RTTNews | Dec 15, 2021 07:59AM EST

07:58 Wednesday, December 15, 2021 (RTTNews.com) - ABM Industries (ABM) on Wednesday reported lower profit for the fourth quarter hurt by higher expenses, despite growth in revenue. The company's adjusted earnings as well as revenue, however, beat the consensus estimates.

The company posted net income of $34.3 million or $0.50 per share in the fourth quarter, lower than $53.1 million or $0.78 per share in the same quarter a year ago.

Excluding one-time items, earnings were $58.2 million or $0.85 per share, that beat the average estimate of analysts polled by Thomson Reuters at $0.80 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter increased 14.2% to $1.696 billion from $1.485 billion last year. The consensus estimate was for $1.64 billion.

Looking forward to the full year 2022, year, the company sees adjusted earnings to be in the range of $3.30- $3.55. The Street expectation stands at $3.47 per share.

Further, the company's Board increased quarterly dividend by 2.6% to $0.195 per share, payable on February 7, 2022 to stockholders of record on January 6, 2022.

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