Shares of ABM Industries have experienced a 14% fall following a warning from the company about the downsizing of office spaces. As more workers continue to work from home at least part of the time, many companies are reducing their office footprints. This trend has resulted in decreased demand for ABM's janitorial and parking services for offices.
ABM Industries' Chief Executive, Scott Salmirs, highlighted the impact on the company's energy unit as well. Project delays have been caused by various factors such as supply-chain problems and permitting issues.
Despite these challenges, ABM Industries reported a fiscal third-quarter profit of $98.1 million, compared to $56.8 million in the same period last year. However, adjusted earnings of 79 cents per share fell short of analysts' expectations for 89 cents per share. The company's revenue of $2.03 billion exceeded expectations slightly, with a 3.4% increase compared to previous periods.
This news has resulted in a decline in ABM Industries' stock, which currently sits at $38.70 as of Thursday morning trading. Year-to-date, the stock is down by 13%, reflecting the challenges faced by the company.
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