.0 | $ | 90.9 | $ | 90.6 | |||||||||||
Items impacting comparability | (6.3 | ) | (1.5 | ) | (8.0 | ) | (3.6 | ) | |||||||||||
Provision for income taxes | (11.2 | ) | (12.4 | ) | (20.8 | ) | (16.2 | ) | |||||||||||
Interest expense | (2.7 | ) | (3.0 | ) | (5.4 | ) | (6.3 | ) | |||||||||||
Depreciation and amortization | (14.0 | ) | (15.8 | ) | (28.4 | ) | (31.8 | ) | |||||||||||
Net income | $ | 15.2 | $ | 19.3 | $ | 28.3 | $ | 32.7 | |||||||||||
Reconciliation of Adjusted Net Income per Diluted | |||||||||||||||||||
Share to Net Income per Diluted Share (Unaudited) | |||||||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Adjusted net income per diluted share | $ | 0.33 | $ | 0.36 | $ | 0.58 | $ | 0.63 | |||||||||||
Items impacting comparability, net of taxes | (0.06 | ) | (0.01 | ) | (0.08 | ) | (0.04 | ) | |||||||||||
Net income per diluted share | $ | 0.27 | $ | 0.35 | $ | 0.50 | $ | 0.59 | |||||||||||
Diluted shares | 57.0 | 55.8 | 57.0 | 55.7 | |||||||||||||||
|
|||||||
Reconciliation of Estimated Adjusted Net Income per Diluted Share to |
|||||||
Estimated Net Income per Diluted Share for the Year Ending
|
|||||||
Year Ending |
|||||||
Low Estimate | High Estimate | ||||||
(per diluted share) | |||||||
Adjusted net income per diluted share | $ | 1.58 | $ | 1.68 | |||
Adjustments (a) | $ | (0.20 | ) | $ | (0.20 | ) | |
Net income per diluted share | $ | 1.38 | $ | 1.48 | |||
(a) Adjustments include rebranding costs, restructuring costs associated with realignment of our operational structure, certain legal settlements, adjustments to self-insurance reserves pertaining to prior year's claims and other unique items impacting comparability. |
Investors & Analysts:
dfarwell@abm.com
or
Media:
chas.strong@abm.com
Source:
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